Unlock the strategic power of partnerships in insurance
Finding opportunities for profitable growth across the insurance value chain
Today’s insurance industry faces structural shifts driven by macroeconomic pressure, changing customer preferences, and technical advancements. How can carriers keep pace in this challenging environment? Our report explores how a comprehensive partnership strategy can help carriers quickly adapt and realize value across the insurance value chain.
Finding opportunities to profitable growth across the insurance value chain
Entrenched challenges leave many carriers poorly positioned to compete alone. Building or acquiring new products and capabilities is time-consuming, risky, and capital-intensive. Partnerships provide carriers with the speed to meet customer demands and flexibility to adapt in the current macroeconomic climate. This article takes a deeper look at opportunity areas across the insurance value chain—from product development to claims; explores the internal and external forces shaping the insurance market; and outlines the steps insurers can take to realize the full benefits of strategic partnerships.
How to unlock the value of strategic partnerships
When analyzing the key values insurers realize from partnerships across the value chain, we broadly see three focus areas emerge: partnerships that enable sales and distribution, bring new or complementary products to market, or provide enabling capabilities.
Understanding the primary focus area of an individual partnership helps insurers look at their partnership network as a portfolio, rather than a group of one-off relationships. This enables carriers to unlock more value and establish streamlined partnership management processes. Three benefits to categorizing partnerships include:
- Creating a balanced partnership portfolio.
- Standardizing partnership management.
- Informing partnership structures.
Next steps to realize value
The path forward
The insurance industry is rapidly transforming as it adjusts to macroeconomic uncertainties and evolving customer preferences. Partnerships offer a fast and flexible route to market for innovative products and business models and create opportunities for carriers to better serve customers. However, value capture requires carriers to be strategic about their partnership management processes—including investing in partnership capabilities.
Read the full report to learn how to unlock the strategic power of partnerships.
