Insurtech companies create software and platforms for insurance companies. They are modern-day fintech (financial technology) companies that serve the insurance market exclusively. The best insurtech companies develop various solutions for the insurance market. They help large insurance companies with data management and analysis, payments and billing, healthcare plan selection, customer engagement and digital marketing, risk management and cybersecurity, lead generation, and more. While doing our research, we came across this helpful listicle of 31 Insurtech Companies Making Coverage Simpler in the U.S.
This blog discusses how insurtech companies are shaping the future and growing exponentially. We will understand why some insurtechs grow faster and how they leverage partnerships and technologies to serve enterprise clients. If you are an insurtech company, partner with us today to know more.
Top 10 Tricks for Growing Your Insurtech Company Faster
The most successful insurtechs stay on top by establishing strategic partnerships, sell faster, and offer excellent customer service. They know when to develop an in-house technology and when to partner with a third-party technology provider to serve their enterprise insurance clients. For a quick glance, here are the 10 ways your insurtech can win big deals:
- Active partnerships with other complementary technology companies
- Immense focus on providing a one-stop solution to increase wallet share per customer
- Investment in the best salespeople and account managers to target large enterprise customers
- Automation for internal processes to offer the best customer services
- Active pursuit of big logos and enterprise-ticket sales
- Excellent representation across various software categories with strategic partnerships
- Constant innovation to develop new solutions
- Global reach to serve multinational insurance companies
- Fast go-to market strategy with partnerships to beat competition
- Leading with technology to offer the best solutions to enterprise customers
Let’s discuss each of these strategies in more detail.
Actively Partnering with Other Technology Companies
Active partnership is the best way for an insurtech company to grow without spending millions of dollars quickly. Instead of developing new technology from scratch, top insurtechs partner with other complementary technology companies to get access to functional solutions. The active partnership is beneficial for both involved companies since it helps both of them to tap into each others’ active market share.
Pro tip: Carefully assess your technology partnerships and look for companies that offer seamless integration via API development and plugins. Compromised user experience can hinder the end customer and the insurance company operations.
Offering One-Stop Solutions
Studies show that an average enterprise organization has 464 custom applications. Most IT teams are already overloaded with work while managing relationships with internal stakeholders and third-party solution providers. Choosing a one-stop solution for your software and IT development needs is a no-brainer for your organization. Partnerships with complementary technology providers like payment processors, data management software, analytics software, CRM software, helps your insurtech organization offer a one-stop solution to several customer requirements. Such B2B technology partnerships help insurtechs win big corporate and government deals.
Investing in Top-Tier Salespeople and Account Managers
All insurtechs, especially the ones that aim for enterprise accounts need an excellent sales force. You need the best salespeople who have experience selling enterprise-grade software to big corporations. The enterprise software sales cycle usually lasts 7+ months for 6-figure deals. These top salespeople know how to multi-thread within large corporations so that all relevant decision-makers are onboard for the final purchase decisions. According to Gartner, complex software purchases usually involve 6-10 decision makers. Additionally, the most powerful sales organizations know that they should give the sales people room to experiment and close. So, you should not burden these closers with additional account management responsibility. Instead, you should ideally have a dedicated “farming” team of account managers whose sole job is to retain customers and keep them happy. After all, you don’t want to lose these big enterprise accounts within a few months after spending so much time and energy closing them.
Using Automation for Internal Processes
Automating internal processes helps large software companies communicate in real-time. Studies show that poor internal communication between relationship/account managers, and salespeople is often the reason for disgruntled customers. Improved internal communication can boost the overall productivity of the organization by as much as 25%. Automation and efficient transfer of information internally helps reduce burden for the support team and enhances customer relationships.
Insurtechs that deal with large insurance companies often deal with multiple stakeholders from the same organization. If you deal with large enterprise customers, you need to ensure that all support/sales related information is tagged and readily available to all internal support/sales staff. Automated renewal and support processes help you enhance customer experiences and develop partner relationships.
