Overview

Bolt Cover is a dynamic Insurtech company that provides embedded insurance distribution solutions for retailers, aiming to enhance customer satisfaction and boost conversion rates. Founded by Jamie Hamer, Tori Hutchinson, and Richard Smith, their mission is to fill the gap in the consumer goods and services market with a product agnostic insurance offering retailers and manufacturers at the point of sale.  Seeking their first insurance scheme, Bolt Cover partnered with Acasta and implemented the Furniture Insurance Scheme directly into furniture purchases. The company does this by partnering with furniture retailers to offer consumers multi-year insurance policies that cover structural, accidental, and stain damage to furniture. Acasta’s rapid onboarding process, and the healthy pipeline of distribution partners that Bolt Cover had sourced, allowed Bolt Cover to launch the scheme and quickly realise their business model.

 The Brief

Before partnering with Acasta, Bolt Cover faced the task of finding an insurance provider that could offer multi-year policies and straightforward pricing models that worked well for both retailers and customers. The company was looking for insurers who could offer the necessary capacity to scale their business effectively. Bolt Cover needed a solution that could be easily integrated into their retailers’ business models, whether as an optional add-on or as a fully embedded part of the product purchase.

Solution

Acasta’s Furniture Insurance Scheme provided Bolt Cover with a transparent and straightforward pricing model, which could be applied at a subcategory level such as sofas and beds. The template pricing structure offered was beneficial, as it allowed Bolt Cover to offer fair, competitive, and transparent rates, especially in high-demand furniture categories. Stable pricing has allowed Bolt Cover to build strong retailer relationships and expand their business without interruptions. This consistency has been vital in maintaining retailer trust and customer satisfaction, while Acasta’s supportive approach meant that Bolt Cover could focus on client satisfaction without being distracted. Acasta’s scheme has also allowed Bolt Cover to create distribution solutions for retailers where the insurance is either offered as a complimentary purchase to the item of furniture, or included with the item at no cost to the customer, depending on the retailer’s preference. This flexibility meant that retailers could choose what worked best for their business and their customers, enhancing the overall customer journey. The ability to offer both options has helped Bolt Cover attract a diverse range of retailers.

Prior to the launch of the scheme, Bolt Cover built its secure and scalable policy administration system and pricing engine, allowing the firm to swiftly onboard new distribution partners, tailoring each scheme to their needs, and providing its stakeholders with clean realtime reporting.

Results

Bolt Cover observed a significant positive impact on their business following the introduction of Acasta’s insurance scheme. Retailers that chose to include complimentary insurance into their portfolio saw material increases in their sales conversions, while those that chose Bolt Cover’s e-commerce plug-in – embedding an optional insurance purchase at point of sale – have also reported success. These increased conversion rates demonstrated the value of embedding insurance into the product purchase, making it easier for retailers to build trust with, and attract customers. The flexibility and consistency of Acasta’s scheme also boosted retailer confidence, offering more freedom in how they distribute. This attracted more distribution partners, with many existing retailers also deciding to transition from offering insurance within the purchase journey to including it with the furniture product, at no cost to the customer, to realise the conversion benefit into their product offerings.

Client Testimonial

Jamie from Bolt Cover praised Acasta for their expertise in the sector, as well as their collaborative and supportive approach. He also highlighted the Acasta Team’s friendly and welcoming attitude while helping them launch a very exciting scheme.

Jamie from Bolt Cover said, “We’ve been able to offer pricing that works from a consumer perspective. Ever since we launched with Acasta, they’ve been very encouraging and supportive without too many interventions and no pricing changes. Acasta have been incredible in helping us find exactly the right claims handling partner. We want efficient, effective claims handling and that’s exactly what we have with the furniture scheme thanks to Castelan. The team have been friendly, welcoming and have helped us launch a very exciting scheme efficiently and effectively.”

Conclusion

The partnership between Acasta and Bolt Cover has proven to be a successful collaboration, providing Bolt Cover with capacity and the broad range of cover that customers are looking for. Acasta’s furniture scheme has not only increased conversion rates for retailers but has also positioned Bolt Cover with the use-case and platform to expand into other categories. Unlike traditional insurance brokers, Bolt Cover provides embedded technological solutions that integrate with websites and EPOS systems alike, via its proprietary e-commerce plug-ins, secure API or native apps with ease, an area in which they continue to excel.