Interview with Jamie Hamer

Bolt Cover Co-Founder & CEO

Why did you start Bolt Cover?

There are 13,500 SME retailers and manufacturers in repairable categories

We started Bolt Cover to fill the gap in the consumer product market for a cross-category embedded insurance solution for retailers and manufacturers.

There are 13,500 SME retailers and manufacturers in repairable categories with 50+ employees (Statista, 2023), the vast majority of which have never been given the chance to offer their customers insurance as part of their offering to customers.

Since the largest stores (think Amazon, Currys, John Lewis) are already driving significant profit and customer loyalty through offering insurance, we want to bring that opportunity to every retailer, manufacturer and other non-insurance business.

Why should retailers and manufacturers offer embedded insurance?

Retailers see a ~35% increase in conversion over their first 2 weeks of adding the scheme

There are a number of reasons to do so, not just from adding a supplemental revenue stream, but also through increased customer loyalty, providing claims replacements, and enhanced conversion.

We’ve already seen retailers and manufacturers willing to “fully embed” – ie. Include insurance with every item – with some retailers seeing a ~35% increase in conversion over their first 2 weeks of adding the scheme.

What kind of experience should Bolt Cover customers expect?

We’re creating an exceptional claims experience for each category we launch. Pairing with best in class providers and making the process as swift and transparent as possible. This includes simple and accessible claims (via online, email or phone) , and regular timely updates on claims processing, and efficient repairs or replacements.

For example, our furniture claims handler, Castelan, has over 100 fully-trained furniture technicians on the road, and facilitates over 100,000 household visits in the UK per annum, with over 70% of claims receiving a prompt (i.e. within 5 working days) visit from a technician (Castelan, 2023).

What categories can Bolt Cover help with currently?

Categories you can expect:

Mid-2024:

• Bikes

• Eyewear

• Small home appliances

Current:

• Furniture

What’s next for Bolt Cover?

We aim to launch at least 6 categories this year, with bikes and eyewear firmly in tow, and a vision to cover each of home appliances, electronics, apparel, jewellery and art/collectibles within 2024.

We’re also open to exploring other categories such as events and travel insurance with instore and online retailers.

We’re very excited to make all of this happen with our expanding list of committed partners, both on the insurance and retail sides of the market. Onwards and upwards!