Nearly 70 percent of insurance executives said that partnerships, not in-house efforts will characterize the future of innovation in their organization.
The insurance industry is increasingly focused on innovation to remain competitive against fast-paced new entrants, or in some cases to leapfrog competitors in the race to keep and win the hearts and minds of their customers. New models, new ideas and new partnerships must be found.
Yet, our experience and our data suggest that insurance organizations are struggling to create the types of dynamic business models needed to survive and thrive in this new environment. The complexities are significant: issues related to control, culture and intellectual property must be balanced against considerations such as cost, resources and risk; customer preferences must be balanced against regulatory restrictions, and future growth opportunity must be balanced against short-term profit requirements.
Creating successful alliances and partnerships in the insurance sector is not easy. In following articles, we explore the experiences and lessons learned from insurance organizations as they construct, execute, manage and exit partnerships and alliances across new distribution channels, bancassurance and FinTech.