Boost Insurance Overview
Boost is a B2B insuretech platform that relies on API technology in order to provide infrastructure for innovative insurance products.
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.
-Next-level data analytics capabilities and AI:
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.
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.