Beyond Insurance

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.

  1. Progressive has formed a business incubator based out of Cleveland called Level20 to focus on products and services beyond insurance
  2. Ageas’ three-year strategic plan, called Connect21, focuses on new territories outside the traditional world of insurance

  3. AXA Next, a new entity by AXA launched earlier this year, is dedicated to building new services and business models beyond insurance

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 in a meaningful way.