28 The start-ups provide new ways of thinking, entrepreneur- launching new pilots and tests that make our advancement ial drive and ambition, a more customer centric approach, even faster.” and often very detailed understanding of a complex issue in Not that incumbents should assume that their size and the value chain; they provide solutions and offers that will scale means they will automatically have the upper hand help insurers achieve their broader strategy. And, if insurers when partnering with a smaller business – or that they can are right in predicting that digital and software development pick and choose their partners at will. Many InsurTech start- skills will become increasingly hard to find over the next year ups offer such a compelling proposition that they hold the – data from PwC and CBI research suggests exactly that - In- balance of power in who they choose to partner with. In- surTechs will also provide a means by which insurers can be- surers will need to think hard about how they can persuade gin to fill their burgeoning skills gaps in these areas. such organisations to team up with them, rather than a rival. Startupbootcamp’s corporate partners recognise this as The start-ups in the Startupbootcamp cohort cite a num- a good approach – 80% are already actively engaged in part- ber of attributes that make a larger player appealing as a nerships with start-ups. In some cases, they are exploring partner. Many cite culture and attitude as the most import- relationships with the 10 start-ups of the 2016 Startupboot- ant factors – the corporate should be open to new ideas and camp InsurTech cohort as well as a number of other busi- treat the start-up as their equal, demonstrating a desire to nesses. collaborate and achieve a shared outcome. Start-ups want These partnerships are proving invaluable. “We are con- agile partners prepared to commit sufficient resources and tinually learning from the start-ups we work with and are al- energy to the initiative to give it the best possible chance of ways happily surprised by their creativity in solving complex, success. deep-rooted problems,” says Ben Britt of Route66. “Working There will inevitably be false starts. InsurTech business- with innovative companies, we've introduced new ways of es may be frustrated by the slow pace of decision making at working and improvements to some of our new ideas” adds larger firms; incumbents may struggle to adjust to the cul- Claire-Anne Coriat of Admiral. “We've also become better at ture of their new partners. “We need to change the way we