In recent years, the Insurtech sector has established itself as an important catalyst for innovation in the insurance industry. Insurtech is a term that encompasses a new group of technology-based start-ups that are disrupting the insurance industry. Agile, technology-centric and adaptable to new customer needs, they meet an important need for renewed insurance products and services. The winner of 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 as consisting of B2C Digital Disruptors and B2B Operation Enablers. Bolttech is a compelling example of a B2B operations enabler, which integrates into traditional insurance, data, software and/or hardware supporting both traditional and new insurance business/operating models across the insurance value chain, such as distribution, underwriting, insurance administration, claims management, reinsurance.
Click to protect (CTP) is a white-label B2B2C remote diagnostic tool that uses smart technology to diagnose the condition of any smartphone – whether brand new or used. Designed for partners selling device protection, it offers an engaging real-time user journey that customers can easily complete from home, delivering results at high speed with hyper-accuracy – in just one test.
This product helps insurers transform their value proposition by offering an instant, digital service model, which in turn gives customers easy access to digital assessment on their smart phone. With a smartphone-specific solution that addresses both new and used devices, it also helps insurers access potentially untapped markets and embed a new value proposition.
Insurtechs such as bolttech has the technology and ability to create simple digital customer experiences. They provide fresh, entrepreneurial insight and 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 to take pictures from the smartphone’s front camera. These images are then analyzed by the backend model to ensure that the smartphone’s screen is not cracked. A range of diagnostics are covered in one test, and the tool is the most accurate on the market, with 80% precision and 95% accuracy.
As I mentioned at the beginning of this article, insurance companies can partner with traditional insurers by embedding their value propositions into 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 looking to add insurance to their non-insurance products with product protection products. With device protection offered on their policies and other platforms, customers can purchase protection at any time. Offering protection for used devices also means bolttech’s partners can acquire more customers than before, when they were only limited to acquiring customers at the point of sale for new devices. In the future, bolttech plans to launch Click-2-Protect for smartwatches as well.
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