Scary thought: What happens when the worlds of startups and insurers collide?

Scary thought: What happens when the worlds of startups and insurers collide?
Scary044Accelerators, incubators, hackathons and labs, oh my! There have been an increasing number of partnerships between insurers and start-up technology companies in the past year. It is an exciting time, full of possibilities and I don’t mean to pour cold water on the enthusiasm, but… What happens when fast-moving startups meet governance-heavy insurers? When faced with a joint decision, how will professionals who have spent a career avoiding risk reach agreement with their partners who seek out risk? To what degree should action plans be coordinated and how is that done if one group is using an agile development method while the other prefers waterfall? Do these differences really matter, or will the incentive to deliver something really cool power through such differences? It is time to ask this question, along with what is, and isn’t working, and what actions will improve results. Celent is excited to partner with Silicon Valley Innovation Center to assess the current state of innovation partnerships in insurance. We value your views would like to invite you to participate in a survey. Leave your email and I will send you a summary report. The goal of this survey is to accelerate insurance industry innovation / transformation by identifying effective partnering methodologies and processes. It specifically focuses on the relationship between incumbent insurers and start-up firms. It takes under 10 minutes to complete. Hope you will add your views: Click here to start
Mike Fitzgerald About Mike Fitzgerald

Mike Fitzgerald is a senior analyst with Celent's Insurance practice. His career includes leadership positions in property/casualty automation, operations management and insurance product development. Mike's research focuses on innovation, billing, business process and operations, social media, and distribution management.

Comments

  1. Jen Overhulse says:

    Isn’t this the exact reason insurance companies spin-off technology start-ups? The culture difference is just a multiplier. Unfortunately, by encouraging innovation outside the insurance enterprise, the insurance industry which has been so focused on eliminating silos is creating new ones (innovative or not). As much as the innovations start-ups bring to the table are creating benefit for the industry, there is also a risk they will further divide, or perhaps just disrupt, it.

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