Why it's essential to engage with insurtech providers that collaborate with their partners

Despite the impacts of the global pandemic, insurtech has continued to boom, with recent global reports projecting a growth of US$33.73 billion during 2021-2025, progressing at a compound annual growth rate (CAGR) of 45 per cent during the forecast period. [1]

This level of growth creates excitement and opportunity for the industry, letting more providers enter the market and offer critical industry solutions. It also demands a broader discussion on the importance of finding a provider that best aligns with your business.

Why work with an insurtech provider?

Insurtech organisations are laser focused on delivering exceptional customer experiences. This approach can help insurance providers offer stronger customer experiences and compete more effectively. However, traditional insurance organisations tend to struggle to achieve the same levels of agility and customer-centricity that insurtech providers deliver effortlessly.

Insurtech startups successfully disrupted the insurance industry, creating a competitive environment before traditional insurers realised that a cooperative approach could yield stronger outcomes. The pandemic accelerated this realisation, bringing with it new requirements around virtual work, customer responsiveness, speedy decisions and claims adjustment, and cost effectiveness. [2]

Combining the unique differentiating capabilities of an insurtech and a traditional insurance provider can result in a customer offering that is much stronger than the sum of its parts. Therefore, insurance businesses and allied organisations stand to benefit from partnering with insurtech providers. However, choosing the right provider is crucial to ensure those benefits can be realised.

How to choose the right insurtech provider

There are several key attributes that those in insurance should look for when partnering with an insurtech provider, and the technology itself, while important, is only one part of the puzzle. Decision-makers also need to ensure the potential insurtech partner offers a strategically aligned value proposition with a plan for continued innovation in line with the insurance provider’s own business plans.

The right insurtech provider will be one that complements the insurance business’s core strengths and can amplify its unique capabilities. This is only achieved when the vendor offers the most important quality of all: a collaborative approach to insurance.

Having a collaborative approach among partners provides a stronger business foundation between the parties and helps eliminate much of the friction and barriers that can stand in the way of exceptional customer experiences.

Collaboration can improve business services in several ways, including:

• Streamlining data sharing
  A collaborative insurtech partner lets you safely and securely share critical data in real time across platforms. Access to this data is key for insurance consultants who are looking to provide the most informed advice to their clients. It prevents businesses from slowing down their workflow automations with duplicated data. This increased communal knowledge between insurers and partners will result in better client service and greater organisational efficiency.

• Providing faster information delivery
  Accessing data in real time lets partners put the right information into action, particularly when it comes to automating processes. Real-time data means tasks can be distributed across departments with ease. Faster access to information also puts partners and insurers on the same page for client matters, creating a collaborative hub that makes workflows more productive.

• Improving the customer experience
  The modern consumer expects hyperpersonalised experiences and interactions. This extends to insurance services, so the addition of a collaborative insurtech provider helps partners and insurers keep the customer front of mind at all stages, ensuring that the customer experience is kept as the number one priority.

While insurtech providers continue to develop with each technological advancement, having a collaborative approach to this partnership will let businesses in the insurance sector get the most out of their provider and partners.

To learn more about how Stelvio and EstImage can work collaboratively with your business, contact the team today.

[1] https://www.researchandmarkets.com/reports/5509308/global-insurtech-market-2021-2025

[2] https://www.pwc.com/us/en/industries/insurance/library/insurtech-innovation.html