Bindable, the InsurTech leader for digital property and casualty distribution, today announced a strategic partnership with iptiQ. iptiQ offers a state-of-the-art digital life and health insurance platform and was created by leading reinsurer Swiss Re. The new strategic relationship includes a minority investment by iptiQ in Bindable and reflects a shared goal of helping insurance carriers and agents expand their distribution channels across the US.
The benefits of the partnership extend to brands, consumers and agencies. Instead of being siloed—life and health, versus property and casualty—the combined offers create a connected ecosystem of products and services.
“Agents are investing heavily on acquiring customers, and we’re seeing demand from insurance distribution, traditional and non-traditional, wanting to provide broader services and product solutions to their clients. By partnering with Bindable, we're personalizing customer conversations to create greater engagement and expand insurance protection – while enabling even greater share of wallet," said Phil Walker, CEO of iptiQ Americas.
As distribution partners adapt to the new normal, the need for seamless and effective customer relationships and digital engagement tools has never been more apparent. According to a study by Forrester and Adobe, companies with robust omnichannel customer engagement strategies realized a 10 percent year-over-year growth in loyalty programs (improving repeat/persistency purchases), a 10 percent increase in average order value, and a 25 percent increase in close rates. The time is now, and this partnership capitalizes on the growing need for an omnichannel approach to customer experience.
“With our business strategies being so well aligned, I am very pleased to have iptiQ partner with us,” said Bill Suneson, Co-founder and CEO of Bindable. “iptiQ has already seen great success across the United States with its distribution of life and health insurance. We are looking forward to partnering with iptiQ in accelerating our growth of combining products and solutions within the US.”
Bindable is the insurance technology leader for alternative distribution. Its proprietary platform brings together software, a digital wholesale marketplace, and a full suite of support services to offer flexible, market-ready solutions that connect insurance providers, trusted brands, and consumers. The company is headquartered in Boston, Massachusetts. To learn more about Bindable please visit http://www.bindable.com and connect on LinkedIn, Twitter, and Instagram.
iptiQ is a global risk-tech company, providing a cutting-edge digital insurance platform, world-class underwriting capabilities and high-value life and health insurance products. iptiQ provides digital protection products on a B2B2C platform that includes omnichannel communications, CRM and agent workforce optimization. Its digital platform helps carriers and distribution partners accelerate access to new customers and products. iptiQ entered the U.S. market in 2016 to address the $26T insurance protection gap, and was created by Swiss Re, a global financial services organization and leading wholesale provider of reinsurance and insurance. To learn more, visit http://www.iptiQ.com and connect on LinkedIn.