Accelerating innovation and transformation are increasingly important. Working with partners can bring new technology and strategic insights that jump start execution and energize employees.
2. Internal Information
Partners Open New Opportunities
WHY PARTNER? ASSESSING
CULTURE
PREPARING TO
PARTNER
COMMUNICATING
OFTEN
EXECUTING AND
EVOLVING
3. Internal Information
Funding is hitting all time highs
Willis Towers Watson Q3 2021 InsurTech Report
The volume of investment capital in the first three quarters of 2021 has surpassed the
$10 billion mark for the first time in a single year in InsurTech investment history.
4. Internal Information
Transformation Partners are in Demand
The Changing Landscape of Corporate-Startup Engagement
MIT Research September 2021
Companies that know how to leverage partnerships will have more opportunities
5. Internal Information
Source: IBM Blog, Four ways insurance companies are improving their customer experience May 18, 2021
The Race is Underway
to Reinvent Customer
Experience
► Customer-shared data unlocks
insights and improves the experience
► AI infused through the customer
journey increases satisfaction
and retention
► Technology embedded into
intelligent workflows for agents
and customers streamlines and
personalizes the experience
► An omnichannel approach provides
seamless communications across
channels
The industry begins the move
to a customer centric model
6. Internal Information
WHY PARTNER? ASSESSING
CULTURE
PREPARING TO
PARTNER
COMMUNICATING
OFTEN
EXECUTING AND
EVOLVING
Culture Makes or Breaks Partnerships
7. Internal Information
Do Your Research Before Partnering
Assess your company and your partner starting with
executive commitment and organizational resources
Organization priorities leave clues about capabilities
A company’s history provides insights into culture
Success stories are windows into team strengths
Revenue, margin, product mix and customers are key data points
Product road maps shine light on future opportunity areas
Team tenure and transparency help foster strong partnerships
Companies with a history of successful collaboration will attract higher quality partners
8. Internal Information
Incumbent insurers often date back to the introduction of
. cars - or earlier.
History provides
experience and builds
culture. Either can be an
asset or a liability if not
understood.
9. Internal Information
• Startups move and scale
quickly
• Their business approach is
lean
• Innovation is in their DNA
• Time is measured in days
and weeks, not months and
years
• Startups exist to grow…FAST
Culture is a
startup’s
superpower
12. Internal Information
Corporates Start by Looking Inside
Engage inside and outside the organization to build an opportunity pipeline
Simplify Processes Increased Awareness
External Outreach
Move Faster Think Smarter Work Together
Focus on three areas to increase collaboration
and organizational expertise
Can You Execute? Do You Have the Knowledge? Are Your People Ready?
13. Internal Information
Simplify the Process
Standardize and accelerate technology reviews and
approvals to build competency as a good partner
Technology partners and startups share experiences – good & bad
…and their experience is consistent and positive.
Partners are
referred to a
friendly
process…
Partners are
talking to
multiple
departments
…and their experience varies and can be challenging.
14. Internal Information
Curate and share trends data to engage
employees and inform business priorities
- Engage innovators inside & outside the
organization to get a view of what’s possible
- Unleash employee creativity to experiment and
learn
- Keep the customer central in trend discussions
- Connect learning to what’s important for the
organization
- Include partners aligned on priorities to
accelerate innovation
Increase options through an external focus
that builds organizational expertise
Monitor
External
Trends
to Build
Knowledge
15. Internal Information
Plan
Build Trust by Planning Together
• Assess the landscape to
understand the process
• Engage the business - is this a
problem worth solving now?
• Confirm the budget owner is
involved
• Understand approvals and
timing needed to secure them
• Start slow to learn and adjust
• Align partners on goals and
future vision
• Expect changes - have a
process for modifying the
approach
• Determine checkpoints for
go/no go and other decisions
• Build relationships across
multiple levels at both
companies
• Create an internal and
external communications plan
Internally & Externally
16. Internal Information
WHY PARTNER? ASSESSING
CULTURE
PREPARING TO
PARTNER
COMMUNICATING
OFTEN
EXECUTING AND
EVOLVING
Communicate to Build Relationships
17. Internal Information
Communicate Inside & Outside
Raise awareness externally to attract partners
and internally to spark ideas that energize teams
• Promote thought leadership within the industry to attract like-minded partners
• Expect a long-term relationship and technology commitment
• Develop relationships across multiple levels of the organizations
• Align focus areas to business goals and say “no” to partners outside these areas
• Establish a high-level advisory committee to engage executive sponsorship
• Educate and build advocates through internal marketing and communications
• Engage employees to build internal competency
• Share success stories across the organization
Build a network of internal and external supporters
External
Internal
18. Internal Information
Communicate
• Develop strong partner
relationships by being clear
about onboarding process
steps, timing and
expectations
• Minimize surprises by
sharing current technology
shortcomings and
enhancement plans
• Define success by agreeing
on what success looks like
and celebrating together as
milestones are reached
• Bring employees into the
program providing them
updates on progress and
opportunities to participate
Early & Often
19. Internal Information
Transparency Sets the Tone
Open communication builds the relationship foundation
Contract Process
If your contract
process looks like
this, no need to go
into details, but do
give your partner an
update to let them
know you’ll need
some time
20. Internal Information
Build & Learn to Sustain Success
WHY PARTNER? ASSESSING
CULTURE
PREPARING TO
PARTNER
COMMUNICATING
OFTEN
EXECUTING AND
EVOLVING
21. Internal Information
• Find your friends
• Take your time
• Measure performance
• Build on successes
Promote and de-risk
innovation by giving
employees permission
to test and learn
Focus on
What’s
Important
22. Internal Information
Start With Teams Eager to Innovate
Engage the business units that have identified
problems to solve and are ready to learn
Align rewards to support and encourage innovation
Use external programs
to engage internal teams
Attract inquiries from
high quality partners
aligned with goals
Support internal teams
by simplifying and
accelerating test & learn
Share best practices,
successes and learnings
Adopt and promote a
safe experimentation
and learning culture
Increase the pipeline of
viable partners
23. Internal Information
Not Everyone Will be a Fan
It’s OK if teams are not interested in testing new ideas
Some take it on faith that innovation is good while others need to see data first
➢ Let them know you’ll be there when they are ready
➢ Share successes to show what’s possible
➢ Start simple to facilitate learning
➢ Align projects with business goals
Grow a network of innovators and partners
24. Internal Information
Set Objectives & Measure Progress
Focus on solving business problems that provide value
Partnership success metrics will change as activity grows
• # Technology demos
• # Contracts in progress
• # Days to first contract complete
• # Days to contract execution
• # Tests completed
• # New employees engaged in test
• # Partners in production
1 – 3 years
Activity based metrics as infrastructure is
built and skills develop
• Expense savings
• Premium/revenue generated
• Customer experience improvements
• Employees trained on best practices
• Depth of organizational involvement
3 years +
Metrics become more strategic as pipeline
quality, internal skills and execution improve
By doing these types of execution activities well, over time look for these results
25. Internal Information
Engage the
Organization
Iterate and
evolve
Iterate and evolve your approach over time
Celebrate Celebrate successes widely
Review Review learnings across silos
Involve Involve multiple teams in test and learn activity
Share Share activity and metrics on progress
“Failure is an option here. If things are
not failing, you are not innovating
enough.” – Elon Musk