Over the past few years, the insurtech sector has established itself as a key catalyst for innovation in the insurance industry. Insurtech is a term that describes a new group of technology-based startups that are revolutionizing the insurance industry. We meet critical needs for modern insurance products and services by being agile, technology-centric, and adapting to emerging customer needs. Bolttech, the winner of the Qorus-Accenture Innovation in Insurance Insurtech category, shows how insurtech solutions can not only affect change but also work in harmony with traditional insurance companies.
Accenture defines the insurtech ecosystem as consisting of B2C digital disruptors and B2B operations enablers. Volttech is a compelling example of a B2B operations enabler that is embedded within traditional insurance and provides: Data, software, and/or hardware that supports both traditional and new insurance business/operating models across the insurance value chain, including sales, underwriting, policy management, claims management, and reinsurance.
Click to protect (CTP) is a white label B2B2C remote diagnostic tool that uses smart technology to diagnose the condition of any smartphone, new or used. Designed for partners selling device protection, it provides an engaging, real-time user journey that customers can easily perform from home, delivering fast and highly accurate results in just one test. .
The product helps insurers transform their value proposition through the delivery of an instant digital service model, which gives customers easy access to digital assessments on their smartphones. Smartphone-specific solutions for both new and used devices also allow insurers to access a potentially untapped market and incorporate new value propositions.
insurtech such as bolt tech We have the technology and capabilities to create simple digital customer experiences. They bring fresh, entrepreneurial insights and a focus on modern customers. Click-to-Protect is a seamless computer vision-based screen diagnostic tool that requires minimal customer effort to purchase. A simple digital process helps Volttech and its partners understand device health as they deliver device protection to a wide range of devices.
It works like this: A customer holds their smartphone in front of a mirror. The tool then guides the customer through feedback from the machine learning model to take a photo from the smartphone’s front camera. These images are analyzed by a backend model to ensure that the smartphone screen is free of cracks. A single test covers a variety of diagnostics and the tool is the most accurate on the market with 80% accuracy and 95% accuracy.
As mentioned at the beginning of this article, insurtech companies can partner with traditional insurance companies by incorporating their value proposition into existing insurance products. In this case, Click-2-Protect can be fully integrated with a partner’s existing website or app, enabling a seamless customer journey. This also includes non-insurance companies that want to add coverage for device protection products to their non-insurance products. Insurance and other platforms offer device protection, so customers can purchase protection at any time. Providing protection for used devices also means that Volttech’s partners can reach more customers than before, when they were limited to acquiring customers only at the point of sale for new devices. Looking to the future, Volttech plans to launch his Click-2-Protect for smartwatches as well.
Get the latest insurance industry insights, news and research delivered straight to your inbox.
