In recent years, the Insurtech sector has emerged as a key driver of innovation within the insurance industry. Insurtech refers to a new breed of technology-driven startups that are shaking up the traditional insurance landscape. These companies are agile, technology-focused, and responsive to evolving customer demands, delivering a fresh array of insurance products and services. The recipient of our Qorus-Accenture Innovation in Insurance Insurtech award, bolttech, exemplifies how insurtech solutions can drive impactful change while coexisting harmoniously with traditional insurers.
According to Accenture, the insurtech ecosystem is comprised of B2C Digital Disruptors and B2B Operation Enablers. bolttech stands out as a prime example of a B2B operation enabler, seamlessly integrating itself into traditional insurance operations by providing data, software, and hardware that support both existing and new insurance business models across the entire insurance value chain.
One of bolttech’s innovative offerings, Click-to-Protect (CTP), is a white-label B2B2C remote diagnostics tool that utilizes smart technology to assess the condition of any smart phone, whether brand new or pre-owned. This cutting-edge tool is tailored for partners offering device protection, offering customers a user-friendly, real-time evaluation process from the comfort of their homes, delivering quick and precise results in a single test.
By leveraging products like CTP, insurers can revolutionize their value proposition by providing immediate digital services that grant customers easy access to digital assessments of their smartphones. This tailored smartphone solution caters to both new and pre-owned devices, enabling insurers to tap into previously untapped markets and establish a fresh value proposition.
Insurtech players like bolttech bring to the table the technology and expertise needed to create seamless digital customer experiences. Their focus on innovation and customer-centricity, as seen in tools like Click-to-Protect, streamlines the customer journey by minimizing the effort required for purchase. This simplified digital process allows bolttech and its partners to gain detailed insights into device health, particularly when offering device protection for a wide range of devices.
The functionality of Click-to-Protect is straightforward: customers simply hold their smartphone in front of a mirror, follow prompts from the tool guided by its machine learning model, and take photos with the front camera. These images are then analyzed to ensure the smartphone screen is intact, offering a comprehensive diagnostic test with an impressive 80% precision and 95% accuracy rate.
As highlighted earlier, insurtech companies can collaborate with traditional insurers by embedding their innovative solutions within existing insurance offerings. Click-to-Protect can seamlessly integrate with partners’ websites and apps, providing a smooth customer journey experience. This integration extends to non-insurance companies looking to expand their product offerings with device protection products, enabling customers to purchase protection at any time. Additionally, by offering protection for pre-owned devices, bolttech’s partners can broaden their customer base beyond new device sales. Looking ahead, bolttech plans to expand Click-to-Protect to include smartwatches in their lineup.
In conclusion, the marriage of technology and insurance through insurtech solutions like bolttech’s Click-to-Protect is reshaping the insurance industry landscape. By fostering collaboration between insurtech disruptors and traditional insurers, innovations like CTP are pioneering the way for enhanced customer experiences and industry growth. Stay tuned for more insights, news, and research in the insurance industry delivered straight to your inbox.
