How can you effectively negotiate the use of wearables in insurtech partnerships?

Here are key strategies: 1. Understand Mutual Benefits: 2. Data Security and Privacy Assurance: 3. Define Data Ownership and Usage: 4. Compliance with Regulations: Ensure 5. Risk and Liability Allocation: 6. Pilot Programs and Testing: 7. Performance Metrics and KPIs: 8. Flexible Contract Terms: 9. Educate Stakeholders: 10. Negotiate Pricing Structure: By addressing concerns related to data security, compliance, and liability, and by emphasizing the mutual benefits of wearables, you can negotiate a partnership that enhances the capabilities of the Insurtech while providing value to the wearable technology provider.

1. Value Proposition: Clearly articulate the benefits of wearables in risk mitigation, improved data accuracy, and enhanced customer engagement. 2. Data Privacy: Address concerns by establishing robust data protection measures, ensuring compliance with regulations, and obtaining user consent. 3. Mutual Goals: Align objectives to create a win-win scenario, emphasizing how wearables can drive efficiency, reduce claims, and enhance customer experience. 4. Risk Sharing: Propose a risk-sharing model, where benefits realized from wearables are shared between the InsurTech and the insurance partner. Suggest a phased approach with pilot programs to demonstrate the effectiveness of wearables, minimizing initial risks for the insurance partner

Clearly articulate the objectives of incorporating wearables into the partnership. Define how wearables will enhance data collection, risk assessment, and customer engagement.

En Insurtech o tradicional es fundamental el tener una estrategia clara de negociación, empatia, entender las necesidades de nuestros interlocutores y claridad de las ventajas y difereciadores de nuestra propuesta de valor.

Para una negociación es necesario tener claro los beneficios de los dispositivos pero lo más importante es saber indicar cuales son los beneficios para el negocio y cómo crecerá el ROE con la incorporación de esta tecnología.

Identifying partner is crucial whether they willing to connect as an agent, aggregator platform or marketing partner. Once the partnership model has been determined, learn their goals and assess what kind of hurdle based on their strengths and weaknesses. Its not difficult to see the opportunity for both able to gain/lose from the partnerships established. Biggest threats are those challenges faced with unclear solutions.

Based on the initial steps, you can just navigate to the proposal. In the proposal, do bring in what effectiveness, efficiencies, and quality you are going to or intend to achieve by using the wearables. It should also align with both parties' vision, mission, and goal. Specifically, in the insurance industry, there are quite a few legalities, making sure whatever new things are planned to be introduced are not biased, and exploring with a variety of customers so that specific needs are addressed.

La propuesta honesta y debe agregar valor al objetivo o potencial partner. Tiene que ser atractiva pero dejando siempre espacio de negociación.

Important key in the proposal besides commercials and costs is expected timeline for launch. Insurance related wearable is unlike customizing existing common insurance product, as product design, configuration, cost requires number of discussions and alignments to achieve satisfaction prior to commercialization. Hence, close monitoring guarantees better outcome for the project.

The perfect negotiation happen when it is a win-win situation for both partner and insurance provider. Nevertheless, most negotiations are far from perfect. The key is to know the power card you have in hand and when to hand it out to win the negotiation process.

Monitoring will be the easiest feat of entire process. Once the project has gone live, a proper recording/measuring tool will be ideal to be in-place subsequently. The key here is to know what type of information is important to be recorded/measured for improvement update.

Discuss how wearables will integrate with existing Insurtech platforms and systems. Address technical considerations, interoperability, and potential challenges in implementation.

El mundo insurtech tiene aun mucho mercado por abarcar. El caso de los denominados "wearables" representan una herramienta poderosa de recolección de data en beneficio de los clientes, pero también para los cálculos actuariales de los aseguradores. La tecnología no deja de proveernos herramientas útiles en casi todos los terrenos.