Bolttech CEO on finding balance in a high-growth stage

PwC: How have you built a company and culture that is successful? 

Schimek: There are a lot of layers to traditional insurance. We use technology and a highly flexible workforce to slice through the inefficiencies. We have made it our mission to help deliver value that insurers, distributors, customers and employees can relate to and use to their advantage. That said, bolttech is not going to be “disrupting” the industry. We think of ourselves as an enabler for all participants in the insurance marketplace. We foster connections and partnerships within the industry by working closely with the insurers and distributors on our platform to make insurance more accessible and ultimately meet more customers’ needs.

We also have worked to stay financially disciplined at all times — not only when the economy turns down and things get difficult. We have stayed focused on using technology in highly strategic ways while avoiding overhiring. For instance, today it’s very possible to work at home — or just about anywhere — with online conferencing and collaboration tools. This has helped us avoid the roller-coaster effect that burdens many new companies as they scale while trying to adapt to dynamic external forces.

PwC: What challenges have you encountered as you move into a high-growth post-startup stage? 

Schimek: One of the first things we recognized is that balance is crucial. You don’t want too many people and you don’t want too few.

We have focused on never losing track of fundamentals. This extends beyond revenues and expenses. It’s critical to track the overall financial picture as well as multidimensional factors that affect financials. 

PwC: With such a dispersed workforce and highly automated technology framework, how do you get in front of issues before they become actual problems? 

Schimek: We are relentless about engagement. We hold regular town halls. This provides teams with exposure to leaders and helps create a more transparent communications framework across groups and countries. We have a presence on three continents — North America, Asia and Europe. So, we often hold more than one town hall — with a slightly different flavor— to accommodate different needs, regions and time zones. But we aren’t just ticking a box. These meetings deliver a meaningful experience as we address various topics that ensure that our teams are working in conducive environments to perform their best. In addition, we have a quarterly check-in with every member of each team to discuss performance and where we are headed. We talk about past performance and where we are going. We tie everything to metrics and incentive compensation, and we conduct surveys and use data to track progress and results.

PwC: As a data-driven company, how do you track key performance indicators and guide decision-making? 

Schimek: We have insight that extends beyond hierarchies and how the company is supposed to work according to the organizational chart. We measure how the company actually functions. We have signal detectors within our network that pick up critical activity and measure it. This includes identifying people who engage in activities that add value. We also find ways to reward contributions and the resulting value. 

PwC: What steps do you take to confirm that you're upskilling employees and that their skills match business requirements? 

Schimek: The broad goal is to help customers unlock value and become more successful. As a result, we have developed a highly agile business ecosystem rather than a collection of business partners we merely interact with. This deeper business and IT integration delivers benefits to everyone. In order to support this approach, we focus on training and upskilling — along with making investments and building leadership commitment. We want to adapt to changing conditions and opportunities faster and better than anyone else in the insurance industry.

PwC: What have you done to retain talent, particularly during the last couple of highly disruptive years? 

Schimek: It is always a challenge to retain talent. One really important thing to remember is that replacing talent can always be a lot more expensive than investing in the talent you already have. So, we put a lot of effort into training, along with recognizing and rewarding people — including through employee recognition and stock. At the same time, we’re always on the hunt to fill missing pieces and we strive to create an attractive culture. Fortunately, employees say they love the fast-paced environment at bolttech and they like being employee owners. By taking this multidimensional approach we’re able to satisfy different personal needs and strengthen the organization. 

PwC: ESG isn’t something normally associated with an insurance exchange. Why has bolttech chosen to focus so heavily on it? 

Schimek: ESG isn’t something only for larger companies to focus on. It’s for everyone — and it can make a difference on a grand scale. The issue is very important for our employees, and this also ties into who we attract and retain. As a result, we look for innovative ways to make this happen. For example, one thing bolttech does is provide protection and insurance for cell phones. We decided that if we are going to provide device protection for phones, maybe we can help with recycling them too. By working with companies we make it easier for our employees and ourselves to reduce e-waste and help the environment.

PwC: How have company values impacted other parts of the business? 

Schimek: Governance, for example, is enormously important. We aspire to become a company that one day has access to the public markets. We can’t start governing ourselves the right way on the day that we get access to the public markets. We have an excellent board of directors, and we work hard to build the right values and controls into our business model. We strive for a higher standard than what’s required. 

PwC: Speaking of going public, how do you view capital markets and the possibility of M&A activity? 

Schimek: There are so many things you have to think about when you consider becoming a public company. This includes governance, reporting, financial strength and establishing a successful track record. Clearly, you don’t want to be forced into going public for the cash. You want to follow a North Star, run the company the right way and make the decision at the right time. Our approach has always focused on agility, flexibility and approaching the public market when it’s an ideal time.