A Call for Collaboration: Let Partnership Drive Innovation for the Insurance Industry in 2019

As 2018 draws to a close, I find myself both mindful and appreciative of all of the partnership opportunities that Vindati has enjoyed over the past year. Collaboration, I have long believed, is the key to innovation. Bringing people together is the secret to creating something greater than the sum of our parts. And this was the year that we began to see the impact of that promise.

This idea of collaboration is certainly a bit of a game changer for the insurance industry, which has traditionally operated with more of a competitive mindset. But if InsureTech disruption has taught us anything, it’s that finding ways to work together is actually a far more effective path to greatness than competition. This business is simply no longer about seizing market share outright. Rather, it’s about creating a new insurance ecosystem, one in which many parties – from brokers to carriers and everyone in between – collaborate to harness data and move it swiftly in order to process business.

I’ve talked before about the fact that this kind of industry collaboration is a core value for Vindati. We’re bringing the best and the brightest minds from the distribution channel, data provider and broker worlds together via a model that’s based on partnership rather than competition. And we’re partnering not just for distribution and data deals, but to innovate together in pursuit of a better way. 

In the short time since Vindati was founded, we’ve found some pretty great ways to leverage our strengths and those of our partners. We’ve created distribution partnerships with agent networks and commercial insurance search engines, we’ve developed outsourcing arrangements with carriers, we’ve worked with brokers to provide specific products their customers need, and we’ve helped facilitate the interface between digital agencies, carriers, and other InsureTech partners. In every instance, we’ve sought the innovative ideas that will elevate our partnerships from basic to brilliant, providing value on both sides of the table.

Along the way, we’ve seen first-hand that the interplay of ideas and perspectives is so important to the future of InsureTech and the insurance industry as a whole. And we’re so thankful to all of those who have collaborated with us so far. But there are always more great ideas. So as 2019 rolls around, I’m committing myself to even further collaboration – to initiating the conversations and pursuing the crazy ideas and finding new ways to innovate with partners across the value chain. And I challenge you, whatever your current role, to do the same.

As an industry, we are better together. Here’s to us all – and to shared innovation in the coming year.