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BOLT Solutions: The Answer To Consumer Demand For Channel And Product Choice

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The property and casualty insurance industry has witnessed rapid change in recent years. To remain relevant and grow, insurers need to offer consumers channel and product choice. BOLT Solutions does both, delivering a digital distribution platform with a tightly integrated market network of personal and commercial insurance products. The platform seamlessly connects to insurers’ back office systems, so they can rapidly sell and market their products and bundle offerings from other carriers with their own. By meeting consumer demand for multiple engagement channels and a robust product selection, insurers can always say yes to the customer. Below is our interview with Kathleen Garlasco, SVP, Enterprise Marketing at BOLT Solutions Inc.:

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Q: Kathleen, what is unique about BOLT Solutions and how does it stand out from the competition?

A: As one of the first InsurTech solution providers, BOLT has developed the leading digital distribution platform for the property and casualty (P&C) insurance industry. What sets BOLT apart from other InsurTech providers is our track record of helping insurers address industry challenges and evolving customer needs through a technology agnostic platform that includes a tightly integrated market network of both personal and commercial product options.

Q: Why is that important to insurers in today’s age?

A: Insurers today need to rapidly evolve into top-tier digital providers. They’re behind other industries in meeting consumer expectations for fast, personalized service, but face multiple challenges in overhauling or updating existing legacy systems. The BOLT platform works seamlessly with insurers’ existing technology as well as new systems to deliver omni-channel engagement options, auto-quoting, -binding, and -issuance, and a host of other capabilities across an expanded selection of products.

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Q: You mentioned the BOLT market network. Can you explain how that comes into play?

A: BOLT’s market network is tightly integrated into the BOLT Platform. Say an insurer has a consumer who wants to bundle home, auto, and business insurance, but the insurer only offers home and auto. Through the market network, that insurer can bundle the home and auto they carry, with commercial insurance from another carrier. They maintain the customer, but take on no additional underwriting risk.

Q: That’s a pretty innovative idea, but how often do insurers have the opportunity to bundle products from another carrier?

A: Nearly 80% of consumers say they want to bundle coverage, but price is usually a determining factor in a customer’s decision to purchase or renew a policy. Often, a customer will keep a coverage type, say home, with the existing insurer, but change to another for the auto because the price is better. With access to the market network, insurers never have to turn a customer away, regardless of the type of coverage or price point they are seeking. The benefits are tremendous, with insurers saying they sell 1.4 more of their own products for every bundled solution sold and realize a 24% increase in revenue over five years.

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Q: You’ve recently launched version 8.0 of your platform; tell us something more.

A: We launched BOLT 8.0 to enhance support for our clients and to provide a solution that meets their needs no matter where they are on their digital distribution journey. The BOLT Platform™ is now available in two versions, BOLT ENTERPRISE and BOLT PREMIER. BOLT ENTERPRISE merges supreme digital capabilities with the insurer’s 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. Insurers realize industry-leading growth while enhancing their digital brand. BOLT PREMIER offers the same fast efficient digital capabilities, with access to a prequalified selection of products from the market network that will best meet the insurer’s market needs.

Q: What geographic markets are you focusing on currently?

A: While BOLT has offices in New York, Austin, Connecticut, Florida, and Tel Aviv, BOLT is focused on providing solutions to property and casualty insurers in the U.S. market.

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Q: How has demand been for the BOLT Platform and what are your plans for the future?

A: The use of the BOLT Platform over the past year has skyrocketed. For example, annualized opportunities flowing through the platform were up to 4.1 million in 2016, compared to 1.9 million in 2015. Carrier connections also grew last year to 5,557, up from 4,900 in 2015. Lastly, users on the platform increased from 50,000 in 2015 to 75,000 in 2016. We ended 2016 with both strong revenue growth and market momentum, remaining focused on our goal to enable insurers to successfully deliver a fast, efficient, one-stop buying experience. BOLT remains committed to providing the digital capabilities and product choice that incumbent insurers require to thrive.

Q: You mentioned that you are an early InsurTech. What insights do you have to share on the current InsurTech invasion?

A: Since BOLT’s founding in 2000, we’ve learned what it takes for an InsurTech to be successful and grow in the evolving insurance market. A lot of this is because our founders, Eric Gewirtzman and Ari Katz, came into the game with insurance experience themselves. They weren’t coming in solely as technology operators, but with industry-backed knowledge. Given the highly-regulated space of P&C insurance, this is a critical attribute of a startup’s success.

Today, InsurTech disruptors have entered the market and caused a lot of commotion. They are set up from inception to offer customer-preferred digital channels and some novel offerings. Many incumbent insurers may not be equipped to deliver the same customer experience, but disruptors, on the other hand, lack the extensive industry experience of the established players.

BOLT is an InsurTech innovator committed to partnering with P&C incumbents to turn industry disruption into strategic advantage. We give incumbents the same power of disruptors through digitization and product choice. In turn, insurance companies, once considered to be late adopters, now have all the tools they need to evolve with the rapidly changing expectations of the insurance consumer. We recognize the native advantages of existing insurers and build on their inherent strengths.

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