As the digital ecosystem network grows ever bigger, the opportunities it represents are also scaling fast. Partnerships provide endless opportunities for insurance incumbents and insurtech operatives, to share their innovations and customer base, bolster trust in the marketplace and grow their respective businesses through strategic collaborations.
Insurtech Insights lists 10 impressive partnerships that have taken place recently that look set to change the game for both customers and companies alike.
10. Nationwide and Hourly
Hourly recently teamed up with Nationwide to bolster its network of 3,000+ independent insurance producers. Hourly’s partnership with Nationwide, which is a Fortune 100 company, adds credibility and resources to its portfolio. Integrating Hourly.io’s advanced underwriting model into Nationwide’s platform will strengthen their network of independent insurance producers.
The collaboration aims to expand client bases, enhance customer retention, and increase revenues, differentiating them from rivals. The partnership’s goal is to extend Hourly’s workers’ compensation and payroll service. Hourly will act as a Managing General Underwriter (MGU), utilising its advanced technology and real-time data platform to underwrite workers’ compensation for skilled trade businesses.
9. Bee360 and Hosta.ai
Bees360, the leading provider of AI-powered drone property inspection services, and Hosta AI, a pioneering provider of AI-powered interior property inspections based on over a decade of MIT research, have joined forces to revolutionise insurance claims handling.
Bees360 and Hosta AI share a common goal: to innovate the claims settlement process, boosting accuracy, reducing costs, and enhancing customer satisfaction. With diverse data collection and varying inspector methods complicating traditional property inspections, over six million home inspections occur annually in the US alone. To tackle this challenge, Bees360 and Hosta AI plan to employ advanced technologies for superior property inspections, ensuring quality, efficiency, and precision.
8. Zurich and Qover
Zurich Insurance Group announced its strategic alliance with Belgian insurtech Qover last month, in a partnership that aims to enhance its embedded insurance capabilities. Zurich’s involvement in Qover’s ongoing Series C funding round underscores its commitment to distributing innovative insurance products conveniently. The partnership aligns with Zurich’s dedication to customer-centric solutions in a digitalised world, as it seeks to leverage Qover’s technology and expertise to expand its embedded insurance offerings.
Qover, established in 2016, operates a tech-driven distribution platform enabling businesses to seamlessly integrate tailored insurance products into their digital interfaces via a single integration. Currently operating in 32 European markets, Qover serves a diverse clientele.
7. Hiscox and FloodFlash
Parametric flood insurer FloodFlash has unveiled a fresh partnership with Hiscox which is actively engaged in the US flood insurance sector, and will provide capacity for FloodFlash in addressing the demand for efficient parametric catastrophe coverage. Alongside Munich Re, Hiscox enhances the market-leading knowledge of successful flood product launches in the US.
In a country prone to flood risk, America holds the world’s largest flood protection gap. FloodFlash is now accessible across all states. Having initially launched in the UK, FloodFlash holds records for rapid property flood claim payouts, thanks to IoT sensor technology. Their swift claims process aids businesses without affordable and comprehensive coverage alternatives.
6. Eaton Gate and SiriusPoint
Eaton Gate, the London-based managing general underwriter, forged a strategic partnership with SiriusPoint International earlier this month, marking a groundbreaking alliance. This collaboration gains significance as Eaton Gate emerges as the first Managing General Agent (MGA) partner from SiriusPoint’s newly introduced MGA Centre of Excellence, focused on efficient onboarding and global platform unification.
The alliance leverages both companies’ strengths, combining underwriting capacity with a seasoned management team, propelling Eaton Gate’s strategy in serving national and regional brokers, delivering SME commercial and mid-market home underwriting. Eaton Gate’s MGAs currently command £100 million in gross written premium, underscoring their insurance landscape presence.
5. Ondo InsurTech and PURE
Ondo InsurTech PLC, recently announced a strategic alliance with US-based PURE Insurance to amplify risk management and mitigate preventable claims. PURE, which boasts 15+ years of experience, caters to responsible families with a nationwide membership surpassing 100,000 and is renowned for its transparent practices. This collaboration introduces Ondo’s innovative LeakBot system to selected PURE members through a pilot program. LeakBot, designed to proactively identify minor leaks and forestall major claims, aligns seamlessly with PURE Insurance’s loss prevention ethos.
4. Akur8 and Madison Mutual Insurance Company
Madison Mutual Insurance Company (MMIC) entered a strategic partnership with Akur8 last month, adopting the insurtech’s cutting-edge Risk and Rate modeling solution to revamp its pricing methodologies. The collaboration aims to enhance pricing capabilities across personal insurance lines for policyholders in Illinois, Missouri, Wisconsin, and Indiana.
As a Midwest-based entity, Madison Mutual has already expressed its dedication to digital transformation and growth in the personal insurance landscape. Teaming up with likeminded growth-focused companies remains a central tenet of its strategy.
Launched in 2018, Akur8 has crafted a machine-learning solution tailored for insurers, catering to the property and casualty insurance domain. The technology expedites model construction, yields transparent outputs grounded in Generalized Linear Models (GLM), and fosters data-driven underwriting. By harnessing advanced algorithms, insurers can streamline model development, unravel insights into pricing variables, and enhance prediction accuracy. This innovative solution presents considerable advantages for insurers, enabling refined pricing strategies and a competitive advantage.
3. Cover Genius and Uber
Embedded insurance specialist, Cover Genius, recently announced its partherhip with Uber to enhance driver protection in Brazil. Through seamless integration with Cover Genius’ esteemed distribution platform, XCover, Uber will offer drivers embedded protection, enriched with innovative features such as automated payouts and usage-based charging.
Angus McDonald, CEO and Co-founder of Cover Genius, commended the partnership, emphasizing the need for app-based services like rideshare and delivery platforms to partner with insurtech companies. This synergy ensures comprehensive protection for both sides of the marketplace through technology-driven solutions. McDonald stated that this pivotal partnership reinforces the resilience of Uber’s drivers, aligning with Cover Genius’ mission to safeguard customers of major digital enterprises globally.
2. FINEOS and Guardian
FINEOS Corporation has partnered with The Guardian Life Insurance Company of America (Guardian), a leading employee benefits and financial wellness solutions provider. Guardian will integrate the purpose-built FINEOS Platform for its absence management products, enhancing its customer offerings. The FINEOS AdminSuite will boost Guardian’s group employee benefits division with essential capabilities such as policy administration, customer billing, claims management, and integrated absence management.
FINEOS holds a strong position, serving seven of the top 10 U.S. employee benefits insurers and dominating with a 70% market share in Australian group insurance. With a worldwide presence, FINEOS continues its partnership with innovative insurers across North America, EMEA, and Asia Pacific.
1. NuBank and Chubb
Nubank, the Brazilian Challenger Bank partnered with Chubb, the world’s largest publicly traded property and casualty insurer, to launch Nubank Lar Seguro, a home insurance product. The new solution will roll out to eligible customers across Brazil in the coming months. Nubank Lar Seguro provides tailored coverage options to match individual customer needs.
This includes options for partial or full reimbursement for damages to homes or personal property resulting from events like fire, theft, storms, and more. The insurance also features a wide network of 24/7 emergency service professionals who can assist with property maintenance and repairs, along with scheduling general repairs and installations. Users can easily obtain quotes and purchase policies through the Nubank app, enjoying a completely digital and user-friendly experience.
