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The information driven insurance company - Explorative research into information driven business model patterns.

Ophof, M.B.J. (2015) The information driven insurance company - Explorative research into information driven business model patterns.

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Abstract:Literature and consultancy firms state that organisations need to innovate and adopt key trends to become a digital enterprise. This explorative research focuses on information as key trend in which two research goals are achieved: deriving information driven business model patterns (goal 1) and studying the applicability of these patterns in insurance companies to innovate and remain competitive (goal 2). A business model pattern expresses a relation inside a business model between a certain context, a problem, and a solution. First, eight so-called information driven innovations from different industries are studied. Two main dimensions are identified to classify cases: data and target of value. From there, seven information driven business model patterns are derived: (1) individual behavioural insights, (2) individual behavioural stimulation, (3) individual behavioural pricing, (4) individual behavioural input, (5) crowd behavioural insights, (6) real-time matching, and (7) big data mining. Second, the applicability of the patterns in insurance companies is studied to innovate and do remain competitive. Current initiatives, potential applications and restrictions are explored for every pattern. Insurers underlined that multiple patterns, except pattern 4, may drive on innovation at insurance companies. The patterns contribute to trends that influence the insurance industry. Insurers noticed several restrictions of the patterns and have different opinions about the applicability of several patterns, such as the application of individual behavioural insights for health insurances. This research provides input for (business model) innovation and possibilities to diversify and gain/improve competitive advantages for insurers. The patterns may also drive on (business model) innovation in other industries.
Item Type:Essay (Master)
InnoValor, Enschede, The Netherlands
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:Business Administration MSc (60644)
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