InsurTech bolt has partnered with Chat Mobility, a regional wireless carrier in Iowa, to bring a device protection solution to the US.
The partnerships first offering, called Total Defense Device Protection, is a tailored device protection product available to Chat Mobility’s subscriber base covering a comprehensive range of incidents, including loss, theft, accidental damage, and malfunction (after the manufacturer’s warranty).
Subscribers can make claims through a digital claims portal, with coverage for up to two replacements within a rolling 12-month period. According to bolt, since the products’ launch in early May, 100% of valid claims have been paid out.
The InsurTech also said the device protection offering marks its continued expansion, and the strengthening of its insurance ecosystem of products. The company also plans to scale its device protection offering fast across the US with what it called a “robust pipeline of new partners to be announced in the second half of 2022.”
Clay Bodnarek, Executive Vice President of Alternative Distribution at bolt, commented, “We are thrilled that the Chat Mobility team has entrusted bolt to take their device protection program to the next level. Chat Mobility is a pioneer in offering innovative products to its customers, and together we can unlock the next chapter of insurance for wireless. We look forward to expanding our relationship with Chat Mobility into new and exciting complimentary insurance opportunities, allowing them to deepen and expand their customer relationships.”
The InsurTech unicorn has demonstrated a consistent strong performance. In a recent interview with FinTech Global, the “InsurTech Queen” Sabine VanderLinden predicted that the company could be on a path to decacorn status by the end of the year. In the interview she said, “They transacted $5bn of insurance premiums, from 700 distributors, 150+ insurers, and they have 8+ million customers transacting at the moment across 30 markets. You just need that to double in their case to go on to achieve decacorn status.”
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