In previous entries, we discussed already how the InsurTech industry is growing fast. Moreover, its growth is evident in the B2B space as well. Partnerships between startups and corporations make them keep growing together.
Many InsurTechs are serving insurers, but how do we ensure their partnership is successful? In this webinar, Valeria Jirón, CSM of Insurance at Wenalyze, explained the ingredients for building successful partnerships between startups and corporations.
If you missed it, don’t worry. You can still watch it by following this link.
We addressed the following topics:
1. What is a partnership?
2. Why should Start Ups and Corporates work together?
3. What are the main challenges?
3. How to solve them?
1- What is a partnership?
The insurance sector experienced important changes in recent years. To stay leaders in the sector, they might need to look for disruptive ideas. And this is where startups come into play. InsurTech startups provide corporates with solutions that add value to their businesses.
Before establishing a partnership, it is important to consider the challenges resulting from it. This way, corporates can anticipate them. These are the most common challenges we recommend checking up on:
• Communication issues
Don’t be impatient and take your time to understand how your new partner company works. It is important to communicate every moment any doubt about what the other wants or needs for the successful development of the partnership.
• Unhappy outcome
Getting a bad result doesn’t mean that the startup is not working properly. Before blaming the company, check out if there was any communication issue because it could be a consequence of miscommunication.
• Multiple people to contact
Since there are different departments involved in each project, there could be difficulties to let the communication flow. Make sure to establish a project manager who will be the decision-maker.
• Doubts and questions
Feel free to ask all the doubts and questions that pop up during the project. The startup will be happy to answer them.
• Unreachable deadlines
This happens when the expectations are not settled at the beginning. So, make sure to present possible and realistic deadlines according to the objectives.
• Slow signing process
Corporates need to fulfill a lot of different processes and bureaucracy before starting any partnership with a third party.
How to solve them
In order to fix these challenges, it is important to anticipate them. For example having a cooperative mindset is important before establishing any partnership. This way, both parts will be more open to understanding and helping each other to fix any problems. These are some tips we highlight to help overcome any challenge.
• Take the time to understand the company
• Manage expectations and establish KPIs
• Do not go for the big project at first, starting with a demo will help startups to understand better the needs of the company
• Establish Timing
• Have a final meeting to show the results and receive feedback
• Make sure you have a client success specialist to provide an onboarding session
The partnerships between startups and corporates bring more benefits than disadvantages. However, take into account that communication is the key before starting any project, manage time and workload and be ready to pivot and to say no.
In case you are a corporate and are interested in how Wenalyze establishes partnerships with other big companies, do not hesitate to contact us here email@example.com.