THANK YOU FOR SUBSCRIBING
Insurance CIO Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Insurance CIO Outlook
Insurance as a concept is as old as human existence, but when it comes to understanding its many intricacies, we have probably just started scratching the surface. Industry stalwart Robin Gilthorpe hints that insurance was initially introduced as a cooperative endeavor to eradicate risks and secure lives when danger/disaster strikes. However, over the years, the idea has metamorphosed itself into a complex entity creating unnecessary cynicism amongst customers.
Gilthorpe explains with an example—when a consumer visits a showroom to purchase a car, he is immediately faced with a query by the dealer to derive insurance quotes for their vehicle. While the process is intended to project the exact pricing based on current costs and taxes, often the customer realizes it was nothing more than a click-bait, where the initial quote is a far cry from the final costs. “This creates a credibility gap that punctures the long-standing economic structure,” remarks Gilthorpe.
Salty Dot Insurance Agency (Salty) is changing this narrative by streamlining the front-end/back-end of insurance processes that brings transparency and lets customers change the ratio of cost-to-value and check the pricing of perceived value in realtime. “Our unique Embedded Insurance® platform is the easiest way to get a custom-built policy right when consumers need it most. We provide a seamless experience driven by artificial intelligence and machine learning,” says Gilthorpe, Chief Customer Officer, Salty.
At heart, Salty utilizes its sophisticated technology elements to create differentiated capabilities for its customers. The company banks on the data emanated through the premium digital technologies to bring a significant advantage in the traditional insurance approach. For instance, Salty’s embedded insurance brings benefits at a strategic level. It eliminates dependency on advertising/marketing collaterals and thereby makes insurance highly affordable.
True to its name, Salty speaks of the level of permanency and consistency that it adds to the customer’s value proposition and subsequently transforms the insurance space. As a highgrowth insurance technology company, it generates an endto- end customer experience at the behest of its state-of-the-art embedded insurance approach. Gilthorpe claims owing to their traditional frameworks, the majority of the customers face innumerous bottlenecks in their insurance pathways. They have a tough time accessing the correct data at the apt time to ensure a seamless experience. Embedded Insurance is the answer to all such confusions that diminish big chunks of back-end costs and lowers the affinity towards the risk pool. In short, going embedded is the key to address all related disciplines of the insurance labyrinth.
Salty overviews insurance challenges from a customer’s perspective. This allows the company to curate solutions that work perfectly to mitigate the underlying problem and reinforce the Customer Satisfaction Index. To that end, it partners with eminent auto-dealers and similar groups that equip Salty to design a single quote that reduces the number of link decisions a customer needs to make and assures high conversion rates. In short, Salty works towards bringing favorable economics for the participants.
Currently, Salty is banking on its already-existing dynamic digital work structures to sail through the pandemic-induced storm. Being a distributed organization, the Utah-based firm is even bringing disruptive value to its customers by capitalizing on its robust and underlying rationale of the business model. With its present focus on the wheels market, Salty is gearing up to pilot into other market domains. Through its embedded insurance outlook, the company even anticipates growing its carrier portfolio and bolstering the efforts of the incumbents dwelling in the insurance market in the days to come. “We aim to incentivize the insurance market, improve the risk insulation, and broaden the scope of social welfare by applying the tenets of embedded insurance,” concludes Gilthorpe.
|
Share this Article:
Tweet
|
Company
Salty Dot Insurance Agency
Headquarters
Salt Lake City, Utah
Management
Robin Gilthorpe, Chief Customer Officer
Description
Salty Dot Insurance Agency streamlines the front-end/back-end of insurance processes that brings transparency and lets customers change ratio of cost-to-value and check pricing of perceived value in real-time. The company’s unique Embedded Insurance® platform is the easiest way to get a custom-built policy right when consumers need it most. It provides a seamless experience driven by artificial intelligence and machine learning. True to its name, Salty speaks of the level of permanency and consistency that it adds to the customer’s value proposition and subsequently transforms the insurance space. As a high-growth insurance technology company, it generates an end-to-end customer experience at the behest of its state-of-the-art embedded insurance approach
