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What it takes to find the perfect partner (embedded insurance partner, that is)

Posted by Ryan Spinner | Duuo

As Spring rolls around, it’s become clear that the insurance industry is changing fast—and non-insurance companies are reaping the benefits.

As we explore the embedded insurance landscape even further here at Duuo by Co-operators, we’ve noticed more and more Canadian brands looking into an embedded strategy of their own.

However, not many know where to begin to find the perfect insurance partner to make it happen.

The way I see it, the right partner shouldn’t “complete you”, rather, they should simply add value to your life. Among other things, a good partner is knowledgeable, attentive, and openly communicates with you to better understand your wants and needs.

I know that’s a bit of a broad description, so let me get into the nitty gritty by describing some more specific qualifications a potential partner should meet to give you the value you and your customers so greatly deserve.

How to know you’ve found “the one”

Like anyone trying to find that special someone, it’s important to keep an eye out for a few green flags before you consider “swiping right”.

As Cosmo Magazine would (maybe) put it, here are four things to look out for in an ideal embedded insurance partner:

  1. You have an instant connection: Your partners’ technology can seamlessly be integrated into areas of your existing customer journey. The right partner should be able to provide you with the kind of solution that feels like it’s truly part of your platform rather than in an outbound link.
  2. You feel understood: Knowing that different companies need different things, your partner should have the ability to customize integrations and coverage options while providing a technology that’s as hands-off as possible for both you and your customers.
  3. You trust them: Having a partner who can meet your unique needs while having an expert understanding of the insurance industry immediately makes them more reliable. If they prove their dedication and enable active communication from the get-go, you know you’re in good hands.
  4. They help you grow: Considering you wouldn’t need to develop your own tech; an embedded insurance partner is the fastest and easiest way to add value to your customer experience. Not to mention, the right partner not only saves you and your customers money but can also provide you with the opportunity to generate additional revenue.

Don’t settle!

Searching for the right partner can be a scary and precarious thing. However, to really know you’ve found the one is when you know they share the same values, and that their top priority—same as you—is your customers.

With that said, I think it’s time you got to know Duuo by Co-operators.

Slide into my DMs here on LinkedIn or reach out to me at ryan_spinner@cooperators.ca to learn more.

About the author

Ryan Spinner - Vice President
Ryan is the Vice President of Duuo by Co-operators. As one of our key decision makers, Ryan works to ensure our companies goals and values are in alignment with our overall vision for the future.