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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 includes a new group of tech start-ups that have revolutionized the insurance industry. Flexible, technology-focused and adaptable to new customer needs, they address an important need for updated insurance products and services. The winner in our Qorus-Accenture Innovation in Insurance Insurtech category, Boltech, illustrates how insurtech solutions can not only drive change, but also work harmoniously with traditional insurers.
Accenture defines the insurtech ecosystem as consisting of B2C digital disruptors and B2B transaction support tools. Bolttech is a compelling example of a B2B support tool that integrates with traditional insurance, providing data, software and/or hardware supporting both traditional and new insurance business/operational models throughout the insurance value chain such as distribution, underwriting, policy management, claims management, reinsurance.
Click to Protect (CTP) is a white label B2B2C remote diagnostic tool that uses intelligent technology to diagnose the condition of any smartphone, new or used. It is designed for partners who sell device security, offering an immersive real-time journey that customers can easily take from home, delivering high-speed, ultra-accurate results in just one test.
This product helps insurers transform their value proposition by offering an immediate digital service model, which in turn gives customers easy access to the digital value of their smartphones. With a dedicated smartphone solution that caters for both new and used devices, it also helps insurers access potentially untapped markets and deliver a new value proposition.
Insurtech such as bolttech have the technology and capabilities to create a simple digital customer experience. They bring a fresh entrepreneurial outlook and cater to the modern shopper. Click-to-Protect, a user-friendly computer vision based screen diagnostic tool, requires minimal effort from the customer before purchase. A simple digital process helps Boltech and its partners understand device status, offering protection for a wide range of devices.
It works like this: the client holds his smartphone in front of the mirror. The tool then guides the client through feedback from its machine learning model to take photos using the smartphone’s front camera. These images are then analyzed by the server model to ensure that the smartphone screen is not damaged. One test covers a range of diagnostics and this tool is the most accurate on the market with 80% accuracy and 95% accuracy.
As I mentioned at the beginning of this article, insurance companies can partner with traditional insurers by building their value proposition into existing insurance offerings. In this case, Click-2-Protect can be fully integrated with existing websites and applications of its partners for a seamless customer experience. This includes non-insurance companies that want 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 at any time. Offering protection for used devices also means that Bolttech partners can reach more customers than before, when they were limited to attracting customers only at the point of sale of new devices. Looking to the future, Boltech plans to launch Click-2-Protect for smartwatches as well.
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Disclaimer: This content is provided for general informational purposes and is not intended to be used as a substitute for consultation with our professional advisors.
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