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 for a new group of technology-based startups that are disrupting the insurance industry. Agile, technology-centric and adaptive to emerging customer needs, it addresses an important need for updated insurance products and services. The winner of the Qorus-Accenture Innovation in Insurance Insurtech category, bolttech, demonstrates how technology solutions not only impact change, but work harmoniously alongside traditional insurers.

Accenture defines an internal technology ecosystem as consisting of B2C Digital Disruptors and B2B Operations Enablers. Bolttech is a compelling example of a B2B operations enabler, anchoring itself in traditional insurance Data, software and/or hardware that supports traditional and new insurance business/operating models across the insurance value chain such as distribution, underwriting, policy administration, 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 – whether it’s new or used. It’s designed for partners who sell device protection, providing an engaging, real-time user journey that customers can easily do from home, delivering results at high speed and with superior accuracy – under just one test.

This product helps insurance companies transform their value proposition by offering an immediate digital service model, which in turn gives customers easy access to a digital assessment on their smartphone. With a smartphone-specific solution that caters to both new and used devices, it also helps insurers reach untapped markets and embed a new value proposition.

Insurtech like Poltech They have the technology and ability to create simple digital experiences for customers. They bring new visions to entrepreneurship and focus on the modern customer. Click-to-Protect, a computer vision-based screen diagnostic tool, requires minimal customer effort to purchase. A 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 his smartphone in front of a mirror. The tool then guides the customer through feedback from its machine learning model in order to take photos from the smartphone’s front-facing camera. These images are then analyzed by the backend model to ensure that the smartphone screen is not cracked. A range of diagnoses is covered in a single test, and the tool is the most accurate on the market, with an accuracy of 80% and an accuracy of 95%.

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

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