Partnerships enable companies to pool resources and provide a wide spectrum of opportunities for all parties involved, from sharing tech and innovation with an incumbent, to broadening the customer base of a new startup.
The decision to partner with a third party also extends the digital ecosystem network, which in turn, results in better value and services for customers. We take a look at the recent round-up of insurance and insurtech partnerships.
#1
Why: Sanlam, Africa’s foremost non-banking financial services giant, and Allianz have just announced their strategic partnership, which will provide financial and insurance services across 29 African countries.
The deal entails the amalgamation of their present and forthcoming ventures throughout the African continent, giving rise to the most extensive Pan-African non-banking financial services entity to date.
The joint venture will be the largest Pan-African insurance player and is expected to be ranked in the top three, in the majority of the markets where the entity will operate. The entity is expected to have a combined total group equity value (GEV) in excess of 33 billion South African rand (approximately 2 billion euros).
#2
Who: Cover Genius and EaseMyTrip
Why: The partnership extends Cover Genius’s global reach of embedded insurance products for travelers.
EaseMyTrip also benefits because it can provide its customers with cutting edge insurance options. According to reports, by integrating with XCover, Cover Genius’ global distribution platform, EaseMyTrip customers can add Cancel For Any Reason (CFAR) travel protection along with the embedded comprehensive travel protection when they book their tickets. Included is XCover’s end-to-end customer experience that handles all of the customers’ needs – from the initial sale to administration and claims.
A recent survey conducted by Momentive.ai, and commissioned by Cover Genius, revealed that 13% of Indian travelers who made a claim for pandemic-related reasons were not covered despite purchasing travel insurance for pandemic protection. Barney Pierce, SVP, Strategic Partnerships, APAC for Cover Genius concluded, “Travel protection is no longer an after-thought but a must-have, and not only that, it must now be fit-for-purpose, ready to serve and encourage travelers with protection that covers all manner of uncertainties and ‘what-ifs’.”
#3
Who: SkyWatch and Droneinsurance.com
Why: The collaboration brings together two innovative platforms, to offer clients a seamless experience with more options. It marks a significant milestone in the drone insurance sector and underlines SkyWatch’s commitment to providing unmatched coverage and service to drone operators across North America.
“Drone insurance.com has been a driving force in the industry, and we have always respected them as one of the first players that genuinely cared about the market and customers, striving to bring meaningful innovation,” said Tomer Kashi, CEO of SkyWatch. “This acquisition represents not just a business decision, but a commitment to elevating the standards of drone insurance for all operators so they can focus on their mission with confidence.”
#4
Who: Coalition and MS&AD
Why: The partnership between Cyber insurtech leader Coalition MS&AD Insurance Group, the largest non-life insurer in Japan and across the ASEAN region, will provide cybersecurity monitoring solutions to small and medium-sized businesses (SMBs).
“Cyber attacks are increasing globally, and Japan, as one of the world’s largest economies, is especially at risk,” said Joshua Motta, Coalition’s Co-founder and CEO.
“By joining forces with MS&AD, we’re committed to bolstering cybersecurity for Japanese companies by providing continuous security monitoring, active risk management, and mechanisms to transfer risk and respond to incidents. We’re thrilled to partner with MS&AD to protect those businesses in Japan that currently lack these sophisticated protections.”
#5
Who: Boost and Canopius
Why: Boost Insurance has announced a strategic partnership with Canopius US Insurance Holdings, Inc., a subsidiary of the Canopius Group.
The aim of the partnership is to establish a long-term risk capacity for insurance programs that leverage Boost’s digital Managing General Agent (MGA) platform.
Boost’s comprehensive platform offers a complete solution that covers compliance, capital, and technology infrastructure. Tailored for insurtechs, MGAs, and embedded insurance partners, Boost’s platform aims to simplify the development and expansion of insurance programs, leading to substantial reductions in both time and capital investments.
Alex Maffeo, CEO & Founder of Boost, stated, “Having long-term support from seasoned reinsurers like Canopius enables Boost to provide a rock-solid platform that our partners can trust as they scale their business.”
#6
Why: Parametric insurtech Blue Marble and global conglomerate Nestlé, have partnered to deliver weather insurance to vulnerable coffee farmers in Indonesia.
Currently, more than 800 smallholder coffee farmers benefiting from the pilot program are integral suppliers to Nescafé, a prominent brand under the Nestlé umbrella. The collaboration not only safeguards the livelihoods of these farmers but also contributes to the resilience and sustainability of the coffee supply chain.
