This month has seen a raft of impressive funding rounds and partnerships – endeavours that will result in the digital ecosystem expanding and strengthening with every successful collaboration.
As part of our own research into partnerships, we also polled our Insurtech Insights community on which traits were deemed most important when forging a strategic alliance. We asked the question: When entering into a new strategic partnership, which element most enables a successful long-term relationship?
In response, 58% of participants said that an aligned partnership vision was by far the most important element of the process. This was followed by ‘good team communication’ (22%), a strong implementation plan (16%) and robust conflict protocols – a mere 5%.
The data shows us that optimism in business is critical – and entering a partnership with another company isn’t just about getting a reasonable fit. Rather, it’s about finding a good running mate that will help both those companies grow.
1# Cytora partners with Cape Analytics
Earlier this month, Cytora, the AI-driven processing platform, announced its partnership integration with the property insights provider, CAPE Analytics, to enhance commercial property risk assessment.
According to reports, the integration means CAPE Analytics’ commercial property data APIs will be accessible on the Cytora platform. This will improve insurers’ abilities to decipher and handle risks connected with commercial properties.
This news was followed by another report from Cytora, stating that its partnership with Markle, a prominent specialty insurer, and cutting-edge insurtech firm, has led to an astounding 113% increase in productivity (Gross Written Premium per Full-Time Equivalent) for Markel’s underwriting team.
Richard Hartley, CEO and Co-founder of Cytora, also commented: “Markel is a leading example of an insurer embracing the latest technology to revolutionise its business. We know that AI-driven Digital Risk Processing has the capacity to transform organisations by vastly improving efficiency and freeing employees up to do much higher value work.”
2# Insured Nomads partners with Allianz Partners
In a move that sees a disruptive insurtech collaborate with one of the world’s largest incumbents, Insured Nomads, a startup specialising in health and travel protection, has partnered with Allianz Partners’ health division to boost advancements in the new, remote and hybrid workforce.
The collaboration enables Insured Nomads to offer tailor-made health insurance plans for global companies, providing employees the freedom to work from anywhere.
According to reports, this strategic approach with Allianz Partners has enabled Insured Nomads to create innovative insurance plans tailored to meet the unique needs of companies with a global footprint.
Mo Buglow, Director, EMEA & APAC, Insured Nomads, described the move as a game-changer, saying : “The collaboration between Insured Nomads and Allianz Partners… combines our innovative technology, “INC” with the global strength and experience of Allianz Partners. In an industry ripe for change, we believe that by working together, we can influence and drive the necessary transformations. The future of health insurance with Insured Nomads and Allianz Partners is incredibly exciting.”
3# Cowbell partners with Zywave
Cowbell announced its strategic partnership with leading solutions provider, Zywave to boost its cyber solutions offering. According to reports, the partnership signals the introduction of the first standalone cyber insurance offering on Zywave’s Hub, a platform that speeds up access to the latest cyber insurance products for wholesale brokers, Managing General Agents (MGAs) and retailers.
The news followed hot on the heels of another announcement, namely that Cowbell has facilitated a new integration with its established partner Cloudflare, the security, performance, and reliability company helping to build a better Internet.
Rajeev Gupta, co-founder, and CPO of Cowbell, said, ““Cloudflare provides security to millions of websites, and we are proud to provide a cyber insurance experience that rewards Cloudflare customers for being vigilant about protecting their web-facing properties from DDoS attacks and bot attacks.”
Of the Zywave partnership, he added: “These partners can now benefit from the ease of offering the industry’s finest cyber insurance coverage to their clients while safeguarding their clients’ future cyber risks with Cowbell’s tailored risk mitigation service.”
4# Redkik partners with Lockton Companies Via McLeod Software
Redkik announced its partnership with Lockton Companies, the world’s largest privately held insurance broker, via a strategic partnership with McLeod Software.
The partnership will reshape the way logistics and transportation firms handle insurance and streamline their operations. Lockton Companies plays a pivotal role in supporting Redkik by offering insurance programs and cultivating relationships to bolster Redkik’s cargo and other transactional products. This encompassing support includes claims assistance and risk control services specially tailored for the trucking industry.
Chris Kalinski, CEO, and Founder of Redkik, said, “We are thrilled to join forces with these transportation industry giants in our mission to revolutionise the supply chain. This partnership signifies our commitment to simplifying complex processes and providing McLeod’s clients with the tools they need to thrive.”
5# Aon partners with Rubrik
Industry giant Aon has partnered with Rubrik, a leading company specialising in Zero Trust Data Security, to enhance businesses’ ability to maintain cyber resilience in the face of modern threats.
