The way insurance partnerships work is changing. Insurers and insurtechs are evolving from being competitors to enabling partners. And when they do team up, it’s not just out of necessity anymore. It’s about building real relationships based on trust and shared goals.

Why? Because these deeper connections create a strong ecosystem that can help tackle big insurance challenges while encouraging fresh ideas and long-term resilience.

When it works, it’s a win-win. Insurers bring stability, financial expertise and strong reputations. Insurtechs add agility and cutting-edge solutions. Together, they compliment each other’s strengths and weaknesses.

Of course, none of this happens overnight. Cultivating lasting parternships means starting small, being honest about what’s working (and what’s not) and staying flexible. 

We brought three experts together in our recent webinar – Michael Maicher, Global Partner & Director at Allianz Partners; Kai-Uwe Schanz, Deputy Managing Director and Head of Research & Foresight at The Geneva Association; and Ana de Montvert, Head of Partnerships at Qover – to talk about how the insurance industry can work together to make a real difference for end customers. 

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Watch the webinar replay →

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Why the shift to long-term insurance partnerships matters

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Relying solely on transactional relationships focused on immediate gains can limit growth and innovation. True partnerships, however, offer a different approach. These are built on shared objectives, long-term vision and mutual value creation.

Today’s insurance partnerships enable insurers and their collaborators to combine strengths and compensate for each other’s weaknesses. For instance, carriers take on the risk behind an insurance program, while also providing the support of a trusted brand. Insurtech companies bring agility and innovative technology that makes it easier for non-insurance brands to distribute insurance. 

This synergy is crucial for developing solutions that are not only effective but also sustainable.

'We keep speaking about sides, but with partnerships, there are no sides anymore. It's an ecosystem - a constellation of collaborations that need to work together to make a program happen.’ – Ana de Montvert, Head of Partnerships at Qover

A survey by the Geneva Association found that insurers largely leverage digital ecosystems to expand market share and access to customers, followed by enhancing the customer experience and engagement.

‘These findings suggest that platform ecosystems are actually a cornerstone of future strategies in the insurance industry', Kai noted. 'They also reflect insurers’ proactive approach to responding to evolving and growing customer expectations … It’s very important to note that we are now living in a different world. Ten years ago, many incumbent insurers were scared; they saw insurtechs as an existential threat. Today, I think they’re considered enabling partners.'

Joint initiatives that address societal issues, like the protection gap, benefit greatly from transformative partnerships. These collaborations are particularly critical when addressing complex global challenges such as underinsurance, cyber risk and even climate change.

‘The insurance industry must achieve a more meaningful contribution to the largest risks the world is facing – risks like old-age security, healthcare, climate change and cyber protection gaps. To really move the needle, partnerships must evolve from being purely transactional to something much more impactful and purposeful.’ – Kai-Uwe Schanz, Deputy Managing Director and Head of Research & Foresight at The Geneva Association

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Why insurtech partnerships are crucial for embedded insurance distribution →

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Key components of thriving collaborations between insurers and insurtechs

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The most successful insurance relationships aren’t just about business transactions – they’re about trust, common values and a commitment to mutual growth.

Here are the key components that set strong collaborations apart:

• Open and honest communication. Transparency is non-negotiable. 
• A shared vision and clear goals. Collaborations with a defined purpose are more likely to succeed, especially if it’s a long-term commitment to address societal challenges together.
• A focus on mutual benefit and cultural exchange. Thriving partnerships ensure both sides feel valued and invested in the relationship. And bridging the cultural divide between incumbent insurers and insurtechs is critical for creating lasting, impactful alliances.
• Flexibility and adaptability. Markets evolve, and strategies need to follow. 
• Effective use of technology and data. Leveraging advanced analytics helps predict risks, create innovative solutions and improve the overall customer experience.

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Ultimately, the best insurance partnerships are built on respect for one another, shared ambitions and open communication.

When done right, they not only address today’s challenges but also drive change and create lasting value for all involved.

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How to start building successful insurance partnerships

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Building strong partnerships takes more than good intentions – it requires strategy, communication, and a willingness to adapt.

Luckily, our webinar panelists provided some practical advice on how to make sure your collaborations are working for all parties:

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1. Have honest conversations about your objectives from day one.

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Start by defining clear expectations and being transparent about your strengths and weaknesses.

As Kai suggested, ‘Sit together as a first step and think about your comparative advantage in the game.’

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Michael echoed this sentiment: ‘It’s about transparency and understanding each other’s strengths and weaknesses. Be open, define your joint goals and motivations, and communicate loudly and clearly.’ 

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2. Pilot small projects to build trust.

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Jumping straight into large-scale initiatives can lead to uncertainty and instability if things don’t align.

Michael advised starting small: ‘Even though we try to screen technology as much as possible beforehand, it’s impossible to know for sure until you’ve worked on an initial pilot or project together and then see whether you fit or not.'

