(Image source: BOLT homepage.)
BOLT Solutions, Inc. (New York) provider of an online distribution and customer support platform to the property/casualty insurance industry, has struck a partnership with LexisNexis Risk Solutions (New York), a provider of data and analytic solutions, aimed at simplifying and expediting the consumer and agent quotes process and improving quote-to-completion rates. The BOLT Platform supports more than 75,000 sales professionals, offers over 5,500 product integrations across 50 states and has $1.4B in annual premium flowing through the system.
BOLT reports that it will deploy solutions from LexisNexis such as LexisNexis Data Prefill, which provides consumers’ driver’s license numbers, VINs and other information, to more easily fill-in information on the BOLT Platform’s online automobile insurance application and improve the customer experience.
“Our goal is to provide industry-leading data and analytics to increase the speed and efficiency of the online quote process,” comments Bill Madison, CEO, Insurance at LexisNexis Risk Solutions. “Working with an innovator like BOLT, we can provide the ease and convenience consumers are looking for when purchasing personal and business insurance coverage.”
Increasing Quote-to-Completion Rates
Commenting on the rationale of the partnership, a BOLT statement notes that while most consumers shopping for auto coverage use direct to consumer (D2C) channels for quoting, only a small percentage of those quotes turn into new business. “Streamlining the quote-to-issuance process with application pre-fill capabilities will help to increase quote-to-completion rates and drive business opportunities,” the statement says.
“Leveraging LexisNexis’ solutions will streamline the quote-to-issuance process to meet the needs of customers simply and quickly,” comments Eric Gewirtzman, BOLT CEO. “The BOLT platform brings innovation and efficiency to the P&C insurance industry and this relationship is another step that is transforming the industry.”