Considering both fintech and insurtech providers have continued to grow and dominate their respective industries, it's no surprise that the next move would be seek out strategic partnerships amongst themselves. According to CB Insights, "Fintech companies can leverage insurtech partnerships to increase revenue and provide additional value to their customers. For insurtech companies, these partnerships can provide a large and engaged user base into which they can sell. Even the biggest insurtech companies tend to have far fewer customers than their fintech counterparts."

Once partnered, these tech providers can help companies expand their service offerings by providing companies with more innovative solutions and building more benefits into their programs, like a bill negotiation, subscription management or insurance rate check service. This can transform employers from simply being a 'good' company to work for into truly becoming a trusted employee advocate by solving employee's needs, allowing them to take advantage of insurance options and saving them money.

So, what are the benefits of a fintech/insurtech partnership?

What most people don't know is that many monthly bills have plenty of room for negotiation. These monthly services typically have competition, which means recurring bills can be lowered without compromising the current level of service. As for subscription management, many consumers likely underestimate how much they spend on these services every month. In fact, "one in 10 millennials spend $200 or more every month on subscription services," according to MarketWatch. Plus, insurance rates for home and auto plans fluctuate constantly, but unless customers are paying attention, they'll miss out on getting the best deal.

However, people typically don't realize these savings opportunities even exist. Even if they are aware, most don't have the time to make calls or go online to enact the changes to these services that have significant impact on their finances. That's where corporations and their technology partners are uniquely positioned to make an impact on their current and future employee's lives.

Employers are uniquely positioned as most have access to consumer information. With the added insights from technology providers, employers can learn behavior patterns and additional consumer information to actively provide saving opportunities and improved benefit options. Not only are there incredible benefits for employers and employees, but these partnerships also bring significant benefits for these firms, including longer and more frequent customer engagement, improved customer satisfaction, new ways to grow their individual customer bases, options to buddle their service offerings while also generating additional revenue and increasing their overall bottom line.

Why should companies rely on these partnerships to attract and retain talented employees?

Employees are increasingly considering both their physical health as well as their financial health when evaluating their employers. And companies are facing more and more pressure to provide their employees with better benefits, such as more financial and insurance incentives.

In fact, CNBC explained that the pandemic has made benefits top-of-mind for U.S. employees and "more than 70% of employees plan to spend more time reviewing voluntary benefit options offered by their employer." On top of that, Americans are also regularly overpaying for their monthly subscriptions and home service bills, like cellular, internet, streaming services and home security.

By utilizing a technology provider, who has combined the power of fintech and insurtech, corporations are uniquely positioned for a 'win-win' scenario for both the company and their employees. This helps companies provide better, more sustainable options for its employees, allows the company to better recruit talented professionals while also supporting a healthy workforce.

____________________________________________________________________________________ Steven McKean is the co-founder of ApexEdge, a partner-enablement platform that offers monthly bill and subscription management solutions to support the financial health of consumers.