By combining Blue Marble’s expertise in climate insurance with Nestlé’s commitment to sustainable sourcing, the partnership strives to create a positive impact on the lives of farmers while reinforcing the resilience of the agricultural sector in Indonesia.
Marcelo Burity, Global Head of Nestlé’s Green Coffee Development, commented, “This weather insurance helps to establish a support mechanism for smallholder coffee farmers in Indonesia. It allows them to access financial resources to re-establish their crops in the event of irregular weather conditions while building resilience in coffee farms.”
#7
Who: INSHUR and Uber
Why: INSHUR has launched its insurance offering for on-demand delivery drivers in Arizona. This is its second state launch in the US, following its success in New York.
The ability for on-demand livery and delivery drivers to access competitive insurance coverage that matches their needs is limited. In partnership with Uber, INSHUR plans to ramp up its business with on-demand drivers through its embedded insurance technology, with additional states planned in the coming months.
INSHUR’s sophisticated data modeling technology provides on-demand drivers with flexible pricing as well as a faster, more streamlined customer experience through exceptional claims handling and processing capabilities, all designed to get drivers back on the road quickly and safely.
Dan Bratshpis, Founder and CEO at INSHUR, says: “2023 has already been a big year for INSHUR and we are hitting another milestone by launching our products in Arizona, which has a community of on-demand livery drivers who need the best pricing and experience to match their lifestyles.
#8
Who: Helvetia and Qover
Why: Helvetia and Qover are planning to revolutionise the European automotive insurance landscape by introducing an industry-first pan-European automotive insurance offering, operating under the Freedom of Services framework.
“Partnering with Qover to develop pan-European motor insurance allows us to set a new standard in responsiveness and adaptability, ultimately benefiting both our partners and their customers,” said Tilo Schroiff, Head of Helvetia International Automotive.
“The collaboration embodies our commitment to innovation and excellence in embedded insurance orchestration,” said Quentin Colmant, CEO and Co-founder of Qover.
#9
Who: wefox and WINDTRE
Why: wefox has been appointed as affinity insurance partner by WINDTRE, Italy’s leading telecommunications business. The company has launched its own insurance agency, WINDTRE Assicurazioni, to provide insurance directly to its customers.
wefox will provide a range of services and consultancy, starting from its innovative and modular technology platform, through which clients will be able to activate insurance products in-store easily, quickly and digitally. These include insurance products and service solutions.
Julian Teicke, CEO at wefox said: “Our partnership with WINDTRE is an endorsement of our distribution strategy and technology platform. Together we will be developing and delivering bespoke insurance products specifically for WINDTRE customers.”
#10
Who: Haven Life and Origin8Cares
Why: The partnership aims to streamline and simplify the process of purchasing life insurance for Americans, offering a blend of digital solutions and human expertise. Through this alliance, both companies aspire to empower individuals to safeguard the financial well-being of their loved ones with confidence and efficiency.
Randy O’Connor, Founder and CEO, Origin8cares, said: “Our partnership with Haven Life is one that makes sense on many different levels. We’re on a mission to make the life insurance journey simple and accessible for as many individuals and families as possible and providing an enjoyable purchasing experience for our customers is a key part of delivering on that promise.”
#11
Who: USAA and Resideo Technologies
Why: USAA members gain access to a range of Resideo Solutions devices through the PERKS program. These devices are designed to protect homes against water damage and enhance overall household efficiency.
“USAA is committed to providing industry-leading connected home devices to help our members in their everyday lives,” comments Ryan Rist, AVP, Innovation, USAA. “We have worked closely with Resideo Technologies to help launch USAA’s Connected Home Program so our members can adopt new protective technologies, like the First Alert WiFi Water Leak & Freeze Detector, to help secure their homes against water damage.”
#12
Why: The collaboration aims to introduce advanced solutions that will enable more extensive and precise risk assessment capabilities. It is designed to empower PwC’s diverse clientele across various sectors, including insurance, banking, and the public sector. The objective is to enhance the overall customer experience while efficiently managing and mitigating fraud risks.
Harry Holdstock, Partner at PwC UK, expressed his enthusiasm for the partnership: “I’m really excited we will be working with Clearspeed as we seek to help our clients enhance the experience of their customers and up the ante in the fight against fraud.”
Clearspeed CEO Alex Martin commented, saying: “With the rising cost of living and the digital transformation of the economy, fraud rates have increased and approaches have evolved, presenting a difficult challenge to traditional technologies for fraud detection.”
Author: Joanna England
