Eric Gewirtzman - Bolt Solutions
BOLT® Solutions, Inc., the leading provider of digital distribution solutions to the Property and Casualty (P&C) insurance industry, is helping insurers transform the way they sell and market products to consumers and business owners. During a time of digital disruption in the industry, BOLT continues to lead the market as the original InsurTech innovator, enabling P&C insurers to rapidly respond to evolving market trends and grow their businesses.
Customer acquisition and retention are increasingly impacted by consumer demand for personalization. The BOLT PlatformTM empowers insurers with the channels and products they need to create a unique experience for every customer. The platform allows insurers to select products from a robust market network of offerings and bundle them with their own to meet more of their customers’ coverage needs, without underwriting additional risk. Results have been impressive, with insurers selling 1.4 more of their own products for every bundled solution sold. In addition, revenue for some insurers has climbed 24% over five years.
Because the BOLT Platform is technology agnostic, with 5,500 carrier connections, insurers realize immediate business impact by rapidly evolving into comprehensive digital providers. The BOLT Platform works with existing technology to support direct-to-consumer distribution in addition to agents and underwriters. Customer data, the power of analytics, and a vast selection of products are easily-accessed from a single location, working hand-in-hand with automation to speed the quote-to-issue cycle and improve agent efficiency.
To better support its clients no matter where they are on their digital distribution journey, BOLT recently released version 8.0 of the groundbreaking BOLT Platform, available in two options. BOLT ENTERPRISE merges supreme digital capabilities with insurers’ existing channels of engagement, giving them the ability to bundle products from the full market network of offerings. It’s a one-stop shop for insurance as insurers quote, bind, and issue multiple products, even those from other carriers, in a single seamless transaction. BOLT PREMIER offers the same fast efficient digital capabilities, meeting the insurers’ product needs with access to a prequalified selection of offerings from the market network.
Because the BOLT Platform works with existing technology and capabilities to turn insurers into digital and product powerhouses, growth has been explosive. Platform use increased 25% last year as 75,000 users logged in to rapidly quote, bind, and issue a multitude of coverage in a single transaction.
As an early InsurTech innovator, BOLT has led the charge toward innovative and powerful answers to the contemporary challenges insurers face. The BOLT Platform is the only digital distribution solution offering both personal and commercial insurance product lines through a universal market network. As a result, insurers adopting the BOLT Platform are well positioned to meet more of their customers’ needs, more of the time, through their channel of choice. BOLT is an Actua company (Nasdaq: ACTA).
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