NOTE: This proposal was accepted and slated for the cancelled 2020 Annual Conference. Since the advent of the concept “InsurTech”, conference and press topics have understandably focused solely on the innovative technology itself. This ignores the practical considerations of how insurers can actually leverage new solutions, particularly when they are provided by startup companies. The goal of this session is to answer the questions of: 1. When does it make sense to work with a third‐party solution provider? 2. What are the risks of partnering with a startup? 3. How can you mitigate the risks? 4. What are best practices for the relationship, including such nuts‐and‐bolts items as legal and security review to higher‐order considerations such as milestones and expectations?
Video note: Please be aware there is a momentary cut out in the video. Please remain connected, no substantial content is omitted.
Identify a usable framework for the build vs. buy vs. partner decision.
Recognize the dynamics of working with startups.
Identify best practices to achieve intended objectives in leveraging startup relationships