Partnering with Tryg’s Innovation Discovery team is a powerful opportunity for Nordic fintechs. Here’s what startups should know before preparing their pitch.
Although the insurance sector is typically considered the Fintech laggard, Nordic insurance giant Tryg A/S doesn’t fit that mould. The company’s Nordic Innovation Discovery department, headed by Line Dalsfort, actively explores new trends and product development with a seven-year horizon.
Tryg’s partnerships in this space typically cover the MVP phase only, with the option to proceed further if a clear value proposition exists for both parties. In an interview with NFM, Dalsfort sheds light on this program and what Tryg expects of potential partners.
The program’s focus
Tryg’s Nordic Innovation Discovery department focuses on embedded solutions and the API economy, aiming to seamlessly integrate insurance into various platforms and products. Its purpose is to optimise operations, test new technologies, and thereby drive product development.
But innovation isn’t a linear journey. By definition, it requires exploring unknown territories to discover if they might lead somewhere. Within the boundaries of the Tryg brand and the company’s long-term goals, the company is willing to consider unconventional partnerships to see where they might lead.
“Tryg’s purpose is to bring steadiness and peace of mind to people and businesses. We want to meet our customers where they are and where they might be in the future.”
Line Dalsfort, Head of Nordic Innovation Discovery at Tryg
One such partnership was a successful co-creation with PRECURE, a Danish manufacturer of wearables that collect employee movement and muscle data to determine if non-optimum patterns exist that could lead to work-related musculoskeletal disorders (WMSD).
Although neither Tryg nor PRECURE saw immediately what value each could bring to the other, the co-creation process led to a recognition that PRECURE’s tech could truly help educate people about how to take care of their bodies at work, potentially leading to higher efficiency and reduced sick days.
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“My first job was in workers’ compensation in the public sector,” Dalsfort tells NFM. ” I saw first-hand what damage many years of lifting things incorrectly can cause to a worker’s body. This project made a huge impression on me because I saw how co-creation can lead to such a positive impact.”
How does Tryg seek new partners?
No set rules exist about how Tryg finds its partners, and the initial approach between the startup and Tryg could originate from either party. But the company does have set focus areas and targets and, within those boundaries, it looks for startups that might fit those criteria.
Tryg makes sure to be present and visible where those startups might be: For example, regularly visiting Copenhagen Fintech Lab or joining well-known events such as TechBBQ and Nordic Fintech Week.
What should startups bring to the table?
Aside from the usual requirements of any partnership, such as mutual value and learnings, startups approaching Tryg should be aware of the following two key things:
Firstly, Tryg is an insurance company, so it’s primarily interested in bundling insurance with another value proposition to possibly reach a different client segment. This isn’t only a sales matter: Regulatory requirements prevent insurance companies from straying too far into other sectors. Secondly, startups can bring an even more important value proposition: Market Research aligned with Tryg’s customer base.
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“No startup has ever researched Tryg’s target customer segment and then approached us with how their product and customers could bring value to that segment,” Dalsfort says.
Although startups are naturally enamoured of their tech, their pitch should focus more on market-research-backed data of how that tech could answer a potential partner’s needs rather than too much on the tech itself.
The purpose is the customer
“Tryg’s purpose is to bring steadiness and peace of mind to people and businesses,” says Dalsfort. “We want to meet our customers where they are and where they might be in the future.” Startups that recognise this purpose and how they can help Tryg achieve it will have far better chances of securing a powerful partnership.
