STRATEGY
The pitfalls to partnerships Jean-Marc Boxus , Associate Director at BCG Platinion
Before a business partners with technology providers to invest in any emerging digital trends , they must become what ’ s known as ‘ bionic ’. Bionic thinking requires taking a human-centric design approach to both services and products . Technology significantly changes every six to twelve months , so a key strategic function of businesses must be realising how those changes will impact work processes and society at large . This can only come from clear strategy and purpose ; one that outlines a roadmap from start to finish forming connections between people . Ultimately , it ’ s the mix of human expertise and technology capabilities that leads to successful implementation and adoption . The bionic approach is fundamental . It ’ s what paves the way to future success and allows organisations to quickly respond to change and uncertainty , making growth a likelier prospect .
Once insurers have in place the correct technology strategy , technology partners can be considered as a lever to accelerate digital . Part of this process must include exploring cultural alignment . Large established companies may not embrace innovation and entrepreneurship like smaller counterparts – something to really consider when looking at collaboration with an InsurTech . Finally , there ’ s size . Often companies are reluctant to team up with a start-up with no proven track record nor financial backing .
Assuming there ’ s willingness to go ahead , insurers must consider the ways in which to collaborate . The final call to action is about defining the fundamentals of how insurers collaborate with partners , so who
they collaborate with and the strategy that underpins this all . It ’ s about looking at what collaboration model works best for the business , whether it ’ s teaming up , taking a stake or acquiring .
The future of partnership networks Meeri Rebane , co-founder and CEO of INZMO
Speaking from a B2B2C perspective - because of the nature of these collaborations , the sheer number of stakeholders from numerous business divisions involved , combined with the level
94 January 2022