Online Insurance - Value of Partnerships

Value of PartnershipsOnline Distribution Seminar

September 11, 2017

September 7, 2017Value of Partnership

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Definition of Partnershipv the state of being a partner…A partner is:

v one associated with another especially in an action

In other words:A partnership is an association or collaboration between two or more parties working towards a common goal

September 7, 2017Value of Partnership

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Partnerships in InsurancePartnerships in insurance are often formed to achieve one or more of the following objectives:

Ø Seek specific expertise and knowledge about a product or market

Ø Supplement existing capabilities (or simply provide new ones)

Ø Share costs and/or find cheaper alternativesØ Share risks

September 11, 2017

Building Value Through Partnerships

• For 35 years, driasi has been delivering outsourced services to leaders in the insurance, banking and association industries

• The company is privately held and carrier independent with approximately 150 full-time employees in three locations:

� Minneapolis / St. Paul, Minnesota� Toronto, Canada� Cardiff, Wales

• driasi’s multi-lingual workforce delivers a full spectrum of high-quality insurance services:

� Multi-channel marketing� Licensed sales including: initial enrolment, up-sell, cross-sell and retention� Underwriting� Fulfilment� Customer Service� Claims� Reporting

about driasi

why partner?▫ Partnerships are inherent to our growth strategy because they

enable us to:

� Offer more… but focus on what we do best

� Surround ourselves with like-minded innovators

� Differentiate by creating unique value

� “Be the answer” to market needs

what do we look for in a partner?▫ Alignment of values, culture and strategic purpose:

� Entrepreneurial, innovative, nimble� Common vision� Gut-check

▫ Willingness and ability to share and integrate

▫ Ability to create:� Something of unique value that neither could achieve singularly� A salable product / service

▫ Realistic roadmap to profitability:� Understanding of potential challenges� Plan for risk mitigation

any advice you could offer?

Determine where you should look to partner (SWOT)

“I think the artistry is in having an insight into what one sees around them. Generally putting things together in a way no one else has before and finding a way to express that to other people…”Steve Jobs


Look at the whole world, not just what you see in your market

“We cannot solve our problems with the same thinking we used when we created them.” Albert Einstein


Take a closer look at smaller organizations and start-ups

“There’s lots of bad reasons to start a company. But there’s only one good, legitimate reason, and I think you know what it is: it’s to change the world.” Phil Libin, CEO of Evernote


Practice patience, be resilient and don’t give up too soon!

“Timing, perseverance, and ten years of trying will eventually make you look like an overnight success.” Biz Stone, co-founder of Twitter

contact us Jennifer ToalChief Executive Officer(647) 501 – [email protected]

Pamela KellerVice President, Account Development(905) 282 – [email protected]

Cindy LapadulaVice President, Client Services(952) 556 - 8247 [email protected]

Partnering for success

September 11, 2017

Time Resources Talent Risk

Transformations aren’t easy.

They take:

A DtoC offering involves…

To name a few…

There are key questions to address along the way

:

How will the direct business be

established in the within the existing culture,

structure, and distribution models?

What products should we offer and how can we

make them more intuitive to facilitate a digital

offering?

What architectures and platforms are

needed to build direct relationships

with customers? Do we buy or build?

Partnering to deliver a successful project

Benefits of Strong Program Management• Develops strong enterprise governance to allow

a balance between Run the Business and Change the Business

• Ensures the right parties are involved upfront and ongoing throughout the lifecycle

• Builds strong collaborative leadership by removing organizational barriers and improving communication

• Identifies synergies and manages risks, issues and interdependencies

• Provides independent advice and data analysis that can be used to track the business case of programs and projects.

12 Elements

of Delivery Success

Engaged stakeholders

Clear scope

Governance enabled decision making

Focused benefits

management

Managed risk and

opportunities

Smart financing

Delivery enabled plans

Active quality management

Agile change control

Integrated suppliers

High performing

teams

Embedded lifecycle

assurance and learning

How we can help

Whether building from the ground up or extending

existing capabilities, start with your business

requirements and architect a technology solution that’s

scalable and reliable.

Strategy Roadmap Mobilize Design, Build, Test ExecuteSet the direction Maximize

business valuePrepare for

changeProject specific

constructionMake it happen

Identify new opportunities, set vision & direction,

adapt to changing conditions, and close the gap between analysis and

results.

Define capabilities needed across layers of the

organization to execute on strategic initiatives, and

prioritize based on business needs and value.

Create project management plan

including: structure, governance, budgets,

processes and staffing.

Rollout into your organization through

change management, user testing and training.

Actuarial ServicesAnalyticsBehaviourial

EconomicsDigitalLife Insurance Strategy & Ops

Who to Call

Matthew Lawrence, Director

Life Insurance Strategy & Operations

Keegan Iles, Partner

National Insurance Consulting Leader

Allan Buitendag,Partner

National Insurance Leader

Byren Innes,Senior Advisor

Life Insurance Strategy & Operations

416-815-5052 [email protected]


416-941-8383 ext. 13264 [email protected]


This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisers. © 2017 PricewaterhouseCoopers LLP, an Ontario limited liability partnership. All rights reserved. PwC refers to the Canadian firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

The Value of PartnershipsReinsurance and Underwriting

September 11, 2017

September 11, 2017The Value of Partnerships

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Reinsurance

• Integral part of online offering• Reinsurer buy-in should give the direct writer comfort

of the risk

• Availability of multi-discipline expertise• Product development• Pricing• Claims• Underwriting

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Underwriting

• Expertise to:• Build rules• Test rules• Maintain rules

• Provide “quality control” of “live” decisions• Work with the direct underwriters to gain comfort of

underwriting tool

Online Insurance - Value of Partnerships

Economy & Finance

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