In a press statement, Rubrik said the partnership will enable it to expand its range of data protection solutions within the Rubrik Transform Partner Ecosystem. Simultaneously, Aon’s clients will gain access to Rubrik Security Cloud, enabling them to secure their data wherever it resides. Together, these two companies will empower their shared clients to make informed business decisions and bolster their cyber readiness and resilience.
Christopher Bruno, head of strategic alliances for Aon’s Cyber Solutions, said: “The drive toward cyber resilience is based on an organisation’s appetite for risk, government regulations, and insurability against risk. However, while we’ve come a long way in the art of the backup, many organisations have an opportunity to improve recovery, highlighting the importance of speed, confidence, and minimal impact.
6# Transamerica partners with Bestow
Transamerica recently partnered with Bestow to boost the company’s digital transformation efforts. As part of the partnership, Bestow will spearhead the digitisation of various Transamerica life insurance products. According to reports, this includes the transformation of final expense coverage, a move aimed at delivering a more efficient and user-friendly application process for both customers and agents.
Andrew DeMarco, head of Life Solutions at Transamerica said: “We are excited that Bestow will be building out a platform that redefines the Transamerica experience with our agents and clients. Powered by Bestow technology, Transamerica will be able to enhance not only the way we engage with new clients – digitally and in minutes – but also how we provide service throughout the policy lifecycle.”
7# Insurify partners with Santander Consumer and Fletch
Forging two strong partnerships this month so far, Insurify is bolstering its services on several fronts. The partnership with embedded insurance startup Fletch will enable Insurify to introduce pet insurance to its platform – which will be available from October 1st.
Meanwhile, the insurtech has also embarked on a multi-year collaboration with Santander Consumer USA Inc. (“Santander Consumer”), a leading player in auto finance.
This partnership aims to extend Santander’s array of services by providing its customers with access to Insurify’s cutting-edge digital platform for comparing and shopping for auto and home insurance.
Insurify’s CEO Snejina Zacharia, said of the collaboration: “Santander’s customers will now be able to find savings and make the best decision for their auto insurance needs, in minutes. Additionally, they will be able to shop for home insurance and bundle it with their auto policy. Insurify helps partners, including Santander Consumer, build their digital brand, increase touchpoints, and create new value for customers by integrating Insurify’s products at point of sale.”
8# BOXX partners with NSU
Taking the academic approach to risk management, BOXX Insurance announced a strategic partnership with Nova Southeastern University (NSU) and the Alan B. Levan | NSU Broward Center of Innovation earlier this month.
This groundbreaking collaboration aims to empower individuals and organisations with robust cyber protection education services and cutting-edge cyber insurance solutions.
In an official statement released by BOXX Insurance, the insurtech said the partnership will extend its comprehensive cyber protection offerings to the esteemed clientele of the Levan Center, as well as the wider NSU faculty and staff community. According to reports, the move will encompass an array of invaluable resources, including executive education programs, state-of-the-art cyber protection tools, and a suite of cyber insurance products tailored to meet the evolving needs of businesses and individuals in today’s digitally-driven landscape.
BOXX US President, Hilario Itriago, explained: “Having the right level of Cyber protection is vital for every business, from the earliest incubator through their growth and scale up. As companies progress through their stages of development, the need to deliver the right support against cyber threats is essential.”
9# Conduit Re partners with hyperexponential
Conduit Re, a pure-play reinsurer operating worldwide across Property, Casualty, and Specialty lines, recently began a strategic partnership to use hyperexponential’s PDI platform, hx Renew, to price approximately 85% of its business. The platform adeptly accommodates the complexity and scale of pricing models necessary for modern reinsurers, spanning all segments of the industry.
According to reports, the PDI platform establishes a feedback loop that continuously enhances insurers’ data assets, insights, and decision-making processes. This feedback mechanism empowers Conduit Re to deliver more precise account pricing and data-informed portfolio management, ushering in a new era of pricing intelligence.
Stuart Quinlan, Deputy Chief Executive and COO at Conduit Re, said: “No data put into hx Renew is lost. With Excel, everything gets trapped in a spreadsheet and is unusable in the long run. In hx Renew, we can aggregate all of our pricing data, for example, by line of business, and use that to create our development factors. The ability to move a case easily from one year to the next to help with renewing the policy is valuable for the team.”
10# Akur8 partners with Wüstenrot Gruppe
AKUR8 and Wüstenrot Gruppe announced earlier this month their new collaboration which is aimed at enhancing Wüstenrot’s pricing capabilities in Austria. The partnership introduces a cutting-edge risk modeling and rate-making platform, designed to serve all lines of business.
Tailored exclusively for insurance companies, Akur8’s solution empowers pricing teams to make swifter, more informed decisions. It achieves this by automating risk modeling through transparent Artificial Intelligence technology developed in-house. The primary advantage for insurers is an accelerated path to accuracy, all the while maintaining complete transparency and control over the generated models.
