Mark Breading, Senior Partner at ReSource Pro, joined Yale Benvenisti of InsurTech Israel to discuss the current state of partnerships in insurance, and where insurtech fits in. Their biggest focus? How collaborations between insurtech innovators and established players are reshaping the global insurance landscape.
InsurTech Israel, with its investments and accelerators, drives innovation, while ReSource Pro contributes operational expertise and technology integration.
Insurtech’s shift toward partnership
The insurance industry is at a key turning point, with insurtech helping to address gaps in coverage and tackle emerging risks. The focus has shifted from disruption to collaboration, with startups now seen as essential partners in enhancing efficiency and fostering growth.
“Insurtech has evolved from disruption to partnership. These startups now play a vital role in helping the industry grow and improve.”
-Mark Breading
Where AI and automation fit into operational improvements
There’s no point in automating a bad process. While robotic process automation and AI are powerful tools when it comes to improving efficiency, people must be at the center. Even with more advanced AI tools, these are complex insurance processes. Only human expertise can ensure they are managed appropriately.
“By blending automation with human judgment, we support our clients in improving efficiency without compromising the quality of complex processes.”
-Mark Breading
Related: How To Assess Your Organization’s Automation Readiness
Partnerships between insurtechs and established service providers
While some may see the rise of insurtechs as a threat to established service providers, there are many more opportunities for partnership than competition. ReSource Pro integrates insurtech to round out and tech-enable services to clients. This involves integrating the technology into an end solution that solves pain points, handling change management to ensure the processes are adapted and followed, and any training required. The end result is a benefit to all.
“We’re not taking a software solution to the market and selling software. We’re delivering services to support the key operations of our clients, and we’re partnering with key tech companies support this human-in-the-loop model.”
-Mark Breading
Advice for insurtech startups
Insurtech startups should focus on building world-class, purpose-built products that address specific insurance needs. A deep understanding of the industry’s unique challenges and language is crucial for long-term success.
“The most successful startups focus on creating solutions for specific industry problems, not just building brands.”
-Mark Breading
Watch the full conversation: Click here to view
