Quilt is a insurtech startup in Boston (MA), which has focused its attention on the younger generation who have a leased house.
The company aims to provide a 100% online policy, accessible by mobile devices, in less than 5 minutes, without meeting agents, speaking for hours with call center or reading “legalese” documents: with about one dollar per day you can get your insurance policy for the house and everything inside.
Thus relying completely on customer experience.
This startup has just collected 3.25 million dollars of venture capital investment from some of the main US funds, and at the moment it is possible to sign up for a waiting list via the website; the real product is not available yet.
Indeed, the company will use the funds to launch the platform increasing nationwide.
Blair Baldwin, co-founder and CEO of Quilt (in the photo below), plans to do what all the founders of the insurance tech startups aim at: shake up insurance industry.
” Almost all insurance products are designed to be sold through authorized agents, and there are nearly 300,000 in the US only. This system made sense when it was created, before TurboTax, Amazon and Expedia, but the world has moved on since then. Yet somehow, the insurance industry still works pretty much exactly the same way as 100 years ago.
Of course there will always be cases too complicated to be solved online. Entrepreneurs are benefited to make managing their tax returns to an accountant, and it is better that a group vacation in an exotic place is run by a travel agent who knows the area. The same is true with insurance – there will always be people or situations that need special coverage, and these cases are better managed by an agent, whose expertise on the options and various possibilities is priceless. However for a large segment of the population, this approach may be a waste of time and money”.
Read about Blair Baldwin on the insurance industry in this article.
