Reaching new insurance customers with insurtech innovation

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 comprises a new group of technology-based start-ups that are disrupting the insurance industry. Agile, technology-centred and adaptive to emerging customer needs, they fulfil an important need for refreshed insurance products and services. The winner in 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 is defined as being made up of B2C Digital Disruptors and B2B Operation Enablers. bolttech is a compelling example of a B2B operation enabler, that embeds itself within traditional insurance, providing data, software, and/or hardware supporting both traditional as well as new insurance business/operating models across the insurance value chain such as distribution, underwriting, policy administration, claims management, reinsurance. Click-to-Protect (CTP) is a white-label B2B2C remote diagnostics tool that uses smart technology to diagnose the condition of any smart phone – whether brand new or used. It’s designed for partners that sell device protection, offering an engaging, real-time user journey that customers can easily undertake from home, delivering results at high speed with hyper-accuracy – under just one test. This product helps insurers to transform their value proposition through the offering of an immediate, digital service model, which in turn gives customers easy access to digital assessment of their smart phone. With a smart phone specific solution that caters to both new and used devices, it also helps insurers access potentially untapped markets and embed a new value proposition.