bolttech: Embedding insurance ecosystems into non-insurance market innovators Qorus Innovation in Insurance Awards 2021 - Winner

We’re bolttech, a digital-first insurer with three key capabilities: digital insurance, a range of device protection products, and our hyper-connected insurance exchange which forms an ecosystem of its own. Now meet LINE, Thailand’s super app, first launched in 2015, and currently used by over 47 million Thais. LINE focuses on bundling multiple B2C services into its award-winning app - including Rabbit LINE Pay, an e-wallet launched in 2018. In January 2020 we integrated our ecosystem of insurance products into Rabbit LINE Pay, creating an exclusive, co-branded partnership. For us, this is about offering insurance in new and alternative distribution channels. For our partners, it’s about creating more choice and expanding the customer offering –with smooth and seamless user journeys (more of which later). Finally, for the 8 million plus Thais who use Rabbit LINE Pay, it’s about fast, easy access to more than 20 trusted insurance brands with a targeted choice of general insurance (including COVID-19 cover). This leverages our own vast and growing product ecosystem – including our unique Click-to-Protect AI-driven functionality that we built into all device protection plans. One of the game-changers for us is the fact that bringing this to market took just three months. Just over a year later and we’ve already hit our targets and some 10,000 new customers in Thailand. And because we were born digital-first, our business model is highly adaptable and scalable – meaning we can integrate into other ecosystems in similar ways. All of our work is underpinned by a set of agile and highly versatile two-week sprint cycles. This enables us to spot gaps in the market in real-time – and develop solutions at speed. That’s why already, we’re diversifying into a new model, integrating directly into Rabbit LINE Pay’s electronic know-your-customer (KYC) journey (launches Q2 2021). The increased uptake here will mean new customer data so that LINE can create even more targeted offerings. It means we can broaden our own ecosystem even further. And given that for many Thais, their mobile screen is their main screen (for business as much as pleasure), it means they can experience the unique benefits of device insurance, pivoting on the big idea that all of us want to stay connected, no matter what.