2021 | Page 32

32 ID Trends NAILBA
Business Strategies

The rise of platforms

What it means for the life and annuity sector

There are several unstoppable forces and accelerants now at play . Each of these trends , in and of itself , is enough to shift the structure of the sector .
The era of the platform economy is here . Actually , it has been here for a decade or longer .
Think Apple , Google , Airbnb , Microsoft , Uber , Amazon , Square , Linkedin , Lyft , Facebook , and Tesla .
The majority of the most valuable companies globally are now based on a platform business model : “ the creation of digital communities and marketplaces that allow different groups to interact and transact ” 1 . And in the financial services space ? Let ’ s name just a few – Robinhood , Envestnet , eMoney , Acorns , Oscar , Xero , RightCapital , Personal Capital , Avant , Blend , Chime , Brex , BrainTree , Enfusion , Verifi , Circle , Opploans , Transferwise , Venmo , Gravity Payments , Coinbase , etc etc . The list goes on and on .
Fintech platforms are remaking the financial services industry . Redefining the “ experience ” of every corner of financial services . And thus – redefining expectations , across the value chain , from manufacturing to distribution to consumers .
Broad principles of the Fintech platform era :
Prior to Ensight™ , Matt Essick spent a decade at Zurich Insurance leading marketing divisions and innovation programs . As the leading Life and Annuity sales platform , Ensight™ is focused on supporting the BGA community ’ s transition to virtual sales . Messick @ ensightcloud . com .
Ecosystems and connectivity are key Customers now engage product manufacturers through “ platform distribution ” User experience ( UX ) is fundamental to acquisition and retention At scale , Fintech platforms change industry dynamics Winners ( and survivors ) adapt their business model quickly
And so , what does this mean for the Life and Annuity sector ?
1 The Platform Economy , The Innovator , Jennifer Schenker ( https :// innovator . news / the-platformeconomy-3c09439b56 )