New study highlights InsurTechs’ opportunities and challenges in partnering with insurers
Boston, MA (Sept. 12, 2019) – Insurers are increasingly realizing the benefits of InsurTech partnerships, including access to technical expertise, new talent, and a low-cost way to test new technology. But working with InsurTechs successfully requires insurers to adapt their evaluation, contracting, and project management approaches. In a new report, InsurTech Startup Perspectives on Working with Insurers, research and advisory firm Novarica draws on research on InsurTechs’ experience of working with insurers ranging from early-stage to more established companies to help insurers understand the startup perspective: what’s working, what’s not, and how insurers can take advantage of partnerships.
“Insurers tend to be risk averse by necessity and prefer to see a history of successful implementations as a result,” said Jeff Goldberg, Executive Vice President of Research and Consulting and author of Novarica’s new report. “Yet working with startups may mean having to overlook a short track record, especially for more early stage companies. The payoff is that insurers may be able to influence a startup’s direction, and startups may be willing to offer a lower cost in turn.”
A preview of the report is available online.
Money continues to pour into the InsureTech market, and insurers are waking up to the benefits of InsureTech partnerships: access to technical expertise, new talent, and a low-cost way to test new technology, to name a few. Yet time and resources are precious to startups, and many insurers want to see a track record of success before entering an engagement. This combination can introduce challenges when it comes to partnering.
Novarica discussed the experience of working with insurers with more than 25 startups, ranging from early-stage to more established companies to help insurers understand the startup perspective: what’s working, what’s not, and how insurers can take advantage of partnerships.
Click here for the table of contents or to access the report.
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: NovaricaTags: InsurTech, Novarica, partnership