The Corporate Collaboration Opportunity in InsurTech
By Tshidi Hagan
Program Director, Startupbootcamp InsurTech
Collaboration facilitates the development of a promising InsurTech sector. Through API-enabled back office technology, Munich Re Digital Partners is bringing more propositions to market, speedily and flexibly. Blue Marble, B3i, and Gen.Life demonstrate how shared R&D produces intellectual property for joint benefit but requires minimum resource investment. Cooperative incubation models are surfacing and global insurance accelerators such as Startupbootcamp and Plug and Play are proving that collaborative acceleration is a low risk/high return approach for embedding outside-in innovation. And on the investment side, Jerusalem Venture Partners, Eos Venture Partners, and Touchstone Ventures address the pitfalls of traditional corporate venture capital (CVC) and venture capital (VC) by leveraging the expertise of handpicked partners.
Background
Although internally run IT transformation programs, R&D labs, incubators, accelerators, and CVC funds are useful in upgrading dated technology systems, offering a customized exploration function, ingraining an internal culture of ingenuity, and leveraging advanced technology to develop customer-centric products, etc. When managed internally, these initiatives can be constrained by high upfront capital investment requirements and exorbitant operating costs, scarce skills, a limited network of subject-matter experts, mentors and ...
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