Not all that glitters is gold! There are a lot of fake Insurtech startups around which will waste your time and money. So, identify true Insurtechs and sort out pretenders, based on three characteristics. Watch my lessons learned.
First, you have to have an idea of how your business will look like in the future. Make this the guideline for your collaboration with InsurTech startups and then start to divide InsurTech Startups into two strategic groups. Watch my lessons learned.
Every insurance company carries out its daily business (operations) in their unique ways. So pick Insurtech startups that have the potential to improve results. Ensure that you pick Insurtechs with the right operational fit. Watch my lessons learned.
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.