IKEA, Swiss Re and Etiqa Insurance
An early example of a home insurance carrier partnering with a home retailer arrived in 2019 when Swiss Re teamed up with IKEA to offer residential property coverage in Switzerland and Singapore through the Swiss Re-backed digital platform iptiQ.com. Now in the U.S., shoppers at ikea.com also can access the retailer’s home and personal accident insurance, which is marketed under the brand name Hemsäker and backed by Etiqa Insurance. (Photo: Tanasan Sungkaew/Shutterstock.com)
Waffle, Crum & Forster Pet Insurance Group and ASPCA Pet Health Insurance
To provide pet parents with customizable and high-quality coverage, Waffle, the one-stop-shop insurance platform, and Crum & Forster Pet Insurance Group, through its licensed agency, are joining forces to distribute ASPCA Pet Health Insurance, available in all 50 States. With ASPCA Pet Health Insurance available directly on the Waffle platform, pet parents can select plans for dogs and cats that may include coverage for accidents, illnesses, hereditary and congenital conditions, alternative therapies, behavioral issues, chronic conditions, prescription medication, and microchip implementation. Pet parents can also add preventive care coverage for an additional cost to help cover things like vaccines, flea and tick medication, heartworm preventative, and dental cleanings that can help keep your pet from getting sick. (Photo: Vadim Guzhva/Adobe Stock)
Missouri roof coverage comparison tool
The Missouri Department of Commerce and Insurance (DCI) created a free online tool about roof coverage to help homeowners explore their options before spring storm season arrives. This DCI service was developed to provide free analysis of the top 20 homeowners’ insurance companies in the state.
“It’s really important that consumers know exactly what type of coverage they have or they’re planning to purchase,” Missouri DCI Director Chlora Lindley-Myers said in a press release. “Policies may not cover the replacement cost of your roof — your policy may only cover a depreciated cost, or the actual cash value, to repair or replace your property.” DCI recommends consumers check their homeowners’ insurance policy or contact their insurance agent or company to see whether their policy provides replacement cost coverage.” (Photo: Sergey Nivens/Shutterstock.com)
State Farm and Ford
In August 2020, State Farm and Ford announced their partnership to share connected vehicle telematics data for usage-based insurance (UBI) products. State Farm customers with eligible connected Ford vehicles can opt-in to Drive Safe & Save, the voluntary UBI program by State Farm that uses vehicle telematics to match premiums to the number of miles driven and rewards good driving behavior through potential discounts. (Photo: Jeff Kowalsky/Bloomberg)
Amazon Business, Next Insurance and Acko General Insurance
Amazon Business and Next Insurance recently formed a partnership to provide eligible Amazon members with access to small-business insurance coverage, including general liability, professional liability, workers’ comp and more… This news comes eight months after Amazon partnered with Mumbai-based Acko General Insurance to offer car and motor-bike insurance in India. (Photo: Amazon CEO Jeff Bezos is pictured in front of the company’s logo in December 2020. Christos S/Shutterstock.com)
AirBnB, Zurich Insurance and Lloyd’s of London
AirBnB’s Host Protection Insurance (HPI) provides up to $1,000,000 USD in liability coverage for a host’s legal responsibility to a guest or third party that gets hurt or has their property damaged due to an incident related to an Airbnb stay. Subject to the policy’s terms, insurance coverage under the HPI Program provides Hosts with primary liability insurance while hosting guests. The Host has the option to make a claim first under the HPI Program instead of their own insurance policy as long as the Host’s own insurance policy allows them to do so. In the majority of jurisdictions, the HPI Program provides insurance through a policy issued by Zurich Insurance plc. A Lloyd’s of London subsidiary underwrites property insurance for AirBnB hosts and has similar agreement with other temporary rental websites. (ArthurStock/Shutterstock.com)
Vrbo, HomeAway and Generali Global Assistance
Vrbo’s $1M Liability Insurance provides owners and property managers with primary coverage against claims for accidents involving third-party bodily injury or third-party property damage, provided the incident occurs during a stay corresponding with a reservation processed online through the HomeAway app checkout. The Program provides up to $1 million USD in coverage per property, per year, through a policy issued by Generali Global Assistance. (Alexander Chaikin/Shutterstock.com)
Realtor.com, First Street Foundation and Neptune Flood
To help consumers understand risk and take necessary precautions, realtor.com® now includes flood risk information on for-sale and off-market properties. Properties now display a Flood Factor™ from First Street Foundation, a nonprofit research and technology group, which is a score between one and 10 that represents its cumulative risk of flooding over a thirty-year mortgage. Properties also display their FEMA Flood Zone as well as a flood insurance quote from Neptune Flood. (Rico Löb/stock.adobe.com)
Talk of “digital ecosystems” in the P&C insurance world has been around for a while. But in 2021, insurance experts report that a strong collection of digital-ecosystem partners is what distinguishes industry winners from laggards.
Look no further for evidence of the importance of productive partnerships in today’s insurance business — particularly for incumbent carriers — than Nationwide’s Partnership Platform. The incumbent carrier launched its digital partnership portal in late 2020 to make its partnership experiences “quick, easy and seamless.” The insurer added that its online partnership “front door” was conceived to further its position as an insurance technology leader.
“Consumer and business expectations have evolved, and Nationwide has created industry-leading capabilities to meet those needs digitally, at scale,” the insurer’s Senior Vice President of Corporate Development Angie Klett said in a press release. “This new platform allows partners to easily work with us to improve their customer experience, create value for their customers, and drive revenue for their business.”
The initiative underscores the way P&C insurance carriers are getting creative about how to put their products in front of new prospects and customers. The slideshow above illustrates eight examples of the way such digital ecosystem partnerships are creating new sales channels for insurers.
Did we miss a key insurance sales partnership? If so, email the details to [email protected]