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.
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