Mastering the Insurer-Insurtech Tango

Digital Transformation - October 9 2019

As the insurtech movement continues to take the insurance industry by storm, insurance companies are being forced to examine how they can seamlessly partner with emerging technology vendors – including early stage start-ups led by technology specialists or serial entrepreneurs. The insurer-insurtech partnership is not for the faint of heart. Insurers have their established procurement and legal processes which have worked for them for decades. Early stage insurtechs approach the dance floor with a nimble, agile mindset and only eighteen months of funding before their swan song.

On this episode of our AI Wisdom for Insurance podcast, Ron Glozman, CEO and founder of Chisel AI, speaks with guest Ilya Bodner, CEO and founder of Bold Penguin about how to identify the right dance partner to achieve the desired chemistry needed to meet mutual business goals.

“It takes the right people on both sides for a successful partnership. For some reason this is always underestimated. It’s a partnership, not a one-time transaction. It takes teams – multiple people – to give the proper attention and have an open attitude to address the needs of the organization,” said Ilya Bodner, CEO, Bold Penguin.

Topics Ron and Ilya cover in the podcast include:

  • Factors insurers should consider when engaging in a new insurtech partnership such as financial stability, social proof, momentum, and more.
  • The importance of insurtech partnerships and alignment
  • Effects of staff augmentation
  • The impact of the technology adoption lifecycle in insurance
  • And more!

“The party that stands to gain the most [from insurtech] is the customer. Everyone wants to buy everything online like they interact with Amazon. Insurance is very behind. The consumer will gain the most,” stated Ilya Bodner, CEO, Bold Penguin.

Tune in to the podcast to hear Ron and llya discuss practical advice on how insurers and insurtechs can strike the right partnership rhythm and avoid common stumbles. While large insurance companies and small insurtech startups are strange dance partners, the fact is that they need each other to drive innovation and digital transformation at the pace that the market and insurance customers demand.

Connect with Ilya Bodner

LinkedIn: https://www.linkedin.com/in/ilyabodner/

Twitter: https://twitter.com/ibodner

Website: www.boldpenguin.com

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