This is a framework you can use to pick the right InsurTech startup. Most innovation teams in insurance corporations can only pick one startup after another. Use this framework to have more fun and to make your executives and investors happy.
Picking the wrong InsurTech startup to collaborate with doesn’t improve your insurance operations and is a waste of your companies time and money. More about the consequences in my lessons learned.
You have to find true InsurTech startups because there are a lot of startups around that don’t work well, some are fakes and some don’t fit your business. I will show you in this video how you can identify them.
Here is your template to pick the right InsurTech startup for your incumbent insurance company. It consists of three picks: You have to check on the three characteristics. You have to distinguish between improvers and inventors. Check their operating model and make sure it complements your daily business routines.
This recording is for those of us who want to innovate inside of an incumbent insurance company with the help of InsurTech startups. Of course, all startups claim to be the next thing. So, distinguishing them has become a real challenge to us. The critical question is: how to pick the right InsurTech startups?