Using artificial intelligence and computer vision, it can diagnose the condition of any mobile device before confirming eligibility for coverage. Bolttech offers innovative device protection and other digital products across Asia.įor device protection, bolttech developed Click-to-Protect, a remote diagnostics tool. This deal followed the close of an $247 million Series-A funding round. It acquired Europe-based i-surance, a B2B2C digital insurance platform, as part of its international growth strategy. This year, it became Asia’s latest insurtech unicorn with 8.3 million customers across Asia, North America and Europe. Chubb, Travelers and Liberty Mutual have signed on, as have agencies that sell policies.īolttech’s exchange, having amassed over $44bn in quoted annual premiums from 180 carriers across 5,000+ product-market combinations, is an example. These powerful new platforms, including Semsee, bolttech, Bold Penguin and Uncharted, pull data from many carriers, allowing agents to see multiple quotes for policies. Major insurers are joining new digital exchanges to sell not only their own policies but also those of rivals. All can access a large user base of potential customers, who can choose from a wide range of financial products, making it easier to buy insurance. Non-insurance companies can provide insurance coverage for their customers.
Consequently, its a cinch for clients to offer financial products outside their area of specialization by partnering with other providers.
These insurtechs are providing an insurance exchange that connects insurers, distributors, and customers to buy and sell different insurance and protection products. It has never been as important to offer more efficient, accessible, and bindable policies online.Ĭompanies are finding new means to unlock the next generation of embedded insurance, setting up platforms on which future insurance products can be scaled. On the other, the problems of unserviceable customers and poor experiences become amplified manifold in digital distribution.
On the one hand, owning the customer relationship is crucial. Building a successful marketplace in insurance is far from trivial – significant friction exists, and a critical mass is needed for the network effects to be valuable to participants. Investors are sharpening their focus on digital marketplaces that generate business for incumbent carriers.
0 kommentar(er)
