Boost Insurance

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Boost Insurance Overview

Boost is a B2B insuretech platform that relies on API technology in order to provide infrastructure for innovative insurance products.

BOOST'S OFFERINGS

The Boost Insurtech Platform is the only product offered by Boost Insurance. It provides back-end infrastructure specifically to emerging insuretech startups, digital platforms and innovative insurance products. Boost claim that they build their insuretech development platform through using a combination of a forward-thinking approach to insurance, along with API-driven technology. The product has the impact of speeding up the go-to-market timeline for insuretech startups and new insurance products, in addition to minimizing insurance value chain costs.

There are three core components to Boost's platform:

1. Distribution: Development and distribution of P&C insurance products are handled by Boost appointed insuretech startups and other digital platforms as sub-agents.

2. Paper: Boost provides development, underwriting, and compliance to its insuretech and platform partners.

3. Reinsurance Capital: A group of dedicated reinsurance partners work for Boost who work collectively through a single capacity program for Boost's insuretech partners.

In terms of specific offerings to insuretech companies and re-insurance agents, there are none. As stated above, the company only offers the Boost Insurtech Platform, which is marketed to both insuretech companies and re-insurers. However, the only difference lies in how Boost communicates information about this offering to the different client types. For example, to insuretech companies Boost focus on the message that their solutions provides support in performing 100% of the back end function, which allows them the time to focus on their customers and growth. They also highlight that the platform provides speed to market, streamlined access to licensed paper & capacity and best-in-class Technology.

With re-insurers on the other hand, Boost focus on communicating the message that their platform helps them to keep up in the fast-moving environment. In addition, they highlight their use of modern technology.

To sum up, Boost only offers one solution, the Boost Insurtech Platform. This platform is made to cater to both insuretech companies and re-insurance agents. However, how they market to each client type is tailored.

HOW aRE THEY UNIQUE/INTERESTING WITHIN THE INSURTECH SPACE?

Within the insuretech space Boost is trying to stand by offering something unique that its competitors are not. For example, it specializes in both technology and startup sector expertise and highest-quality re/insurance partners. Through this business model they are offering clients the best of both worlds.

In addition, it combines two other features, giving clients access to both a balance sheet and modern technology. Through its partnership with State National it can help start-ups in the P&C space introduce new products and/or distribution models. As well as providing an API-driven platform which is flexible and provides modern insurance data exchange for startups.

Boost are also taking a unique angle in that part of their mission is to empower insuretech startups. As well as their platform, it is also guiding entrepreneurs through the product development and regulatory processes which can be complex.

Finally, Boost are offering something unique/interesting within the insuretech space because they are identifying issues in the industry and seeking to solve them innovatively.

Current issues in the market that Boost are aiming to address are: the glacial go-to-market pace for new products, the integration and data flow issues experienced between high tech startups and low-tech insurance companies, and the cultural disconnect between incumbents and upstarts. By solving these problems, Boost is offering a solution that is unique to the market, as its competitors are currently not successfully solving these industry problems.

HOW BOOST IS PARTICIPATING IN DEVELOPMENTS AND TRENDS IN INSURTECH

In order to discover how Boost is participating in trends surrounding development in insuretech, I looked through articles identifying current trends around insuretech and have highlighted which trends Boost is getting ahead of/already participating in. Most trends have to do with customer engagements and since Boost is a B2B company there were only a few trends that applied to their services.

-Massive cost savers in claims, operations and customer acquisition:

This trend involves the digitization of current processes in order to achieve operational excellence and to cut costs. Although Boost Insuretech is a B2B company, their website mentions that one of the main benefits of their digital platform it that is reduces cost for their customer.


Data analytics and artificial intelligence are being utilized in order to unlock the potential of the Internet of Things (IoT). One of Boost's main features is that it uses API-driven technology. APIs are an enabling technology for the IoT because they securely expose connected devices to customers, go-to-market channels and other applications in the IT infrastructure.

-Relationships between insurers and insuretechs will become much more intense:
Another of Boost's main selling points is its offering of the best of both worlds, its balance of a good relationship between insurers and insuretechs.

- Insuretechs have made significant inroads by designing powerful but focused applications that solve specific problems and deliver high-quality and intuitive digital experiences:
As discussed above, Boost have built a powerful platform that solves specific problems in the insuretech space. In addition, its platform depends on application programming.

