Beyond Insurance (2019)

When three reputable insurance companies declare their broader ambitions to go beyond insurance, it behooves insurance companies to understand the concept, even if they don’t know with certainty where the path may lead them.

• Progressive has formed a business incubator based out of Cleveland called Level20 to focus on products and services beyond insurance. “Level20 is Progressive’s growth incubator. We fuel growth through the exploration and experimentation of new products and services that help make our customers’ lives easier. We’re Level20, and we think beyond insurance.”
• Ageas’ three-year strategic plan, called Connect21, focuses on new territories outside the traditional world of insurance. “Connect21 is a natural evolution of the previous strategic plans, Vision 2015 and Ambition 2018, underpinned by renewed choices and targets, with a focus on the customer, technology and an offer going beyond insurance.”
• AXA Next, a new entity by AXA launched earlier this year, is dedicated to building new services and business models beyond insurance. “This new company [AXA Next] was created within AXA with one single objective: build new services and business models, going beyond the insurance coverage, to become a true partner of our customers.”

Insurance is a risk-taking business, yet ironically, too many insurers are at risk for not risking going beyond their core product – insurance. The first part of this paper focuses on the strategy termed ‘beyond insurance,’ while the second part of this paper illustrates which insurers are going beyond.