Platform-based business models and strategies are driving the most profound global economic change since the Industrial Revolution. A platform is a business model that allows multiple participants (from producers to consumers) to connect to it, interacting with one another to create and exchange value. Facebook, Airbnb, Uber, and Alibaba were all designed on platform business models.
It’s not just tech and digital-born organizations that can use a platform model to accelerate both growth and profits. To stay competitive, insurers must break into the platform economy, developing new value-added services—and creating new sources of revenue by rethinking their traditional roles. And to do so, they need to combine digital technologies and cloud foundations.
