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.