New Digital Insurance Companies are Potential Partners for Incumbents as well as Competitors
New digital startups categorized by six types of value differentiation; insurers should understand the goals of a potential partner based on these types: Novarica
Boston, MA (May 21, 2020) – As the number of digital insurance companies continues to increase, traditional insurers can turn competitive threats into partnership opportunities. In a new executive brief, Engaging with Startup Insurers, research and advisory firm Novarica reviews the six categories of digital InsureTech carriers and the impact/modernization to an incumbent insurer’s infrastructure necessary to partner with each successfully.
“Insurers and reinsurers have an opportunity to partner with InsureTech carriers without making massive financial investments or spinning off their brands,” said Jeff Goldberg, Executive Vice President of Research and Consulting, and lead author of Novarica’s new report. “However, insurers should consider the real goals of such a partnership and how their infrastructure and processes will need to change to get the most out of the new business channel.”
Click here for the table of contents or to access the report.
Report Summary
New digital insurers fall into six categories that present different opportunities and challenges for potential partners:
As the number of digital insurance companies continues to increase, traditional insurers can turn competitive threats into partnership opportunities. The goal of such partnerships is not to bring in new business but to experiment with new models for long-term viability.
Even insurers that do not have dedicated funds for startup investments or the inclination to form subsidiary digital brands still can find startup insurers who are looking to work with incumbents.
This executive brief reviews the six categories of digital InsureTech carriers and the impact/modernization to an incumbent insurer’s infrastructure necessary to partner with each successfully.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: Novarica
Tags: brief, Digital Insurance, InsurTech, Novarica, partnership, startup, strategy
Read the original article at Insurance-Canada.ca