Insurance has traditionally been built around paying customers after something goes wrong, sometimes taking months to complete. But as customer expectations evolve, bolttech is looking to move protection closer to the point of need, combining insurance with preventative services, assistance and recovery. 

For Melissa Wong, Group Chief Product Officer at bolttech, the shift reflects a wider evolution in insurtech, from digitising traditional experiences towards more embedded and contextual services. 

“Customers not only care about simplicity, personalisation, quick quotes and instant policy issuance, but they actually want to see insurance become contextual and relevant in their everyday lives,” Wong explained. 

That change is influencing how bolttech thinks about protection. Rather than viewing insurance as something that only becomes relevant when a claim needs to be made, the company is exploring how it can help customers identify and prevent risks earlier, while still providing financial protection when something does go wrong. 

Wong believes customer expectations have now moved beyond simply making insurance easier to buy and manage. 

“Customers’ expectations have gone way beyond just digitisation,” she said. “The expectation now is that you don’t just pay out when something bad happens. You’re able to actually help them become aware of issues more proactively and preventively.” 

bolttech has been developing this approach across different areas of protection. In home insurance, for example, it has explored the use of IoT water sensors that can identify a leak and trigger an alert through an app. That alert can connect to assistance and recovery services, allowing the customer to respond rather than wait for damage to occur and make a claim.

Source link