The Industry Is Evolving - So Should Our Partnerships

For decades, the traditional insurance value chain has been relatively linear: brokers identify and present customer risks, and carriers assess and underwrite those risks. In this structure, each party operated within clearly defined roles, with limited need for flexibility or rapid change.

But the landscape has shifted. The rise of insurtech innovation has introduced new technologies designed to streamline underwriting, accelerate claims processing, and enhance customer experience. At first, these solutions aimed mainly to remove friction in existing workflows. However, as digital expectations have risen across all sectors - from e-commerce to fintech - insurance customers now expect the same level of speed, transparency, and seamless online service. They want smooth digital onboarding, real-time support, flexible payments, and subscription-style coverage options.

At the same time, the insurance market has undergone significant consolidation. Over the last two decades, large brokers and carriers have acquired competitors to expand market share, leaving fewer traditional acquisition opportunities available. As a result, insurtech partnerships and acquisitions are now taking center stage, with established players seeking marginal gains, operational efficiencies, and technological differentiation to stay competitive in a market increasingly led by digital-first models. (For more on this trend, see this Financial Times analysis on insurance consolidation)

Meanwhile, customer expectations have changed faster than traditional systems can adapt (as we explored in our recent article on shifting digital insurance behaviors). This transition can be particularly challenging in markets such as parts of Europe, where legacy systems, regulatory complexity, and tied agent models still shape how insurance is bought and serviced.

That’s why it’s time to rethink how brokers, carriers, and insurtechs work together - not simply to digitize old processes, but to co-create flexible, customer-centric insurance experiences. Modern insurtechs, unburdened by legacy infrastructure, are able to innovate and iterate quickly. Platforms like Beloy’s modular insurance architecture allow partners to tailor online purchasing and claims journeys to the needs of specific products, customer profiles, or distribution models - without reinventing the entire system.

In short: The industry isn’t just evolving; expectations are. And the partnerships that succeed will be the ones built around shared agility, aligned incentives, and a customer-first mindset.

What Carriers Really Want Today

Carriers today are looking for more than expanded distribution. While speed-to-market remains a priority, especially as customer expectations evolve, carriers increasingly value partners who can help them scale efficiently, improve underwriting accuracy, and enhance the end-customer experience.

A major focus is data clarity and usability. Carriers don’t just want additional data sources; they need structured, high-quality insights that are easy for underwriting teams to interpret and act on. This is especially relevant in complex and fast-moving product lines such as cyber insurance, where threat intelligence is abundant, but turning it into practical, decision-ready underwriting guidance is still a challenge. The goal is not data volume - it’s data that drives confident, consistent decisions.

At the same time, carriers - particularly in commercial insurance - are prioritizing stronger relationships with end customers. Brokers and tech partners play a critical role here. When customers understand how their risk is being evaluated, they are better equipped to participate in proactive risk management, which is still the most effective way to reduce claims frequency and severity. The result is a healthier portfolio for the carrier, a stronger advisory role for the broker, and greater transparency for the customer.

Why Our Model Is Collaborative, Not Competitive

At Beloy, we believe strong partnerships outperform vying for top spot. Our approach is built on the idea that brokers and carriers already play essential roles in the insurance ecosystem. Rather than replacing those roles, we enhance them through technology, operational support, and scalable embedded insurance solutions.

As a tech-enabled insurtech partner, we ensure that brokers maintain and strengthen their existing client relationships. We work alongside them - not in front of them - to help design, launch, and scale new embedded insurance programs. This includes regulatory guidance, product configuration, and digital journey design, which can be complex and resource-intensive for brokers to manage alone. By taking on that operational and compliance burden, we allow brokers to focus on advising and supporting their clients, as they continue to own the relationship.

The result is a mutual value model:

• The broker expands their role and increases client retention

• The carrier accesses new, well-structured distribution and stronger risk engagement

• The business client gains a seamless insurance offering that enhances their core customer experience

• The end customer benefits from protection that fits naturally into their purchase journey

To illustrate, consider a broker who manages property insurance for a retail chain of opticians. The broker covers the business’s physical assets and compulsory lines. Yet, the retail customer buying glasses receives no coverage for loss or accidental damage. By introducing Beloy, the broker can quickly embed a digital insurance add-on into the eyewear purchase journey. We support the compliance and product setup, while the broker retains ownership of the client relationship. Together, we unlock an entirely new revenue stream and deliver more value to the business and to its customers.

In short: our model elevates every participant in the chain. We don’t take market share - we help create new market space.

We are committed to expanding our network of forward-thinking broker partners.
If you’d like to explore how this could work for your portfolio, feel free to reach out: andrew@beloy.com