In the research report named "Why life insurers are embracing partnerships and ecosystems", prepared in partnership with EIS, the leaders shared some tips for how life insurers can benefit from partnerships and ecosystems.

The research of Insurtech Insight shows that 66% of insurance industry professionals are actively partnering with non-insurance businesses, and a further 26% are planning to do so. Participation in broader ecosystems helps to make life insurance more relevant to customers and increases engagement between insurer and insured, so the speakers shared their opinions on how to get a partnership right.

Participation in wider health and wellness ecosystems presents new opportunities for life insurers to tackle the problem of building relationships and being relevant to customers. Other types of partnerships present new ways for life insurers to target customers and deliver genuine value beyond the purchase and claims transactions. To take full advantage insurers must be able to tailor their propositions to the partner, channel and customer - and in doing so maintain a portfolio strategy, not one size fits all, the report said.

According to McKinsey & Co, 12 new ecosystems organized around human and organizational needs will account for USD 60 trillion in revenues by 2025, approximately 30% of all revenues. Participation in ecosystems help insurers be more relevant to customers and to collect a broader array of data through partnerships.

The full report and a list of the roundtable speakers can be found here.