'I’d always recommend starting small rather than jumping into a major project first where you then gain joint experiences. It’s not just about just the insurtech – it’s also about us [as the insurer]. We make mistakes along the way too, and the partners need time to get to know each other.’ – Michael Maicher, Global Partner & Director at Allianz Partners

This approach reduces risks and lays the groundwork for larger, transformative collaborations over time.

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3. Keep the customer experience front and centre.

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At the end of the day, it’s about better servicing the end customer.

As Ana stressed, it’s no longer just about selling a product – it’s about the entire customer experience: ‘The days are gone when you can just sell a product that has no contextual relevance and hope that the customer makes a claim. Now it’s all about that moment of truth: the claims experience.

And it’s also about how you’re relevant in a customer’s life. Are you there just to provide a check if something happens or are you also there to assist, and even prevent. It’s about how we can create a value proposition together in partnership that proves its relevance and worth to the customer in making their lives easier and more convenient.’

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4. Leverage technology and data.

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‘Partnerships, especially when you think of embedded insurance and technology, bring great opportunities for improving affordability, cost efficiency, convenience and access, while still offering meaningful and relevant protection’, Kai said.

Tech and data is where insurtechs can provide real value – these types of insights can then be used to improve the entire policy lifecycle, from risk assessment, coverage, distribution and claims.

‘We all know what technology and data analytics can do for the efficiency of distribution and claims management, and, crucially, the quality of risk assessment’, Kai said. ‘It allows for group-specific needs to be identified and enables more accurate pricing. But extending coverage isn’t just about providing protection – it’s also about encouraging risk reduction and prevention. Technologies like telematics or IoT devices and analytics can make a real difference here.’

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5. Have an efficient process for resolving conflicts.

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As Quentin pointed out, partnerships are not dissimilar to a marriage, ‘there can be tension and disputes.’

What’s key is being able to resolve those conflicts together. If you have open, honest communication from day-one, this will be much easier to do.

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6. Celebrate milestones and joint successes.

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As important as it is to monitor the partnership for signs of instability and adapt as you go, it’s just as important to recognise when things go well.

Michael noted, ‘When you achieve a milestone, make sure to celebrate that success jointly and really show that you’re stronger together.’

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How to spot and avoid insurance partnership pitfalls

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Even the strongest alliances experience roadblocks and setbacks.

‘Often, issues arise when the champion of a partnership moves on. Partnerships are often driven by champions, so their departure can be tough. Other issues could include a lack of trust, cultural differences or an imbalance of power. This imbalance is particularly relevant in insurance and insurtech partnerships, where the balance often favours the insurance company.’ - Quentin Colmant, CEO & Co-founder of Qover

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Legacy systems and processes that insurers rely on can also create hidden barriers to success. Overlooking this can lead to frustration and delays.

‘Even if you have the perfect tech solution that's ready to plug and play from day one – which is anyone’s dream – there’s still a lot of work to be done to integrate the new tech into legacy systems, old processes and old ways of working. So it's really a cultural shift that needs to happen.’  – Ana de Montvert, Head of Partnerships at Qover

Kai mentioned that 80% of insurance companies surveyed by the Geneva Association highlighted legacy systems and operations as their primary concern, followed by data security & privacy, ‘which are quite understandable given where we are in the current cyber threat landscape and the sensitivity of personal insurance data.’

A related challenge is around regulatory compliance. ‘When you think of data usage, data geolocation, and protocols for collaboration with third parties, this is a significant challenge in the partnership space’, he added.

Another common issue Michael noted is instability, particularly around pricing: ‘I’ve seen many new partners come in with a very low price and have to increase it rapidly the following year. This kind of instability isn’t good for anyone, especially the end clients.’

By staying alert to early roadblocks, companies can address issues before they escalate and build relationships that are resilient, adaptable and truly collaborative.

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How insurers & brokers are keeping up with insurance tech →  

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Conclusion: successful partnerships create a winning insurance ecosystem

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The insurance industry is shifting from transactional interactions to relationships rooted in trust, shared goals and mutual value. This evolution is not just about improving business outcomes but about forging alliances capable of tackling the industry's most pressing challenges.

Strong insurance partnerships thrive on open communication, flexibility and leveraging the unique strengths of both insurers and insurtechs. Combining reliable expertise with innovative technology and data enables these collaborations to address immediate needs and prepare for future challenges. 

As we embrace this new era, prioritising long-term partnerships over quick wins is key. By focusing on meaningful, strategic collaborations, the insurance industry can foster resilience, drive innovation and contribute to a global safety net of protection.

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If you’re ready to explore a partnership that goes beyond the transactional, we’d love to hear from you. Get in touch to see how we can work together to deliver lasting customer value.