CONCLUSION

To sum up, I have found that Boost offers an API driven platform that provides back end infrastructure for insuretech startups, digital platforms and innovative insurance products. This platform has been developed for both insuretech companies and re-insurance agents, but its marketing to each client type is tailored. Boost are offering something unique/interesting within the insuretech space because they are identifying issues in the industry and seeking to innovatively solve them. In addition, the company is participating in numerous current trends and developments in the insuretech space, such as offering next-level data analytics capabilities and AI, and fostering relationships between insurers and insuretechs.
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Boost Insurance Messaging

There is very limited information available online regarding Boost Insurance's messaging & marketing strategies, due to the fact that the company was only founded last year. However, I did find that their main message to Insurtech companies is that they provide them with support in performing 100% of the back-end function. On the other hand, they emphasize to re-insurers that they can help them keep up in the fast-moving environment.

METHODOLOGY

In order to answer your question, I first searched for pre-compiled data on Boost Insurance's marketing and messaging strategies. In particular, I looked for how they market/message to Insuretech companies and re-insurance agents. After looking on the company's website, through online articles, news stories, marketing case studies, the company's social media, and industry reports, I found no data regarding the company's marketing strategies. I was, however, able to find some details on their messaging, as I have discussed below. In addition, I have been able to use the available data to make some inferences about their strategies (also discussed below).

I have concluded that there is very limited data available online regarding Boost Insurance's messaging/marketing strategies because the company was only founded last year. In fact, the company is very new, given that their initial seed funding round ran from August to September, 2017. As there is limited data on their messaging/marketing strategies it is also not possible to understand and analyze challenges or gaps in their approach that could be addressed.

USEFUL FINDINGS

While I could not find a direct answer to your question, I was able to gather some information about this topic, which I think will be helpful for your project.

— Main Message:

To begin with, I found that the company's main messages to its clients and potential customers are communicated in their mission statement. They claim to provide back-end infrastructure to emerging Insurtech startups, digital platforms, and innovative insurance products. In addition, they seek to break down barriers to entry into the insurance industry for innovators, they do this by focusing on API-driven technology to accelerate the go-to-market timeline.

— How they market to Insuretech companies:

Boost's main message to Insurtech companies is that they provide them with support in performing 100% of the back-end function, allowing them to focus on their customers. They highlight to Insurtechs that they speed up the timeline of getting new insurance products to market. They also communicate that they offer best-in-class technology, streamlined access to licensed paper & capacity, and are particularly specialized in assisting startups in this field.

— How they market to re-insurance agents:

In the messages that they convey specifically to re-insurance agents, they take a different stance. The company highlights they can help re-insurers keep up in the fast-moving environment. They boast partnering with best-in-class Insurtech partners, access to modern technology, expertise in venture capital, technology, and insurance. Finally, they also tell re-insurers that they provide a full-service startup engagement program, which allows companies to focus on their core existing business.

Strategies:

Their Twitter currently has only 89 followers, so we know that social media is not a main channel of marketing. However, again as the company is very new this all may change.

After reviewing the company's Twitter it would seem that the company is adopting the marketing strategy of developing personal relationships with clients, being seen as approachable and human. For example, they have recently shared this publication that introduces all the key members of their staff and carries a welcoming tone to the reader.

In addition, Founder & CEO Alex Maffeo seems to be promoting the company through the strategy of becoming a valuable informative and educational source to clients. He has written several publications which not only outline what the company does but highlights important insights about the market.

POSSIBLE CONTINUED RESEARCH

In understanding what types of information are and are not publicly available on this topic, I’ve suggested a few other routes you may be interested in researching. For example, you may wish to know more about other aspects of Boost Insurance, for example, who are their main competitors, and how do they compare? Owler tells us that their competitors include Trov, Slice, and Sure, you may want to see an analysis of these companies in the form of a competitive landscape. Or, you may wish to understand more about the competitors' marketing and message strategies.

CONCLUSION

To sum up, as Boost Insurance was only found a year ago, there is limited data regarding their messaging & marketing strategies. It is likely that they have yet to employ any major marketing strategies but I did find some useful information regarding their goals. Boost's message to Insurtech companies is that they provide them with support in performing 100% of the back end function, whereas they communicate to re-insurers that they can help them keep up in the fast moving environment.
Sources
Sources