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Online Insurance - Value of Partnerships

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Session 8 from Acceptiv Online Distribution Conference Sept 2017.
A successful online strategy means working with partners such as reinsurers, marketing consultants, hosting, software developers, underwriters, TPAs and behavior scientists. Understand how this ecosystem works together for all-round success.

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Online Insurance - Value of Partnerships

  1. 1. Value of Partnerships Online Distribution Seminar September 11, 2017
  2. 2. September 7, 2017 Value of Partnership 2 Definition of Partnership v the state of being a partner… A partner is: v one associated with another especially in an action In other words: A partnership is an association or collaboration between two or more parties working towards a common goal
  3. 3. September 7, 2017 Value of Partnership 3 Partnerships in Insurance Partnerships in insurance are often formed to achieve one or more of the following objectives: Ø Seek specific expertise and knowledge about a product or market Ø Supplement existing capabilities (or simply provide new ones) Ø Share costs and/or find cheaper alternatives Ø Share risks
  4. 4. September 11, 2017 Building Value Through Partnerships
  5. 5. • For 35 years, driasi has been delivering outsourced services to leaders in the insurance, banking and association industries • The company is privately held and carrier independent with approximately 150 full-time employees in three locations: – Minneapolis / St. Paul, Minnesota – Toronto, Canada – Cardiff, Wales • driasi’s multi-lingual workforce delivers a full spectrum of high-quality insurance services: – Multi-channel marketing – Licensed sales including: initial enrolment, up-sell, cross-sell and retention – Underwriting – Fulfilment – Customer Service – Claims – Reporting about driasi
  6. 6. why partner? ▫ Partnerships are inherent to our growth strategy because they enable us to: – Offer more… but focus on what we do best – Surround ourselves with like-minded innovators – Differentiate by creating unique value – “Be the answer” to market needs
  7. 7. what do we look for in a partner? ▫ Alignment of values, culture and strategic purpose: – Entrepreneurial, innovative, nimble – Common vision – Gut-check ▫ Willingness and ability to share and integrate ▫ Ability to create: – Something of unique value that neither could achieve singularly – A salable product / service ▫ Realistic roadmap to profitability: – Understanding of potential challenges – Plan for risk mitigation
  8. 8. any advice you could offer? Determine where you should look to partner (SWOT) “I think the artistry is in having an insight into what one sees around them. Generally putting things together in a way no one else has before and finding a way to express that to other people…” Steve Jobs
  9. 9. any advice you could offer? Look at the whole world, not just what you see in your market “We cannot solve our problems with the same thinking we used when we created them.” Albert Einstein
  10. 10. any advice you could offer? Take a closer look at smaller organizations and start-ups “There’s lots of bad reasons to start a company. But there’s only one good, legitimate reason, and I think you know what it is: it’s to change the world.” Phil Libin, CEO of Evernote
  11. 11. any advice you could offer? Practice patience, be resilient and don’t give up too soon! “Timing, perseverance, and ten years of trying will eventually make you look like an overnight success.” Biz Stone, co-founder of Twitter
  12. 12. contact us Jennifer Toal Chief Executive Officer (647) 501 – 9829 ToalJ@driasi.com Pamela Keller Vice President, Account Development (905) 282 – 7330 KellerP@driasi.com Cindy Lapadula Vice President, Client Services (952) 556 - 8247 LapadulaC@driasi.com
  13. 13. Partnering for success September 11, 2017
  14. 14. Time Resources Talent Risk Transformations aren’t easy. They take: A DtoC offering involves… To name a few…
  15. 15. There are key questions to address along the way : How will the direct business be established in the within the existing culture, structure, and distribution models? What products should we offer and how can we make them more intuitive to facilitate a digital offering? What architectures and platforms are needed to build direct relationships with customers? Do we buy or build?
  16. 16. Partnering to deliver a successful project Benefits of Strong Program Management • Develops strong enterprise governance to allow a balance between Run the Business and Change the Business • Ensures the right parties are involved upfront and ongoing throughout the lifecycle • Builds strong collaborative leadership by removing organizational barriers and improving communication • Identifies synergies and manages risks, issues and interdependencies • Provides independent advice and data analysis that can be used to track the business case of programs and projects. 12 Elements of Delivery Success Engaged stakeholders Clear scope Governance enabled decision making Focused benefits management Managed risk and opportunities Smart financing Delivery enabled plans Active quality management Agile change control Integrated suppliers High performing teams Embedded lifecycle assurance and learning
  17. 17. How we can help Whether building from the ground up or extending existing capabilities, start with your business requirements and architect a technology solution that’s scalable and reliable. Strategy Roadmap Mobilize Design, Build, Test Execute Set the direction Maximize business value Prepare for change Project specific construction Make it happen Identify new opportunities, set vision & direction, adapt to changing conditions, and close the gap between analysis and results. Define capabilities needed across layers of the organization to execute on strategic initiatives, and prioritize based on business needs and value. Create project management plan including: structure, governance, budgets, processes and staffing. Rollout into your organization through change management, user testing and training. Actuarial Services Analytics Behaviourial Economics Digital Life Insurance Strategy & Ops
  18. 18. Who to Call Matthew Lawrence, Director Life Insurance Strategy & Operations Keegan Iles, Partner National Insurance Consulting Leader Allan Buitendag, Partner National Insurance Leader Byren Innes, Senior Advisor Life Insurance Strategy & Operations 416-815-5052 keegan.a.iles@pwc.com 416-815-5239 allan.c.buitendag@pwc.com 416-941-8383 ext. 13264 byren.innes@pwc.com 416-687-8471 matthew.h.lawrence@pwc.com This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisers. © 2017 PricewaterhouseCoopers LLP, an Ontario limited liability partnership. All rights reserved. PwC refers to the Canadian firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.
  19. 19. The Value of Partnerships Reinsurance and Underwriting September 11, 2017
  20. 20. September 11, 2017 The Value of Partnerships 20 Reinsurance • Integral part of online offering • Reinsurer buy-in should give the direct writer comfort of the risk • Availability of multi-discipline expertise • Product development • Pricing • Claims • Underwriting
  21. 21. September 11, 2017 The Value of Partnerships 21 Underwriting • Expertise to: • Build rules • Test rules • Maintain rules • Provide “quality control” of “live” decisions • Work with the direct underwriters to gain comfort of underwriting tool

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