Quilt, a Boston-based startup, offers self-service online insurance with a mission to reinvent how people buy and interact insurance.
With a key focus on the Millennial generation, Quilt hopes to engage customers in an entirely digital, mobile-friendly fashion. To achieve this, Quilt has broken down annual premiums into affordable monthly installments, thus negating the need for a telemarketing sales process and enabling online payments.
Key features of Quilt offering include:
With a key focus on the Millennial generation, Quilt hopes to engage them in developing an entirely digital, mobile-friendly insurance experience
Quilt’s launch product is renter’s insurance which it launched in Florida in August 2016, and is designed to protect tenants in the event of lease expiry or contract breach. In the long term, Quilt will also offer digital life insurance policies, which it plans to roll out in 2017. Quilt has raised $3.25 million in seed funding in July 2016 and intends to further expand its offerings once it can validate its customer acquisition model.
With the rise of the mobile first consumer, insurers must place major emphasis on reshaping the customer experience. Quick and real-time engagement will be vital components on this front.
Although, Quilt has just been launched and has a long way to go, it’s interesting to see that it is trying to address the most vexing challenges associated with online distribution – achieving a conversion rate comparable to offline distribution channels, but without the accompanying cost structure.
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