In a panel session at InsureTech Connect’s 2023 Las Vegas event, insurtech leaders highlighted essential traits they seek in carrier partners, emphasizing shared vision, openness, and strong relationships.
According to Jennifer Fitzgerald, CEO of Policygenius, the insurance industry has witnessed a significant shift in carriers’ willingness to collaborate with insurtech businesses. Policygenius, acquired by Zinnia, has worked with carriers to develop new products and underwriting models, reflecting the industry’s market receptiveness to innovative end-to-end propositions.
Similarly, Eduardo della Maggiora, CEO of Betterfly, stresses the importance of deep partnerships with carriers in creating a new category within the incumbent market. This strategy involves differentiation on product and close collaboration with insurance partners to disrupt the traditional value chain.
Angus McDonald, CEO of Cover Genius, emphasizes the criticality of shared vision and aligned objectives in potential partnerships, highlighting the detrimental impact of misaligned or opaque partnerships. Gary Hoberman, CEO of Unqork, draws parallels between corporate partnerships and integrations, emphasizing the significance of choosing the right partners to achieve common goals.
This evolving relationship between insurtech and carrier partners indicates a remarkable shift in the insurance industry’s approach to digital transformation and consumer-centric solutions. By embracing shared vision and fostering deep partnerships, insurtech companies and carriers are redefining the landscape of insurance innovation, paving the way for tailored and efficient solutions to meet evolving consumer needs.
Our Perspective
As a leading digital consulting company, Pinnacle Digital Advisors views the evolving relationship between insurtech and carrier partners as an opportunity for innovative and consumer-friendly solutions. By fostering shared vision and strong partnerships, insurtech companies and carriers can drive digital transformation in the insurance industry, delivering tailored and efficient solutions to meet evolving consumer needs.
Pinnacle Digital Advisors
This article originally published: [https://www.insurancebusinessmag.com/us/news/technology/what-insurtech-ceos-look-for-in-a-partner-471660.aspx]