bolt Insurance Solutions announces partnership with Chat Mobility
bolt Insurance Solutions Inc. (“bolt”), the country’s largest P&C insurance exchange, announced the introduction of its device protection capabilities in the United States with the launch of a partnership with Chat Mobility, a leading regional wireless carrier in Iowa, to extend bolt’s device protection products to Chat Mobility’s subscribers.
bolt’s device protection offering marks the continued expansion of the insurtech in the U.S. market, further strengthening its market leading insurance exchange with the addition of a new device protection capability to its ever-growing ecosystem of protection and insurance products. bolt has an extensive track record in device protection through bolt’s international group, bolttech, and their fast-growing, technology-driven global device protection business, already one of the market-leading providers in Asia. Leveraging this experience and technology, the business intends to scale fast across the country with a robust pipeline of new partners to be announced in the second half of 2022.
“Device protection is a critical part of Chat’s comprehensive offering to our subscribers. It’s important that we partner with someone we trust. bolt has both the experience and the tech capabilities to deliver a fast, digital, and hassle-free customer experience, and we know they can also partner with us to innovate and find new opportunities to meet more of our subscribers’ needs” said Velma Schrader, Chief Operating Officer, Chat Mobility. “This relationship opens the door for Chat to deepen our collaboration with bolt to offer other insurance products to our subscribers, and ensure we continue to enhance our subscribers’ experience and loyalty.”
The partnership’s 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 seamlessly make claims through a digital claims portal, with coverage for up to two replacements within a rolling 12-month period. Since Total Defense Device Protection’s launch in early May, 100% of valid claims have been paid out.
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.”
Under the leadership of Mr. Bodnarek, a wireless industry veteran also with senior executive roles in the device protection industry, bolt intends to find new ways to leverage the scale, reach, and choice offered on its market leading insurance exchange to accelerate innovation and expand insurance opportunities within the telecommunications sector, particularly in the connected homes and specialized personal lines space. By enabling wireless providers to offer insurance products found on its insurance exchange, bolt will help its partners deepen their customer relationships and increase customer lifetime value. bolt will also explore opportunities to launch wireless operator-grade device protection products onto the bolt insurance exchange for existing distribution and carrier partners across the country.