Why everything comes back to speed and simplicity
Written by Mia Wallace
There’s an uncompromising agnosticism that runs through INSTANDA’s veins — the fuel that powers the tech giant’s open-minded approach to partnerships. It’s all about speed and simplicity, according to CEO Tim Hardcastle (pictured). These are the two primary measures of the success of any partnership, whether working with larger insurers or new startups.
INSTANDA relishes the opportunity it has to work with both sides of the equation, he said, and to exercise the premise at the heart of the business, which is to be a “powerboat” that helps other ships move faster. It’s been a busy few months for the team who have recently worked with a number of healthcare providers looking to do different things in the insurance market and make a meaningful difference for their clients.
“I think the common theme across all of our partnerships is that the companies most drawn to working with us tend to run into a difficult problem to solve or a complex opportunity, depending on whether the glass is half empty or the glass half full,” he said. “What they find is that once they have put together the right elements for success — regulatory approvals, balance sheet, capacity, etc. — then they look at technology.
“But when you walk around the market, you see that the technology available to solve complex problems or enable complex opportunities is few and far between. The reason for that is simply that changing technology is very expensive. Changing technology takes time and money, and when a company is trying to be more innovative, you need action.” This change relatively quickly and at a relatively low cost.”
Hardcastle noted that there is real appetite for cost-effective, time-saving solutions that don’t require insurers to “bet on the farm,” as INSTANDA looks to make its mark. He said that a defining feature of the way the insurtech platform operates is that it is designed to embrace and simplify complexity, and looking at the market, he can’t see many other tech companies able or willing to make this happen without multimillionaires. pound rate cards.
“The second common theme of our partnerships is that we work with teams trying to make the most of these complex opportunities,” he said. “[Our clients] Tend to be very ambitious. They are trying to break the mold and do something different. So, it can be a little challenging and a little bit demanding and we love that. We loved being pushed, challenged, and allowed to explore the limits of what we could do.”
INSTANDA’s approach to partnerships extends to the ecosystem it builds around itself by working with other companies to enhance and reach their offerings. Touching on the latest partnership with UnderwriteMe that the company is embarking on in the life and health space, Hardcastle highlighted how the right collaboration can eliminate complexity from an inherently complex insurance ecosystem as well as signaling to the broader market that INSTANDA is a trusted and respected brand.
“Not only are we believers in partnership, but we also created a marketplace for ourselves about four years ago with 200 companies in it,” he said. “And we’re very willing to be part of other people’s ecosystems, which I think is a hallmark of the respect we have.” [the industry]. As a former CIO, I implemented, managed and operated systems that attempted to be all things to all. They were expensive and slow to change for this very reason.
So, with INSTANDA, we went 180 degrees from that. We said“,” Remove the code so change is fast and inexpensive. And open yourself up to working with other companies and other technologies that are great at what they do. We believe we can’t be all things to everyone, you have to accept that there are combinations where two plus two equals five. This is our philosophy.”
At the end of the day, it all comes down to speed and simplicity, Hardcastle said, and looking at the broader market, it’s clear that the insurance industry is not alone in recognizing and appreciating that speed and agility are central to success. Look at the history of any sector, and the winners will always be those who have found ways to get ahead of the curve, taking every opportunity to become faster and more agile.
This is especially important right now, he said, with so much uncertainty facing businesses and with such a large amount of external economic, geopolitical and technological factors coming together at once. Responding to these various challenges while juggling the changing nature of consumer demands and expectations is a tightrope, but one that all organizations must walk.
“On the one hand, it’s very difficult,” he said. But there’s also a real opportunity there, too. There is an opportunity for the organization to have that agility and agility, to make the most of its changing environment, to meet the needs of its customers and to provide a good and reliable experience. Because in the changing times, people want reassurance, solidity and comfort. The insurance companies that can provide that with the right proposal – they will be the winners.”
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