The Boost Insurance Difference
Choosing an embedded insurance partner is an important decision, one that will impact both your business and your customers. So why should you make the decision to partner with Boost? Here are seven big reasons that set us apart.
Why Boost Insurance?
1) We can get you to market in weeks, not years.
The reason we’re an insurance-as-a-service provider, not just an insurance broker, is that we provide you with a lot more than just insurance products. We’ve built the entire system you need to offer insurance, from ongoing compliance resources to licensed claims management to a sophisticated technological back-end. This dramatically reduces the time and effort required to get your insurance offering to market.
Building an insurance business from the ground up is complex, expensive, and takes years to get to market. There are significant compliance, operational, technological, and capital components that are necessary to launch an insurance program, and keep it running successfully. When you partner with Boost to offer insurance, you can skip over all those steps and go straight to bringing a high-quality insurance offering to market. We’ve done the hard work, so you don’t have to.
2) We give you ownership of the customer, the data, and the brand.
There are several strong benefits to offering embedded insurance, like a significant, reliable stream of new recurring revenue, deeper relationships with your customer, and gaining valuable data to help sell them more products or services–but you can only experience the full benefits if your company owns the relationship and the data.
With Boost Insurance, you’re white-labeling Boost’s products with your own brand and the entire insurance purchasing experience is integrated directly into your website or app. This gives you full control over your brand, customer experience, and data. At the end of the day, it’s your customer. You should be the one in control.
3) We provide a modern, all-digital insurance experience, across the entire policy lifecycle.
We live in the digital age, where consumers expect a certain standard for purchasing experiences. Your customers want a fast, convenient, seamless purchase process, with products that fit their needs. Traditional insurers often can’t meet those expectations, but the Boost digital insurance platform makes it easy for your brand to deliver.
With Boost Insurance, your customers can manage their entire policy lifecycle from your site or app. They can purchase insurance right at point of sale, choose their insurance coverage options, receive a quote, purchase their policy, and download their policy documents, all within minutes, and without leaving your digital property. If they want to make changes to their policy or handle tasks like renewals, they can manage that from your digital insurance experience as well. It’s convenient, simple, and makes it easy for them to buy more from you.
4) We’re authorized by our carrier partners to manage the full policy lifecycle.
We’re able to provide a seamless experience throughout the policy lifecycle, and not just because we have a great insurance technology platform (though we have that too!). Legally, all insurance policies must be backed by a licensed carrier. That means that in order to complete each part of an insurance transaction, your embedded insurance partner will need to have a carrier’s permission to manage it on their behalf.
Not only is Boost a Managing General Agency (MGA), we’re also authorized by our carrier partners to handle all parts of the insurance transaction. We have the authority to underwrite, issue, rate, quote, bind, endorse, renew, update insurance policies, and manage the entire lifecycle of the policy. This means we can deliver your customers that seamless experience, with full legal compliance.
5) We build and own our insurance products, and we can create new ones.
Boost white-label insurance products are highly customizable, giving you unmatched flexibility to create the right packages and offers for your customers. How? Because we create them ourselves.
Boost’s products are built in-house by our team of insurance, compliance, and technology experts, and are designed for modular customization (which we’re able to do because we’re an MGA). This allows us to give you the ability to choose the right offering for your specific customer, including coverage packages, endorsements, price points, and more. Traditional insurance products usually don’t allow for much customization, so if a potential embedded insurance partner is simply offering you someone else’s product, you likely won’t be able to tailor it for your market.
Besides flexibility in our existing products, we also have the expertise and in-house team to be able to create new ones. We are always evaluating consumer needs and the insurance market to look for opportunities to create new insurance products that previously have not existed. One example is cryptocurrency insurance for retail wallet holders, which we launched in Q1 2022. Our crypto wallet insurance is the first insurance product of its kind, and Boost built it from the ground up.
Creating new insurance products is usually a long, arduous process, with many compliance steps and significant buy-in required from carrier partners. Boost already has all these pieces in place, allowing us to keep on creating innovative, flexible products for you to offer your customers.
We currently provide a suite of products for both personal lines (including crypto and pet health insurance), and commercial lines (including cyber, management liability, and parental leave insurance), and the list is always growing.
6) We’re insurance experts (so you don’t have to be).
Insurance is complicated. If you’re new to the field, it can feel downright overwhelming. That’s why Boost’s team of experts is there to help you every step of the way.
We can help you navigate everything from licensing to policy management to marketing insurance, and everything in between. It may sound cliche, but when we say we’re your partner, we mean it. Launching your insurance offering is only the beginning, and we’re in this with you for the long haul.
7) Our policies are backed by top-rated global insurance organizations.
When you offer your customers insurance protection, you want to be certain that that protection is rock solid. With Boost, you can get peace of mind knowing our products are backed by some of the world’s leading financial organizations.
Our capital partners are A-rated by agencies like A.M. Best and Demotech, meaning they’re considered among the best for financial strength and ability to pay our customer claims, and they have balance sheets in the billions. And we’re not resting on our laurels - Boost is constantly growing our pool of partners, as well as our overall capacity. As your business grows, you can be confident we’ll be able to grow with you.
Ready to Get Started with Boost Insurance?
Want to learn more about how Boost can help you grow meaningful revenue with embedded insurance? Contact us, or dive into building your insurance program with Launchpad.