Insurer-Startup Partnerships: Key Success Factors
Insurers and insurtech startups continue to form partnership arrangements that go beyond the traditional supplier-buyer relationship. Thus, it is important to understand what makes such relationships work most effectively
Key research questions
- What partnership models are being used, and with what frequency?
- What are the key challenge areas in insurer-startup partnerships?
- What are the key success factors for insurer-startup partnerships?
Increasing investments are being made in insurer-startup partnerships. But what makes such a collaboration a success? A survey of 89 insurers and 78 technology startups offers insights into maximizing value.
There is significant alignment between insurers and startups regarding the need for innovation in insurance. Over 80% state that innovation in insurance is critical to meet customer expectations over the next three to five years. But what makes these arrangements work? Celent has researched best practices in partnership arrangements since 2016. Two online surveys generated responses from 89 insurers and 78 insurance-focused startups. This study presents these findings and identifies best practice.