Search
 

Insurance Companies Partnering To Profitability

Insurance has long been a collaborative industryits sophisticated supply chain requires that insurers and reinsurers, brokers and agents, outsourced service providers, and other players all work together.

By John W. DeWitt, Michael Burke | Updated on August 27, 2013

Insurance has long been a collaborative industry—its sophisticated supply chain requires that insurers and reinsurers, brokers and agents, outsourced service providers, and other players all work together. In recent years, however, insurance companies as different as Nationwide, USAA, and Direct General have taken business-to-business collaboration to a new stage by forging strategic alliances, long-term outsourcing relationships, affinity partnerships, and other sorts of formalized collaborative arrangements.

“Partnership gives you flexibility to scale or downsize, to use your resources more effectively, and to focus on that which you do best,” said Jan Twombly, who serves on the board of the Association of Strategic Alliance Professionals and is president of The Rhythm of Business, a consulting firm specializing in strategic alliances and collaboration. “It also gives you great flexibility in enhancing your offering to customers—expanding the services you can provide, doing something a competitor can’t do such as faster turnaround time, or exploiting new technologies and channels such as social media.” Benefits can include faster time-to-market with reduced investment, because “with a partner, you don’t have to invest in developing that technical capability yourself.”

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.