We talked to Melissa Wong, the Group Chief Digital Officer at bolttech. Like insurer FWD, bolttech is part of Pacific Century Group (PCG) and the group’s latest international InsurTech business. It was launched in Asia in 2020 and is integrating three capabilities including device protection, insurtech exchange, and digital insurance.
Melissa comes from a digital banking and FinTech background and has experienced the disruption in that sector first hand. For her, InsurTech can be grouped in two areas: developing innovative underwriting products and efficiency around creating exceptional customer experiences in distribution.
bolttech has developed a new device protection insurance that not only covers the costs of a broken smartphone but also offers repair and replacement services. The company is focused on building a digital insurance ecosystem with different partners to establish new alternative distribution channels. In Thailand, bolttech has established a partnership with Line Rabbit Pay and is leveraging its established ecosystems by offering insurance solutions to their millions of daily users. Bundling users of a mobile messenger service with innovative smartphone insurance solutions, creates a highly contextual product.
bolttech is further bringing together the different companies within PCG, such as FWD as the insurance underwriter, to create synergies and to leverage the group’s footprint in Asia. In Hong Kong, bolttech is partnering with Hong Kong Telecom (HKT) to offer device protection to their customers. In Thailand, bolttech integrated InsurTech Frank.co.th and is leveraging their tech solution, which was originally developed for D2C distribution, for FWD agents.
Other companies mentioned in this episode: Frank.co.th, Zhong An, Sunday, JustInCase, Lemonade, Qoala, Bolt Inc., Progressive.
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