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In today’s competitive climate, companies need to be creative and innovative in their offerings to retain customers and derive more economic value from every transaction. Strategic partnerships are one way organizations can expand their offering to drive significant customer satisfaction and engagement.
But not all partnerships are made equal. VIU by HUB offers strategic partners something unique: An omnichannel insurance brokerage platform — with options to shop online with access to experienced agents — that provides customers with unbiased choices alongside best-in-class advice. Whether a customer is purchasing a new home or auto, VIU enables strategic partners to embed the VIU by HUB platform into their customer experience, differentiating their overall value proposition.
Here’s why — and how — they do it.
Some well-known examples of successful strategic partnerships include Starbucks and Target. Walk into most Target stores and you’ll see a Starbucks waiting to take your order. This was no coincidental success; Target and Starbucks know their brands share a similar audience and similar wants and needs.
Another great example is Apple Pay and Mastercard. When Apple released its Apple Pay system, it needed a credit card company to partner with them and support the technology. Mastercard jumped at the opportunity. When Apple Pay launched, only Mastercard customers could pair their cards with an iPhone and make payments without having the physical card handy. This partnership also paid off later on when Apple partnered with Mastercard again in the launch of the Apple credit card.
Businesses are looking at strategic partnerships for growth now more than ever. In fact, according to PwC’s Pulse Survey, almost half (47%) of CEOs surveyed said they deemed pursuing corporate M&A, joint ventures, and alliances as “very important.” Unfortunately, insurance is often overlooked when it comes to such potential alliances. A recent survey from HUB International found that 82% of survey respondents do not offer insurance as a value-add service, even though 51% of those agree that offering insurance would increase their company value and reinforce their relationship with their customers.
Why strategic partnerships are important
Business partnerships offer several benefits, including:
Access to new customers: Partnering with another business means you’ll be able to reach their clients as well, making strategic partnerships an incredibly effective marketing strategy for both sides.Diversified revenue stream: Partnerships offer the opportunity to reach new markets, and with that comes a wider variety of customers — people your business likely would have never reached without a partner.Increased brand awareness: Partnering with other businesses allows for more chances for people to be exposed to your business name, logo, and services, thereby creating organic curiosity.Improved customer service: Customers benefit from these partnerships because they are able to access more goods and services, thereby enhancing their overall customer experience.Expanded brand trust: Brand trust is the natural product of a good business partnership. When customers see you joining with other trusted brands, their confidence — and the confidence of other potential partners — increases.
The value proposition
Strategic partnerships with an omnichannel insurance broker, such as VIU by HUB, can be a win-win for many potential partners. Companies such as auto dealers, real estate agents, and bankers will be able to offer their customers the opportunity to buy insurance through VIU’s embedded digital platform. The value this brings to partners and customers is vast, including:
Deepening of customer touchpoints, leading to forever clients for both strategic partners and VIU by HUB. The ability to support the transactional experience, enabling strategic partners to provide their customers with additional value while staying focused on their core business. Providing strategic partners with the ability to grow their revenue.Offering access to hard-to-get coverage and expanded coverage due to HUB’s deep industry experience.
HUB has been in the insurance industry for four decades, which gives clients of our partners insight and choice backed by years of experience — something insurtechs, startups, or carriers can’t offer.
How they do it
VIU by HUB is an omnichannel insurance brokerage platform created for those who want a digital-first experience, supported by human interaction and expert advice. VIU, which is a part of HUB International and is licensed through HUB International Midwest Limited, offers home and auto insurance for consumers. Acting as a digital-first broker, VIU delivers value to both insurance carriers and clients. By giving clients access to neutral advice, counsel, and carrier options, each insurance quote can be based on unique individual needs and is not limited to one single carrier’s product availability.
Learn how VIU by HUB can be a trusted partner for your business.
This post was created with VIU by HUB with Insider Studios.