Partnership has been a hot topic in the world of insurance lately, and we agree, it’s really important. This is especially true when it comes to the partnerships between insurtechs. Through insurtech partnerships, insurance companies can get exactly what they need, when they need it.
A good partnership allows an insurer to choose best in class solutions. At MassPrinting, our partnership with BriteCore allows just that. While BriteCore offers the policy admin system insurers seek, MassPrinting handles the document output solutions. Prior to this partnership, BriteCore was handling document output and realized it took time and resources away from its bread and butter, the PAS. The partnership now allows both of us to focus on our core competencies, providing our joint customers with the best of both worlds.
Best of breed situations like this are a stark contrast to the ‘stack’ vendors who provide all-in-one solutions. While these solutions may streamline a purchase decision, they typically don’t provide the carrier with the best solutions. A stack solution might technically be able to do everything, but they rarely do everything well, and certainly never are seen as the very best at any component they’re offering.
Rather than settling for a stack provider that offers all-in-one solutions, insurers should seek out those insurtechs that are the very best at what they do. Insurtechs, meanwhile, should seek more opportunities to partner with other insurtechs who offer complementary products or services. This sets up a best-case scenario for all involved. Each insurtech is efficient and knowledgeable in its own operations, and when combined with another, the carrier receives the very best solutions.
Insurtechs need to begin viewing each other as partners in this new insurance landscape. While much can be accomplished alone with a driven organization, the value of combining the best of each insurtech with the other far outweighs the solo organization.
That is where we will begin to see the greatest advances in insurance: by coming together.