31 While insurers and InsurTechs alike agree that collaboration between start-ups and more established businesses is the key to driving value, both groups also agree that working together isn’t always easy. Their difficulties typically fall into two categories: PROCESS. Many collaborations are prevented simply by the practical questions of how to ensure buy-in from all the key stakeholders. For example, insurers worry about the legal arrangements, particularly around data sharing, and struggle with procurement processes not designed for engaging with small start-ups. Still some insurers are now making good progress in solving these problems. CULTURE. If start-ups are speedboats – quick and agile but unstable in choppy waters – and established insurers are oil tankers – powerful and strong but slow to change directions – bringing the two together inevitably brings challenges. Both sides have to be prepared to overcome their frustrations with one anoth- er, finding compromises to move past these perceived weaknesses. And both do recognise these issues. A survey conducted by Startupbootcamp found 72% of start-ups worried about how to collaborate with larger businesses, with 59% complaining they had made more than 10 calls before tracking down the right person to discuss a joint initiative; Half (48%) said 10 agreeing a deal had taken more than six months. PwC research, meanwhile, suggests only 17% of insurers believe they are good at co-creations with 11 start-ups, against 28% of financial services firms generally. The survey found IT security was the concern most likely to represent a stumbling block. 10 Startupbootcamp, Collaborate to Innovate, 2017 • 11 PwC, FinTech Survey, 2017