The Role of Platforms for Digital Transformation

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The Role of Platforms for Digital Transformation

Advisor
Posted May 22, 2019 in Business & Enterprise Architecture


Business & Enterprise Architecture

Connecting a platform with an existing company to a platform organization is beneficial for both established companies and insurtechs. Without pursuing that ave­nue, the insurtechs face the risk that their competitiveness may decline if others can copy their digital skills at low cost. Thus, connecting their platforms with the incumbent organizations that possess hard-to-copy capabilities guarantees the uniqueness and sustainability of their own business model. The disadvantages of established companies, in comparison to insurtechs, are the reason why tradi­tional companies need platforms. Platforms require changing the culture and business logic in a company from product to service dominance, making proc­esses in relevant areas real-time capable, opening the company to the reuse and integration of solutions and services from other actors, and replacing a hierarchical culture with modern, agile, team-oriented approaches that make optimal use of the internal and external workforce.