The adoption of digital technology is rapidly evolving the insurance industry, making it more agile and flexible. This means we are entering an exciting era of new partnerships and collaboration between insurers, brokers and tech suppliers. With this in mind, it is important that new business partnerships are supported by fundamental pillars that hold the relationship in good stead.
It starts with trust
Trust is the foundation of all healthy relationships. This shouldn’t come from blind faith, but rather earned through honesty and integrity. Honesty is the best policy, even if the truth is not always easy to hear. Caving in to whims does avoid short-term conflict or discomfort. But the long-term implications can be catastrophic, and the real test of trust is when things don’t go to plan.
Differences make us similar and similarities make us different
When seeking a partner, it is important that partner businesses share similar values. Both should also share the same vision of what long-term stability and success looks like. But opposites also attract. And when partners look at alternate routes to a solution, it very often results in more creativity and innovation, which ultimately improves the customer experience. It is also hugely valuable in teaching both parties new ways to improve business efficiencies by bringing technologies and opportunities to the forefront. Both parties must be willing, and indeed must demand of themselves the appetite and intention to continually learn from each other.
Without regular, clear and transparent communication, any positive progress will unravel. The means of communication – whether traditional face-to-face or digital – is not important. Key real-time information, as and when requested, is most important.
Each partner should benefit equally from the relationship. Businesses looking to enter into a partnership should prioritise deals where all parties feel that they have a voice, are well respected and appropriately rewarded.
Industry players that enter new collaborative partnerships will dramatically improve the consumer experience, leading to new business wins and return custom, which ultimately impacts positively on the bottom line. It also means an end to slow, inflexible and costly motor insurance. That is a win-win situation for all involved.