Reaching new insurance customers with insurtech innovation | Insurance Blog


Over the previous few years, the Insurtech sector has established itself as an important catalyst for innovation within the insurance coverage trade. Insurtech is a time period that contains a brand new group of technology-based start-ups which are disrupting the insurance coverage trade. Agile, technology-centred and adaptive to rising buyer wants, they fulfil an necessary want for refreshed insurance coverage services and products. The winner in our Qorus-Accenture Innovation in Insurance coverage Insurtech class, bolttech, illustrates how insurtech options can’t solely have an effect on change, however work harmoniously alongside conventional insurers.  

Accenture defines the insurtech ecosystem is outlined as being made up of B2C Digital Disruptors and B2B Operation Enablers. bolttech is a compelling instance of a B2B operation enabler, that embeds itself inside conventional insurance coverage, offering information, software program, and/or {hardware} supporting each conventional in addition to new insurance coverage enterprise/working fashions throughout the insurance coverage worth chain reminiscent of distribution, underwriting, coverage administration, claims administration, reinsurance.  

Click-to-Protect (CTP) is a white-label B2B2C distant diagnostics software that makes use of sensible expertise to diagnose the situation of any sensible cellphone – whether or not model new or used. It’s designed for companions that promote system safety, providing an enticing, real-time person journey that prospects can simply undertake from residence, delivering outcomes at excessive pace with hyper-accuracy – underneath only one check. 

This product helps insurers to rework their worth proposition by way of the providing of a direct, digital service mannequin, which in flip provides prospects quick access to digital evaluation of their sensible cellphone. With a wise cellphone particular answer that caters to each new and used units, it additionally helps insurers entry doubtlessly untapped markets and embed a brand new worth proposition.  

Insurtech’s reminiscent of bolttech have the expertise and skill to create easy digital buyer experiences. They convey contemporary, entrepreneurial perception and a give attention to the fashionable buyer. Click on-to-Shield, a seamless pc vision-based display screen diagnostic software, requires minimal customer-to-purchase effort. The easy digital course of helps bolttech and its companions perceive system well being when providing system safety for a variety of units. 

It really works as follows: The shopper holds their smartphone in entrance of a mirror. The software then guides the shopper by way of suggestions coming from its machine studying mannequin so as to take photes from the entrance digital camera of the smartphone. These photographs are then analysed by the backend mannequin to make sure the smartphone display screen is uncracked. A variety of diagnostics are coated in a single check, and the software is essentially the most correct out there, with 80% precision and 95% accuracy. 

As I discussed in the beginning of this text, insurtech corporations can accomplice with conventional insurers by embedding their worth propositions inside present insurance coverage choices. On this case, Click on-2-Shield might be totally built-in with its companions’ present web sites and apps for a seamless buyer journey. This contains non-insurance corporations that want to add insurance coverage to their non-insurance product choices with system safety merchandise. With system safety provided on their insurance coverage and different platforms, prospects should purchase safety any time. Providing safety for used units additionally means bolttech’s companions can purchase extra prospects than earlier than, after they have been solely restricted to buyer acquisition on the level of sale of latest units. Seeking to the long run, bolttech plans to launch Click on-2-Shield for smartwatches as nicely.  

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Disclaimer: This content material is offered for common data functions and isn’t meant for use instead of session with our skilled advisors.
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