So you’re looking for the best way to start selling online life insurance? Of course you are. It’s 2022, and your target demographic is buying everything from mattresses to fiddle leaf figs online. You’ve probably taken a few calls - maybe had a few meetings. But how do you vet an insurtech partner? What should you know before signing on the dotted line? In our opinion, these are the top three factors:
Strategic: Many tech providers have a set of technology that they really want to sell. Who wouldn’t want to pitch the thing that is easiest to roll out? The better alternative, though, are partners who understand your needs as a business owner (growth! margins! speed!) and can deliver beyond a standardized, one-size-fits-all solution. Look for partners who ask the right questions about your business challenges and goals. Are they trying to sell you their tech, or trying to find a way for their tech to assist with your company’s specific needs?
Tech: Obviously you’re looking for the best technical solution to your business challenges, but how can stakeholders in other areas of the business, like insurance product or marketing, feel confident they’re choosing the right partner? Start by taking a tour of their already-launched technology and testing the user experience (Am I enjoying using this? Is it easy to navigate?). Then ask the deeper questions that will give you a true sense of the tech. Is it built in a modular way? What APIs and Data feeds are available? How easy would it be to integrate with your existing solutions? How long have historical implementations taken?
Chemistry: The process of tech implementation is not without its challenges. And challenges are overcome more readily by a team of people who understand each other. When you’re comfortable picking up the phone, texting a quick question, or having a laugh with someone, the months ramping up to launch tend to go much more smoothly. But how can you measure chemistry? Spend time with potential partners away from the boardroom. Grab a meal or plan an activity together (we’re partial to axe-throwing in Austin) and get to know your day-to-day points of contact on a personal level. Would you hire them on as coworkers? Do they pass the vibe check? Another great way is to check with previous partners. Find common connections through LinkedIn and ask around about the nature of their collaboration and communication.
Pick a true disruptor. Selecting a partner without a decades-long track record in the industry can lead to some doubt in the decision room. But you want a partner with fresh ideas, an innovative culture, and the ability to be flexible, adaptable, and visionary. (And one without conflicts of interest.) For added peace of mind, vet your team. Do the architects of the platform have depth of experience? Do they come from legacy carriers? We’re sharing what we’ve heard from carriers who have dealt with many vendors over the years - we’re taking these lessons and have become this type of partner - we hope to walk beside you on your transformation journey as well!