Across all industries, 90% of start-ups will fail. This is surprising given the obvious success and qualities of the individuals who found them. Perhaps Michael Dell said it best when he said “Ideas are a commodity. The execution of them is not”. And success depends not only on the founder’s ability to execute their vision but to then sell that product or service to others. In a conservative industry such as insurance, the odds are stacked against you. So how do you tilt the odds in your favour?
It helps if you can focus on solving a very specific problem in the value chain, i.e. develop a ‘point’ solution. That way not only is your value proposition easy to communicate/understand but you can more easily position how your offer dovetails into other insurtech vendor solutions which come before you, after you or at the same time as you in that value chain.
However, let’s look at this from your customer’s perspective. If you’re a B2B provider, your customer (e.g insurer, broker, 3rd party administrator) will be grappling with legacy systems, multiple vendor integrations and little to no IT bandwidth. Whilst your customer sees the value in your product/service, they would prefer to avoid yet another integration, or be responsible for developing an end to end solution of which yours is a part. Wouldn’t it be incredible if rather than give them one piece of the pie, you could provide them with the entire cake on a plate (i.e an end-to-end solution)? They could then both have their cake and eat it.
The key is to take a collaborative, rather than competitive approach to insurtech solutions. This is where you combine your point solution with point solutions from one or more other vendors (or service providers) to create an ‘integrated’ solution that can be tried and then deployed. In the past this would mean integrating that solution into your own stack, but just like your client, this isn’t really what you want as it detracts from your focus on your core value prop.
And this is where cloud computing comes in. Insurtech Vendors such as InsurtechPlatform.com and Claim Technology act as the ‘glue’ to design and assemble integrated solutions in the cloud. This cloud-based paradigm is not only being adopted by insurers, but is now being adopted by insurtechs and supply chain providers (e.g. TPAs) as a way to augment their offer and stand-out from their competition, helping to win new business and close deals faster. As an example we have helped insurtechs with no presence in the UK acquire a new logo in under 3 months compared to a traditional sales cycle of 24 months, as well as help TPAs acquire new clients without needing to participate in the standard RFP process.
When you think in terms of collaboration rather than competition anything becomes possible.
Our insurtech gateway acts as the ‘glue’ for assembling fully touchless, next-gen customer experiences in the cloud that leverage best-in-class solutions from global insurtechs. If you would like to test any of the solutions or see them working side-by-side, reach out to us at hello@claimtechnology.co.uk or sign up for a trial account at www.claimtechnology.com.
