Within one year of its launch in 2020, Singapore-based insurtech company bolttech achieved unicorn status. Series A funding of US$210 million — said to be the highest ever in this sector — lifted its valuation to over US$1 billion. Within two years, the company had a presence in more than 30 countries across the Asia Pacific, Europe and the Americas.

“The vision of bolttech is really quite simple — to connect people with more ways to protect the things they value,” the company’s chief customer and operations officer, Ryan Mascarenhas, told Forbes Magazine. “

In order to deliver this vision, we knew we had to rethink the way the insurance industry traditionally approached customer experience. And that meant developing a greater awareness of our customer needs, making customer journeys easy to navigate and making products and pricing easier to understand.”

Erik Mitisek, founder and president of insurance software company Highwing, agrees the customer experience must improve.

“Insurance is going through digital transformation. Both the driver and the end goal for this evolution is client experience,” he says.

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