Bolt adds $1bn in active premiums amid COVID-19
Rapid growth has seen active premiums at US insurtech Bolt reach an all-time high.
Growth of more than 30% in the past six months has driven active premiums above $4bn for the first time, spurred by the realities of a remote workforce under COVID-19 restrictions, and increased reliance on digital services for everything from insurance to groceries.
In May this year, when property and casualty insurtech’s active premiums were at a then-high of $3bn, bolt CEO Eric Gewirtzman predicted the coronavirus outbreak would be a “catalyst thrusting the insurance industry deeper into the digital age” and had boosted the insurtech’s business in supporting incumbents to “rapidly transform processes and offerings”.
Insurance's digital transformation continues
Bolt connects consumers with more than 130 insurance carriers and 36,000 insurance agencies through a cloud-based platform. Remote working and, in many cases, living, have made bolt’s digital solutions more important for insurers and its customers than ever, the company says.
"The success of our customers and partners is why it's so exciting to see us go from $3 billion in May to $4 billion in premium on our platform in such a short time," Gewirtzman says. "We will continue to work closely with our partners with a focus on speed and innovation to stay one step ahead of customers' needs.”
The firm’s success follows broader trends in the sector towards digital transformation and wider consumer appetites for app and technology-based solutions. Access to transparent, custom cover and instant, hassle-free claims are among the main reasons individuals and SMEs say they will continue to seek digital insurance solutions in the future.
And the growth hasn’t gone unnoticed by VCs, which are funnelling funds into insurtech startups at a record rate.
Akur8’s US$30mn Series B to fuel US and APAC expansion
Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.
The company strives to embody four key values:
- Challenging a status quo that doesn’t benefit customers
- “Disrupt the known, organise the unknown”
- Provide artificial intelligence (AI) tech with a distinctly human edge
- Create solutions that will endure the test of time
At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”
Transforming insurance pricing
In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”
Cover image source: Akur8