Partnering for digital value | KPMG | CY
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Insurers are partnering for digital value

Partnering for digital value

“Digital distribution and non-traditional channels are creating unanticipated value for those with the right agreements and alliances.” Ellie Barlow, Digital Director, KPMG in the UK


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Alliances create significant opportunities for insurers to improve their distribution and outreach through partner technologies and methodologies. Indeed, alliances with tech-savvy partners spur digital value that otherwise might have taken years to develop; instead they are becoming rapidly available today.

Finding the right technology partner is vital to advancing the process and adopting the right technologies. For example, one global insurer recently formed a strategic alliance with Facebook to develop its footprints in digital, social and traditional media globally. Such forward-thinking solutions to digital engagement could very well revolutionize the way insurers interact with clients.

Focus on the customer

Forward-thinking solutions to digital engagement could literally revolutionize the way insurers interact with clients, be it commercial or personal lines. Some of the more successful alliances in this area combine keen insight into customer preferences with the ability to create the right operating models to take advantage of such interactions. And, in doing so, are further enhancing two-way data sharing between brokers and their tech-enabled customers which, in turn, is creating a strong catalyst to cultivate new business.

Creating non-traditional distribution channels

New distribution channels are not limited to the internet. Indeed, many insurers are now looking to develop affinity deals and partnerships to drive new business.  While other innovative initiatives are taking a cross-industry approach. For example, Bolt Google Connect, from BOLT Solutions Inc. is essentially a new distribution program that helps insurers join Google’s insurance aggregation site – Google Compare – and determine how it fits into their product and distribution strategies.1

Five key takeaways

  • Think about the customer: The success of a distribution channel largely depends on consumer preferences and demands, trends that insurers must understand before investing.
  • Be open to non-traditional ideas: Selling insurance in supermarkets, over mobile phones and in vending machines may be somewhat unorthodox but could unlock a new market entirely.
  • Consider the additional value: The use of digital distribution channels opens the door to additional revenue or value generation opportunities for insurers and their customers.
  • Explore affinity deals: Affinity deals and partnerships can also provide insurers with an established client base to market to. 
  • Don’t forget the basics: Whether for a distribution channel or a new technology, creating the right structure, operating models and success factors is critical.  

<p>© 2018 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.</p>

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