When analyzing insurer-InsurTech partnerships[1], we looked at a total of 95 partnerships established by 25 incumbents with several InsurTech startups and categorized those partnerships across major areas of operations.
While the number of integrations, scale, and areas of operations where those integrations are being tested today vary, integrations/technology adoptions are becoming common in every region. In our recent dive into these partnerships, we focused on the US[2]; in this article, we take a look at some interesting integrations happening in Europe across major areas of operations.
Source: Insurance Incumbents Are Moving Ahead in Their Quest Towards Digital Transformation Through InsurTech Partnerships[3], MEDICI
Digital Distribution
Overall, digital distribution was the most active area of collaborative innovation, with 20 strategic partnerships between incumbents and InsurTech players. French AXA, Alibaba, and Ant Financial Services, for example, are jointly exploring opportunities[4] to distribute AXA’s insurance products and services through Alibaba’s global ecommerce ecosystem, benefitting the businesses and consumers that transact via Alibaba’s marketplaces. The companies are also working together to co-innovate and to develop value-added products and services for customers around the world as well as to mutually support each other in developing and exploring new markets and segments.
Digital Claims Management & Fraud Detection
An interesting case is what European insurers are doing with Shift Technology. MetLife shared that Shift Technology helped a European coalition of insurers analyze 13 million claims[5]. The technology identified 3,000 new cases of potential fraud[6], including a large, organized crime scheme that impacted nearly all of the coalition’s members. The scam had siphoned millions of Euros from the group’s insurance company
