Huge insurtech alternatives for carriers entrenched within the cloud


insurer they have successful moved to the The cloud should benefit from this a Increase in insurtech alliances sparked by the COVID-19 pandemic.

The COVID-19 pandemic is likely to accelerate collaboration between airlines and policyholders. And the cloud will provide the technology platforms and tools for this collaboration to flourish.

Insurers who have moved much of their IT workloads to the cloud and can partner with cloud-based startups will benefit greatly. You can work with insurers to identify promising opportunities, develop innovative products, and reach many new customers.

Many insurers already use cloud services to work with insurers. Our in-house researchers have identified around 80 cloud-based innovations announced by insurers over the past five years. Well over half of these innovations are the result of partnerships with insured persons. And I’m sure there are many more cloud collaborations that haven’t been released.

Other airlines will announce connections to Insurtechs in the next few months.

Notable Insurtech collaborations include Zurich Insurance’s partnerships with CoverWallet and Snapsheet, as well as the most recent alliance between Zurich Connect in Italy and the start-up Yolo for home services. In September, AXA XL announced a partnership with the US start-up Neptune Flood Insurance to offer homeowners protection in flood areas. AXA previously announced plans to partner with Democrance, a start-up based in the United Arab Emirates, to offer financial services tailored to the needs of consumers in developing countries. Munich Re, another airline that is committed to working with insurers, works with the well-known start-ups Trōv, Spruce and Next Insurance.

Expect more airlines to announce links with Insurtechs in the next few months.

The signs of greater cooperation are clear. In the wake of the COVID-19 pandemic, most large traditional insurers are realizing they need to cultivate closer relationships with their customers. You need to deliver more personalized services and experiences. And they have to move quickly. Many new competitors are excited about their customers. Large digital service providers are particularly keen to expand their presence into the insurance sector. As researcher CB Insights recently noted, Apple, Google, Amazon and Facebook are getting into the insurance business.

Carriers can strengthen their defenses by building close relationships with innovative policyholders. These startups built their business on cloud services. You are inventive, agile and react to changing customer needs. You can help insurers delight their customers. They can also help insurers expand into new growth sectors such as healthcare, wellness and connected homes.

Technology development burns money.

Insurtechs can also help porters fill another void in their armory. Our research shows that the lack of skills is one of the biggest barriers to successful cloud implementations. Insurtechs often have access to digital technology expertise that traditional insurers envy. Specialized cloud skills are particularly rare. Working with startups gives insurers access to skills that are often difficult to acquire and retain.

Advertising between carriers and startups will not be one-sided. Most insurtechs will strive to forge closer relationships with the air carriers. There is no doubt that many of these young companies have built impressive business models and developed innovative technologies. However, few of these companies have had the opportunity to build strong balance sheets. Technology development burns money. The economic uncertainty sparked by the COVID-19 pandemic will lead many policyholders to seek the security of partnerships with large, well-funded insurers.

The opportunity for insurers to benefit from alliances with insurers has rarely been better. The airlines that move fast can find the best partners.

Looking for more information on how insurers can get the most out of their cloud services? Check out some of the links below. They provide useful insights. Or send me a message. I am excited to hear from you.

The cloud imperative for insurance (PDF)

Considerations for an Effective Cloud Strategy (blog post)

Cloud services and solutions

Cloud migration services and strategy

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