Bolt Cover offers product protection insurance wherever insurable products are sold, first focusing on the long tail of UK online retail and then beyond.

Bolt Cover partners with retailers, manufacturers and other SMEs to distribute embedded insurance, either as an add-on or fully embedded into the product, both online or in store. Bolt Cover aim to become the UK’s leader in embedded insurance across all insurable categories, re-building trust in insurance and continuing to unlock value for UK SMEs to capitalise upon the growing product protection market.

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Bolt Cover’s research has shown that £93bn worth of insurable goods are sold every year in the UK, equating to 1/4 of total retail sales. Whereby around 75% of all insurable products are uninsured, and these often end up in landfill rather than being repaired or resold. Their research has shown that product protection insurance is largely offered by large retailers, with the likes of Currys, Apple and Amazon turning over £1.2bn in insurance revenue but with approximately 13,500 UK SME retailers (of 50+ employees,) unable to offer product protection to consumers without losing money.

Bolt Cover aims to revolutionize product protection by helping retailers and manufacturers to embed insurance at the point of sale. Product protection enables consumers to add insurance to their online or in-store purchases easily and conveniently, giving them peace of mind and increasing product conversion, as stated by Extend.com, 2024. Retailers and manufacturers can offer product protection to their customers, helping to open up new revenue streams, keeping customers in their ecosystem via claims repair, and Bolt Cover has seen an increase of their revenue by 1-5%. The solution also helps them boost customer satisfaction and loyalty, as well as reduce returns, repairs and customer service costs. For manufacturers, Bolt Cover offers customer insights to help them better understand the purchasing behaviour of their clients, improve their product and service, as well as enhance their marketing efforts. By utilizing Bolt Cover, both retailers and manufacturers can extend the life of their products while giving their customers peace of mind at the point of purchase.

Bolt Cover can be quickly installed online, in-store, or alongside products via QR code. Bolt Cover embeds product protection for consumers and businesses at the point of sale or soon after, charging a 20%-27% margin, and insurers underwrite the risk for 50-55% of the revenue. For online stores, retailers can choose Bolt Cover’s fast set up and integration with full free technical support. For setting up in-store, Bolt Cover offers rapid setup with free and secure access, as well as a short training videos and access to helpful guides. Online and in-store set ups also allow retailers to get full reporting of their earnings and their customers’ policies, with retailers keeping a percentage of all premiums. Bolt Cover works with manufacturers to distribute insurance via co-branded marketing materials included with every product shipped to the UK. As an add-on offering, Bolt Cover enables manufacturers to include QR codes for product protection in their packaging and allow their customers to buy product protection when they unwrap items at home. Manufacturers keep a percentage of all policy sales, subscriptions and renewals. Shoppers can add Bolt Cover’s product protection via its retail or manufacturer partners and get instant pricing for what they are about to buy. After selecting a policy, the buyer receives their policy documents via email, with easy access also available in the Bolt Cover platform. For claims handling, Bolt Cover selects the best-rated claims administrators in each product category with a requirement for repair-first and tech-enabled claims partners.

Bolt Cover can unlock opportunities for any business to capitalise on the growing product protection market. Bolt is initially focusing on the UK with aims to offer product protection wherever insurable products are sold. With embedded insurance growing at 25% CAGR through 2030 (Munich Re, 2023), Bolt Cover’s next target is expanding in Europe. According to Statista, 26% of UK retail sales are online (74% are in-store).

Within this beachhead market, Bolt Cover’s research identified a global TAM worth $24.9bn (Global EU target categories, 20% Bolt Cover margin), a SAM worth $3.7bn (15% of global UK GTM categories), and a SOM worth $408m (15% of UK GTM Categories, with £21.5m (£16.7m) as for Bolt Cover’s its five-year business plan goal. To reach relevant end customers, Bolt Cover is partnering with retailers, manufacturers and other non-insurance companies.

Bolt Cover’s strategy is to offer cover for various items, such as furniture, bikes, eyewear, electronics, home appliances, jewellery and watches, travel, events, pets, fine art and collectibles, with two categories launched so far and four more planned within 2024. Bolt Cover’s competitive landscape includes the likes of international organisations like Extend, Clyde, Qover, Cover Genius/XCover, (whereby Bolt Cover’s research has shown that they barely trade in the UK, outside of Amazon and Wayfair, or local single-category players such as Laka, Cycleplan, cycleGuard, Staingard etc), plus white-label products direct from insurers to the largest retailers such as Boots Opticians, Currys and others.

Bolt Warranty Ltd (aka Bolt Cover) was incorporated in 2023. Bolt Cover holds a regulatory status, which was completed within the first half of 2023, and in the second half of the year, the company raised £480k pre-seed funding from friends, family and angel investors. The business also secured its first insurance and repair network partners and had its closed beta launch with early adopters. Since launching in 2024, Bolt Cover has added significant projected revenue across its three launch categories and opened up a new home appliances category. As of end June 2024, Bolt Cover has 86 retailers, 17 manufacturers and three insurers committed to its platform, including Shark Ninja, Daals, PretAvoir and Tredz. Bolt Cover’s initial insurance partners are Acasta Europe, Collinson Group and Great American Insurance Group. They have already written ~1000 policies, established 12 online integrations, and have estimated a sales pipeline worth over £1m in Bolt Gross profit once realised.

Jamie Hamer – Co-founder and CEO

Jamie co-founded and exited React News for over £20m. He was also a commercial leader at Procter & Gamble, Southwestern Advantage and Gartner.

Tori Hutchinson – Co-founder and COO

Tori was an account lead at React News. She was also an operations leader at Cirque du Soleil Entertainment Group and the Ambassador Theatre Group.

Rich Smith – Co-founder and CTO

Rich is a serial founder and tech leader with over 20 years of experience in building and marketing high-performance technology. He is also the CEO of Formulate Digital and a managing director at Remarkable Dynamics.

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This page was approved by Kemeny Capital as a financial promotion 2nd December 2024.

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