Why life insurers are embracing partnerships and ecosystems

In partnership with:

In this research report in partnership with EIS, our leaders shared the following tips for how life insurers can benefit from partnerships and ecosystems:

Think carefully about core competencies that need to stay within the wheelhouse, versus what can be done by partners with specialist capabilities and/or reach
Managing sensitive personal information is a complex area that requires close alignment between partners to get right
Products must be redesigned to suit new methods of distribution – the product must be tailored to the channel

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Our research shows that 66% of insurance industry professionals are actively partnering with non-insurance businesses, and a further 26% are planning to do so. Participation in broader ecosystems helps to make life insurance more relevant to customers and increases engagement between insurer and insured. So how do you get a partnership right?