Reaching new insurance customers with insurtech innovation | Insurance Blog


Over the past few years, the Insurtech sector has established itself as a vital catalyst for innovation in the insurance industry. Insurtech is a term that comprises a new group of technology-based start-ups that are disrupting the insurance industry. Agile, technology-centred and adaptive to emerging customer needs, they fulfil an important need for refreshed insurance products and services. The winner in our Qorus-Accenture Innovation in Insurance Insurtech category, Bolttech, illustrates how insurtech solutions can not only affect change, but work harmoniously alongside traditional insurers.  

Accenture defines the insurtech ecosystem is defined as being made up of B2C Digital Disruptors and B2B Operation Enablers. Bolttech is a compelling example of a B2B operation enabler, that embeds itself within traditional insurance, providing data, software, and/or hardware supporting both traditional as well as new insurance business/operating models across the insurance value chain such as distribution, underwriting, policy administration, claims management, reinsurance.  

Click-to-Protect (CTP) is a white-label B2B2C remote diagnostics tool that uses smart technology to diagnose the condition of any smart phone – whether brand new or used. It’s designed for partners that sell device protection, offering an engaging, real-time user journey that customers can easily undertake from home, delivering results at high speed with hyper-accuracy – under just one test. 

This product helps insurers to transform their value proposition through the offering of an immediate, digital service model, which in turn gives customers easy access to digital assessment of their smart phone. With a smart phone specific solution that caters to both new and used devices, it also helps insurers access potentially untapped markets and embed a new value proposition.  

Insurtech’s such as bolttech have the technology and ability to create simple digital customer experiences. They bring fresh, entrepreneurial insight and a focus on the modern customer. Click-to-Protect, a seamless computer vision-based screen diagnostic tool, requires minimal customer-to-purchase effort. The simple digital process helps bolttech and its partners understand device health when offering device protection for a wide range of devices. 

It works as follows: The customer holds their smartphone in front of a mirror. The tool then guides the customer through feedback coming from its machine learning model in order to take photes from the front camera of the smartphone. These images are then analysed by the backend model to ensure the smartphone screen is uncracked. A range of diagnostics are covered in one test, and the tool is the most accurate in the market, with 80% precision and 95% accuracy. 

As I mentioned at the start of this article, insurtech companies can partner with traditional insurers by embedding their value propositions within existing insurance offerings. In this case, Click-2-Protect can be fully integrated with its partners’ existing websites and apps for a seamless customer journey. This includes non-insurance companies that wish to add insurance to their non-insurance product offerings with device protection products. With device protection offered on their insurance and other platforms, customers can purchase protection any time. Offering protection for used devices also means bolttech’s partners can acquire more customers than before, when they were only limited to customer acquisition at the point of sale of new devices. Looking to the future, bolttech plans to launch Click-2-Protect for smartwatches as well.  


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