“I am proud to announce that we at Akur8 have reached a new milestone by starting a collaboration with Wüstenrot in Austria. We are really looking forward to working with the insurer as this partnership will be essential for our development in the DACH market,” said Samuel Falmagne, CEO at Akur8.
11# Lloyd’s partners with Moody’s Analytics
It’s not just insurtechs linking in the ecosystem. Established corporate giants, Lloyd’s and Moody’s Analytics announced a new collaboration this month to develop a solution that will help to quantify greenhouse gas (GHG) emissions* across managing agents’ underwriting and investment portfolios.
The collaboration will see Lloyd’s and Moody’s develop a solution targeted at accurately assessing scope 3 emissions defined by the Greenhouse Gas Protocol’s 15th category, relating to underwriting and investments. By using the Principles for Carbon Accounting Financials (PCAF) standards as the starting point for measurement, this framework will help to guide clear carbon disclosures for the Lloyd’s market that will align reporting to an industry standard.
Dawn Miller, Commercial Director at Lloyd’s, said: “Complimenting our leading Insurtech accelerator, the Lloyd’s Lab has created a structured programme for fast fail testing of propositions in partnership with the market to enable faster, more successful innovation to address wider market challenges. A regulatory imperative is coming within the next three years, and the Lloyd’s Lab can play a useful role by helping the market get to a better, swifter, and more consistent outcome.”
12# Cover Genius partners with Sky Airline
Embedded services insurtech Cover Genius announced its latest partnership with SKY Airline, a Chilean low-cost airline with flights to over 40 destinations across the Americas. The aim of the move is to offer customers in Latin America comprehensive travel protection.
Cover Genius is already partnered with some of the world’s largest airlines, OTAs, and other travel providers to embed frictionless protection options in the booking path. By leveraging the insurtech’s global reach, which include licenses or authorisations in over 60 countries and all 50 US States, SKY Airline will introduce protection to customers in Brazil for the first time.
“We’re thrilled to partner with SKY Airline to help them expand to new markets, like Brazil, where travelers show significant interest in embedded protection,” said Julio Castellón, SVP Strategic Partnerships – LATAM at Cover Genius.
“With a single integration our award-winning global distribution platform, XCover, helps airlines, OTAs and other travel providers offer protection in multiple countries so they can address gaps, quickly launch in new markets and roll out new products that increase user satisfaction and retention.”
13# Bupa partners with YuLife
Health insurance giant Bupa has partnered with the insurtech YuLife to expand its insurance offerings, reinforcing its commitment to enhancing business health provisions in the UK.
It is hoped the partnership will help to address the rising demand for quality workplace benefits. YuLife, founded in 2016, has rapidly become a household name in the UK insurance sector, especially due to its tech-powered approach. By delivering game-changing policies like group life insurance, critical illness, and income protection, YuLife has effectively reshaped insurance perceptions in the UK.
CEO and Founder, Sammy Rubin said, “Health insurance, just like life insurance, has immense potential to engage with policyholders and proactively encourage them to adopt healthier lifestyles. YuLife’s launch of group health insurance provided by Bupa furthers our commitment to enriching our member’s health, providing benefits that are truly valued by employees, and boosting workplace wellbeing at businesses across the country.
14# Partners Life partners with FINEOS Platform
Partners Life, one of New Zealand’s largest private life and health insurance companies, recently became the first insurer to successfully launch medical claims on the FINEOS Platform, as outlined in a new case study.
Partners Life became the first life insurance company in New Zealand to go live on the FINEOS Platform, replacing its legacy system with FINEOS Claims for life, total and permanent disability (TPD), trauma and income protection. The move to the cloud-native purpose-built FINEOS Platform has now enabled Partners Life to provide enhanced claims processing, reduced claims leakage, and streamlined user experience to 300,000 Kiwis.
Michael Kelly, FINEOS founder and CEO, said: “Partners Life’s leadership has a vision of the future and how to reach their goals through systematic transformation. What’s more, they have implemented a significant change management programme to ensure their success.”
15# Cincom Systems partners with Socotra Inc.
Cincom Systems®, a global leader in Customer Communications Management (CCM) solutions, has announced a strategic partnership with Socotra Inc. The partnership looks set to catalyse the digital transformation of insurers’ customer communication processes throughout the entire customer lifecycle.
According to reports, the fusion of Socotra’s comprehensive product line and Cincom Eloquence is poised to transform the development, production, and delivery of intricate customer communications, spanning both traditional print and electronic channels.
“We are delighted to have Cincom join our partner network of insurance solution providers who deliver value and invigorate the insurance landscape,” said Mike Benayoun, Director of Partnerships, Socotra.
