Accelerating Insurance Transformation: The Good, the Bad, and the Ugly of Innovation Relationships
Leading innovators in insurance seek partnerships with Insurtech startups to bring new capabilities and business models to the market.
What should be done to make these partnerships work effectively?
Establishing successful innovation partnerships is challenging, even in the rare cases when corporate values and cultures align. In the case of insurance, an industry some describe as still in the Stone Age, bridging the value and cultural gaps with hot, newly born digital startups designed to work at Internet speeds can seem impossible. The good news is that some of these partnerships are gaining traction. Practitioners report that deliberate attention to specific transition activities pays off.
This report brings to life what is and isn’t working and shares insights from those working on the leading edge of innovation partnerships. Based on quantitative survey data of industry professionals and qualitative comments from leaders in insurance and technology firms, practical suggestions are offered that will increase partnership success.
Celent partnered with Michael Connor, CEO of the Silicon Valley Accelerator, on this project.
“We wanted to get both perspectives, from startups and from industry incumbents. The result is the first research that combines the viewpoints of these two sides of the new Insurtech ecosystem,” says Mike Fitzgerald, a senior analyst with Celent’s Insurance practice and coauthor of the report.