Practicality important for successful insurtech partnerships
Insurance companies need to access the latest information about what is available via insurtech companies, according to a panel discussion at the Intelligent InsurTECH Europe 2018 conference in London today.
Panellists at the ‘Partnership power: launch and sustain winning collaborations with startups’ discussion panel agreed that it is important to mentor insurtech companies in order to access the latest information.
The panel pointed out that it was important to attend insurtech events and also to spread as much information into the market as possible. It also agreed that the market takes note of who has created a reputation for quick and honest responses to insurtech developments.
According to the panel, it is important to create internal databases of what is available, as well as to work on good communication with insurtech companies. Investment in small startups can allow access to exactly what they do and whether they are worth further investment. According to the panel, it is important always to have an open door for new ideas, and the market needs to keep an eye on problems as they turn up.
In addition, the panel said, it is important to recognise that there is a broad insurtech ecosystem that includes insurers, carriers, and lawyers. A lot of information can be shared, especially on investment opportunities, but it is also important to realise that while some companies are ready to engage right from the start, others are not quite so ready and might be more cautious.
The panel said it was important to be realistic, and that insurers need to partner with startups on a practical level, with feedback important to all sides.
The panel concluded by stressing that insurtech is an increasingly global industry—it has no boundaries and contains many ideas which being exported and imported from different jurisdictions all over the world.
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