How can you use negotiation to manage conflicts of interest in insurtech partnerships?

1 Understand your goals and needs

Before entering a negotiation, you need to have a clear idea of what you want to achieve and what you are willing to compromise on. This will help you communicate your value proposition, prioritize your issues, and avoid unnecessary concessions. You also need to understand the goals and needs of your potential partner, and how they align or differ from yours. This will help you identify common ground, potential trade-offs, and sources of conflict.

3 Explore options and alternatives

One of the key skills of negotiation is to generate and evaluate multiple options and alternatives that can satisfy both parties' interests. You can do this by brainstorming, asking for suggestions, and proposing scenarios. You can also use criteria, such as feasibility, cost, impact, and value, to assess the pros and cons of each option. Exploring options and alternatives can help you find creative and mutually beneficial solutions, and avoid deadlock or impasse.

4 Negotiate the terms and conditions

Once you have identified a possible option or alternative that meets both parties' interests, you need to negotiate the terms and conditions of the partnership. This includes aspects such as roles and responsibilities, timelines and milestones, deliverables and outcomes, payments and incentives, risks and liabilities, and governance and monitoring. You need to be clear, specific, and realistic about what you expect and what you can offer, and be prepared to make or request adjustments if needed.

5 Handle objections and concerns

During the negotiation, you may encounter objections and concerns from your potential partner, or have some of your own. You need to handle them effectively and respectfully, without dismissing or ignoring them. You can do this by acknowledging, clarifying, and addressing them, and by providing evidence, examples, or testimonials to support your claims. You can also use concessions, incentives, or guarantees to overcome them, or suggest a trial or pilot to test the feasibility of the partnership.

6 Confirm and document the agreement

After reaching a satisfactory agreement, you need to confirm and document it in writing. This will help you avoid misunderstandings, disputes, or breaches in the future. You need to review the agreement carefully and make sure it covers all the relevant aspects and details of the partnership. You also need to sign it and exchange it with your partner, and celebrate your achievement. Confirming and documenting the agreement will help you formalize and secure your partnership, and set the stage for a successful implementation.