bolttech partnered with Insurtech Insights to develop the new report, “Building the partnership economy”. The report offers valuable insights into the role of partnerships in insurance as shared by senior industry leaders, and how partners and customers can benefit from the seamless integration of insurance within wider commercial ecosystems.
Here are the key takeaways from the report:
1. Ecosystem partnerships are vital to closing the customer experience gap
There remains a significant gap between what customers want and what most insurance experiences are currently delivering. Ecosystems play a vital role in bringing together insurance and non-insurance partners to co-create new value propositions and embed insurance seamlessly into the customer buying journey.
bolttech Group CEO Rob Schimek, said: "Both insurance and non-insurance distributors can offer a more seamless customer journey, making buying insurance fast and easy while improving engagement and loyalty. Ecosystems translate into growth for the industry, and with better access to a broader choice of relevant products and an improved experience, the customers win."
2. Potential of data and IoT connectivity to redefine insurance
As the Internet of Things (IoT) becomes ubiquitous, it unlocks a wealth of data that can be used for risk mitigation. From leveraging data on health and property risks for underwriting to providing customers with information that promote safer behaviours, there are key areas where partners can work together to reshape the role of insurance—as it evolves from protection to prevention, to meet consumer needs.
bolt CEO Jim Dwane added: “What you realise... is that people are less concerned about money and far more concerned about well-being and safety. If your family member gets kidnapped or you’re poisoned, what you care about is what happens now. How am I going to rectify the situation? We see this coming into auto and home. Can I have sensors for water damage? Indemnity is great, but I need more.”
3. The need to engage in multiple partnerships and ‘co-opetition’
To unlock the full value from participating in ecosystems, insurers must be willing to maintain relationships with many different entities and embrace co-opetition. This requires a fundamental mindset shift for insurers which have traditionally done everything themselves or are more accustomed to exclusivity.
Download the full report here: Building the partnership economy