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 )