Selling prescription eyewear in the UK?
Want to boost revenue?
AND increase customer satisfaction?
Trusted by
About the scheme
Offer patients 1-Year Product Protection at checkout to increase conversion, enhance patient value, provide peace of mind, and unlock a new revenue stream.
We’ll repair or replace items that are stolen or damaged accidentally, sourcing any replacements needed from the original retailer - increasing patient satisfaction and reducing the burden on your customer support.
Implementing
Our insurance solutions are delivered to your practice via our secure instore portal, which also includes FAQs and staff training, including mandatory onboarding modules, as well as POS - leaflets, pricing information and posters/banners, as wanted.
Our expert team will support you through the deployment process, so that you’re servicing your patients with the insurance in no time, with minimal disruption to your business operation.
Customer satisfaction
We’re extremely pleased with our engagement with Bolt Cover who have created an excellent route for us to seamlessly offer insurance to our prescription glasses and prescription sunglasses customers. We chose to implement Bolt Cover in both our Maverick & Wolf Optometrists and our flagship website, where the ease of integration with our existing platform has been particularly impressive.
The Bolt Cover team has been incredibly supportive throughout the process, and we look forward to expanding our relationship and making Product Protection a key differentiator for our customers throughout the Fashion Eyewear estate.
Steven Westwood, Head of Sales and Marketing at Fashion Eyewear
Benefits to you
Offering patients protection against perils such as accidental damage and theft at point of sale is shown to:
Enhance customer loyalty and experience
(1) 60% of online shoppers say insurance options offered at checkout would increase odds of making purchase
Add a new source of income and boost conversion, aiding your bottom line
(2) Sitewide conversion rate increase of 11%
(3) protection plan attach rate of up to 40%
Differentiate and raise your brand image in a competitive market
(4) Customers willing to pay +21% when considering product protection for purchases
Extend the useful life of products and promote the circular economy
(5) A 2022 survey showed that 81% expressed that companies should be encouraging people to fix their broken items
You can also service replacements for the wholesale value of the insured item +20% margin.
Cover
This insurance protects an item of eyewear from accidental damage that renders the item beyond use, and theft. The cover also applies for up to 30 days abroad.
Patients with prescription glasses and prescription sunglasses benefit from there being no contribution (excess) payment required toward any claim.
Please note that we can only provide the cover to UK residents and damage in transit, normal wear and tear, and any deliberate harm or neglect, are not covered under the insurance scheme.
Claims
All claims are handled by expert Claims Handlers at Great American Europe Limited.
For valid accidental damage claims, they will liaise directly with your store to assess and repair items, if possible. If not, they will arrange a like-for-like replacement from your practice, or reimburse the patient to the financial value of the item via a voucher for your practice.
Stolen items will require a police incident report and will also be replaced on a like-for-like basis, or customers will be reimbursed to the financial value of the item via a voucher to your store.
Scheme Pricing & Commission
You will retain a percentage of the insurance premium received for each policy you distribute, exclusive of Insurance Premium Tax and administration fees. We’ll bill you monthly for the remaining proportion of the premium collected.
Insurance premiums start at:
£14.99 for prescription glasses
£19.99 for prescription sunglasses
Getting Started
You will need to complete our onboarding form here, which will include KYB screening. We will then issue you with our contract to sign and arrange a kickoff call to ensure integration goes smoothly.
Do you need to be regulated?
Simply put, our ToBA will allow you to “offer or arrange” insurance contracts that are complementary to your products without being subject to regulation by the Financial Conduct Authority (FCA), by utilising the ‘Connected Contracts’ exemption
(see PERG 5.11.13 G & ICOBS 2.6.1R).
Who provides the Insurance
This insurance is underwritten by Great American International Insurance (UK) Limited, which is authorised by the Prudential Regulation Authority (PRA) and regulated by the FCA and the PRA in the United Kingdom (FCA no. 202874).
Bolt Cover, a trading name of Bolt Warranty Limited, is the Policy Administrator and an insurance intermediary authorised and regulated by the Financial Conduct Authority (FCA no. 1018666).
Our Claims Handler for the scheme is Great American Europe Limited who are registered in England under Companies House number 11231739.
References
PYMTS ‘Retail Product Insurance’ study (Jan-2020)
Extend ‘BlendJet’ case study (2021)
Extend ‘The Dufresne Group’ case study (2024)
Cover Genius ‘The Retail Protection Report’ (Jan-2024)
Circular. ‘Making the case for reuse’ (Nov-2022)
All images are for illustration purposes only.