Q&A Global Insurtech Summit - Driving Insurtech Growth through Partnership & Investment
Minh Q. Tran shared his views on the partnerships between Insurtech startups and insurance comapnies in a panel discussion at Global Insurtech Summit in London, on March 3, 2020.
Q1 - Is partnering/working with startups a productive and efficient way to innovate?
A1 - Yes, CB Insights’ research shows that from 2017 to early 2019, there have been more than 180 partnerships struck between insurers and tech companies.
(Source https://home.kpmg/xx/en/home/insights/2019/08/get-the-most-out-of-your-insurtech-partnership-fs.html)
(Source https://www.cbinsights.com/research/insurtech-partnerships/)
Q2 - What are some of the successful and not so successful ways that organizations are partnering with new technology players?
A2 – The most successful partnerships are around distribution in the past few years because the insurance B2B model has shifted to a B2B2C. Not successful with technology is so advanced that there is no internal capability inside the insurance company. For example, AI startup with no data scientist in insurance company.
(Source https://insuranceblog.accenture.com/new-players-and-partnerships-disrupt-insurance-distribution)
Q3 - What's the value of partnerships with new/innovative tech players? How do you measure this?
A3 – Return of Strategy is the right measure on top of RoI. The merge of asset management with new insurtech technology as an example in Odysseus Partners
(Source : https://www.amazon.fr/dp/B002ZZ3Z50/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1)
Q4 - How can the industry evolve to be more effective partners?
A4 – VCaaS which means VC-as-a-service is a new service for insurers. Techmind, Bain Capital, Redstone, and Seed Founders are players.
(Source : https://www.bain.com/vector-digital/vc-as-a-service/)