At ValueLabs, we believe in mutual growth. We have a culture of nurturing open and trustworthy business relationships that can sustain and overcome the vagaries of time and changing business needs.
Add to this is our reputation of being able to forge and nurture robust partnerships even while the global insurance industry is witnessing a technological disruption, coupled with changing competitive dynamics. It is noteworthy that, today, many insurance entities worldwide are under a great deal of pressure to augment their toplines by developing new revenue systems and thereby, improve profit margins. This demands that as an organization, we expand business through newer offerings and expedite existing processes through emerging technologies.
But partnerships are not meant to be stagnant. Instead, they are meant to create competitive advantage, penetrate new markets, and improve customer retention. Creating niche capabilities via new products and services, and integrated offerings for existing and new markets is the most appropriate area because building a new product or a service from scratch is an expensive task. Reason why companies choose to accelerate time-to-market by partnering with other suitable market players.
At ValueLabs, we believe in being a strategic partner for our clients instead of restricting ourselves to being merely a productized service provider. We enhance clients’ existing strengths before initiating the creation of a service or product in a new area. Let’s say, an insurance company has a range of offerings in the life and annuity insurance arena but does not have expertise in all the required areas to meet their end consumers’ demands in terms of new emerging technologies among other things. In such cases, we create a thorough digital transformation roadmap for them.
We start by analyzing the types of insurance demands in the life and annuity segments and then understand the gaps in various areas, including services and offerings currently being sold in the market. The technologies that enable these services and offerings may also be outdated. Typically, in such a situation, the company in question needs an innovative partner that can complement its terms of products, services and productized services know-how. The company should, therefore, keep the following objectives in mind:
- Quickly fill gaps in existing offerings
- Strengthen its in-house subject matter experts by partnering with domain and industry experts and adding these skills to the offerings suite
- Roll out a new, integrated offering by leveraging its technology partner’s innovative strengths and / or leading market presence / reputation
- Enable faster time-to-market
Partnerships often open new possibilities in terms of benefits and trade-offs. Some of these include:
- Better product control
- IP ownership
- Maximum profit opportunity
More than anything else, a promising partnership offers a faster time-to-market (due to shared domain knowledge at times) and provides for newer selling propositions.