From POC to product, through the Partnership Fast Track Program

In the spring of 2020, Tryg, the largest insurer in the Nordics, approached Copenhagen Fintech with a challenge:?

How can insurance providers deliver customer centric solutions through embedded insurance??

In response, the Tryg Partnership Fast Track Program was born. The fast-paced pilot program would allow startups with concrete embedded insurance solutions to pitch to Tryg decision-makers, for the chance to initiate a POC process in partnership with the insurance company. ?

- Buying insurance from a third party, also known as ‘embedded insurance,’ is far from new. Some examples that you might be familiar with are unions tailoring coverage for their members or an extended warranty you purchase in addition to a new computer or phone. Although the practice is old, the intensity and speed that insurance companies are battling for customer ownership in this domain are unprecedented. Line Dalsfort, Head of Nordic Innovation Discovery at Tryg.?

One such pitch was presented by Risika, a Danish startup with the idea to co-create, alongside Tryg, an ‘insurance trigger,’ which would provide businesses with continuous check-ups and instant improvements to their insurance coverage.?

From POC to product?

As promised, Risika and Tryg set out developing the Proof of Concept (POC) for what would soon become ‘Trisky’ - a proactive insurance app based on Risika’s initial idea for businesses on the Visma e-conomic system.?

The app would address the lack of personalised support for small businesses when it comes to their insurance packages, by automating the support process through embedded insurance.??

Once the solution was deemed feasible through the pilot program, the two parties started creating the Trisky MVP, in order to get it up and running on the e-conomic marketplace.?

The concept was simple. By installing the Trisky app, businesses would automatically be notified if they should adapt their insurance based on changes in the company. This could be, for example, if new employees are hired who must be linked to the statutory workers' compensation insurance, or there is a change in the value of the inventory that must be registered on the occupational insurance. ??

The collaboration itself?

While the Partnership Fast Track Program was initiated to explore new insurance solutions through embedded insurance, such as the Trisky app, it also acts as a steppingstone for startups looking to enter partnerships with corporates.??

Incumbent/startup partnerships are notoriously difficult to navigate and known for taking time. Due to the differing size and organizational structures between a scaleup like Risika and a large company like Tryg, discrepancies in the decision-making process and pace of idea implementation can severely impact the product design journey.?

The program allowed for some of these issues to be solved.??

Tryg knew exactly what type of challenge they were looking to solve, but what they needed was a tangible solution and a startup to develop it with. Meanwhile, Risika wanted to apply their data and know-how to something that could also create value.?

Through the program, a qualified list of solutions and startups were gathered to pitch to Tryg, allowing the incumbent to find exactly which was the best fit. In turn, Risika could develop the POC through a structured program, identified need and with a committed corporate partner, who chose them personally for their mutual goals and understanding of processes.?

- Matchmaking key stakeholders towards a tangible output is high on the agenda at Copenhagen Fintech, and through our Partnership Fast Track we enable relevant fintech solutions to come on the corporate radar and explore a potential collaboration fit, states Andrei Anghel, Head of Programs at Copenhagen Fintech, and continues,?

- Corporate-start-up partnerships are not always smooth sailing, and we could not be happier seeing Tryg and Risika reach a successful milestone in their collaboration. The Trisky solution will enable SMEs to benefit from modern insurance solutions and thus gain more traction, resources, and time to focus on other value-adding tasks within their business.?

Where they are?now

It has been two years of co-creation and implementation of the Trisky MVP, which is now live, and the first Danish embedded insurance product to enter the ecosystem that has emerged around SME’s SaaS ERP platforms.

Building on the collaboration, Risika and Tryg are developing the go-to market strategy for Trisky, and if it proves to be of business value, the app will be further developed and expanded to multiple markets.?

- It is still early on in our go-2-market efforts, but we are already getting positive feedback from our existing customers and non-costumers on Trisky. Hopefully we will expand to new platforms and markets in 2023, states Line Dalsfort.

The solution will be available to both those who are customers of Tryg and those who are not. The only requirement is that you use Visma e-conomic.?

- The solution we've built over the last year is just a small step into the major opportunities embedded insurance?opens up. We strongly believe that Trisky will create tremendous value for many companies. In the foreseeable future, we hope to get more traction and see many more users on the app, states Nicolai Rasmussen, Co-Founder of Risika.

You can read more about it, and register your interest here. ?