Going for Big-Ticket Sales
While a constant stream and sales to small businesses is critical to business operations, the insurtechs that want to capture a large market and enhance revenue multifold need to go for the big players. You need to actively invest in account-based marketing (ABM) efforts to secure larger deals. Studies by HubSpot show that nearly 70% of marketers invested in an ABM approach in 2021, up from just 15% in 2020. Partnering with other technology providers helps you offer a well-integrated, single-point solution to several customer needs. Additionally you can win big deals more easily when you integrate with partners that have their own unique set of enterprise customers.
Large insurtechs play smart. They get whatever small deal they can get with these large insurance companies based on the best channel partner programs first. After satisfying the needs of a small function/department at the large insurance company, you should look for expansion opportunities. Your relationship managers should work closely with the account managers to identify opportunities for cross-selling different solutions to the same company. This practice helps increase the wallet share per customer and brings down the overall customer acquisition cost significantly.
Having Excellent Representation in Various Categories
Partnering with complementary technology companies has an additional underrated benefit. Excellent representation across various categories of software on review sites like G2, Capterra, Gartner, and Forrester. Efficient system integrators work with insurtech companies to identify the business goals of enterprise clients and offer the most critical services. For example, digital insurance premium collection is a key requirement for most large insurance companies. Partnering with innovative payments processors like iCG helps insurtechs offer payments processing capabilities with their software. Such a partnership helps a software vendor that primarily engages in data management also get listed under payment processors for insurance companies.
Partnering with a payments processor is a no-brainer win-win deal for both the insurtech and the payments company. A seamless integration and support offers excellent risk management capabilities while helping the insurance industry succeed.
Investing in Constant Innovation
We all know the importance of investing in customer support and experience. Studies show that large companies that earn over $1 billion a year can see an improvement of over $700 million within three years of investing in enhanced customer experience. However, this is no reason for the insurtech to play it safe. In fact, it is more important for the insurance software vendor to invest in constant innovation and experimentation.
The software companies that quickly rise to the top today have the best SaaS apps for businesses. However, the ones that stay on the top are the ones that innovate constantly. They thrive on new product development as well as best channel partners to rapidly adopt technologies. These companies create a moat around their services by constantly providing more value so that their customers don’t have any reason to leave or look for a competitor.
Developing a Global Reach
The best insurtech companies have near unlimited reach. They are not geographically constrained and offer services across the globe. However, only a few companies are strategically positioned to offer such global services. These companies have a great understanding of the needs of the insurance companies in different countries. In order to serve global customers, you need to understand the processes, terminologies, and offer support in multiple languages. You should leverage IVR technologies to collect payments and offer streamlined customer support to customers 24x7. You have an added advantage with such a global reach. By offering global support you can expand your wallet share with multi-national insurance companies.
Supporting a Faster Go-To Market Strategy
Saying that the insurtech sector is growing rapidly, is a major understatement. The insurtech market is expected to grow at 50.5% U.S. Market CAGR between 2022 and 2030. So, if you want to maintain your competitive edge, you need to innovate constantly and most importantly, have a faster go-to market strategy. Even if you have the best solution and in-house developers to innovate real fast, your business will take off slower than other companies already specializing in the function that you plan on developing. So, partnership is your best option.
With a reliable SaaS product partner, you can integrate your solution to offer more functionality quickly. Instead of waiting to develop marketing and sales resources for the new functionality, you can leverage the existing resources of your partners and beat the competition to the market.
Leading with Technology
While customer service and support do play a major role in the growth of an insurtech, nothing beats the importance of a strong technology background. The insurtechs that offer the best combination of technologies can charge a premium and still not lose a single customer. They offer the perfect amalgamation of services for the insurance industry to serve the needs of enterprise organizations and small businesses alike.
How Can We Help?
Integrating with a payment processor like iCheckGateway.com is the fastest way for you to offer payment functionality with your insurance software. Our web-based hosted payment portals help insurance organizations collect online payments from their customers. We already have experience working with some of the top insurance companies in the U.S. and understand their payment needs extremely well.
Our cloud-based solutions have additional developer tools and plugins that help with seamless integration and risk management. We integrate with all types of insurtech partners and cloud platforms to offer ACH and card payment collection functionality with minimally invasive procedures. Download our catalog below to learn more about the most innovative payment solutions we offer. Become a partner today to help your customers get started with low-cost efficient online insurance premium collection technologies.