In Canada, The Co-operators is staying true to a 74-year-old mission in an innovative way, which involves teaming up with a three-year-old InsurTech.
Executive SummaryGreenfield startups, new companies spun out from existing incumbent insurers, are a growing trend among traditional carriers looking to deliver products or services to defined new markets, according to Celent's Michael Fitzgerald, who has been tracking the trend. Recently, he spoke with Peter Primdahl, the leader of greenfield Duuo, a spinoff of The Co-operators, a 74-year-old insurance and financial services organization, which is teaming up with three-year-old InsurTech Slice Labs to enable innovation and fulfill its mission. Primdahl filled in the reasons for going this route and steps on a path influenced by innovation expert Clay Christensen.
“Our mission is to provide financial security and peace of mind for Canadians and Canadian communities. We recognize this can only be accomplished by owning and securing our own financial future,” Peter Primdahl, vice president of Emerging Business Models for The Co-operators Group, told Carrier Management Guest Editor Michael Fitzgerald during a recent interview, introducing the ideas that led The Co-operators to join forces with Slice Labs,an on-demand insurance cloud platform provider, in a unique partnership.
“Specific to insurance, we are very focused on addressing unmet or underserved protection needs,” Primdahl said. In this case, it was the underserved insurance needs of Canadians sharing their homes on platforms.
But that’s only part of the story that started with the complementary goal of securing the future.