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BOLT Solutions (New York), provider of a digital distribution platform that enables carriers to bundle their products with those of other carriers, has released Version 8.0 in two versions: BOLT ENTERPRISE and BOLT PREMIER, designed for carriers at different stages in their digital distribution journey, according to the vendor.
The BOLT platform offers carriers the ability to integrate traditional and digital distribution capabilities with what the vendor calls a tightly integrated market network of robust product options. With BOLT, insurers can bundle their offerings with those from other carriers to meet consumers’ demand for fast, efficient service by quoting, binding and issuing multiple products in a single transaction. The theory behind BOLT’s offering is that by giving customers access to products a carrier would otherwise not be able to offer, carriers retain control over the customer relationship. As a result, insurers can increase acquisition and retention rates, lower operational costs, and gain greater customer wallet-share, according to the vendor.
The BOLT Platform now connects more than 75,000 insurance sales professionals, over 5,500 product integrations across 50 states, with approximately $1.4B in annual premium flowing through the system, the vendor reports.
“There is a lot of talk of disruption in the insurance industry; our bet is on the incumbents,” comments Eric Gewirtzman, CEO, BOLT Solutions. “They have the market knowledge, customer-base and history of product success. With our platform, they now have the product breadth and digital competence to grow their business. BOLT turns incumbents from the disrupted to the disruptors, creating enormous strategic opportunities.”
Swift Digital Distribution Capabilities
The vendor describes BOLT ENTERPRISE as seamlessly connecting with the back-end systems insurers require to sell and market their products, brings the power of a tightly integrated market network of products to consumers and small businesses in a single transaction. BOLT PREMIER, provides what the vendor characterizes as swift digital distribution capabilities, delivering speed to market and immediate business impact by offering a set of pre-qualified products as well as select product integrations from the BOLT Platform to efficiently expand the offerings presented to customers. A BOLT spokesperson characterizes ENTERPRISE as an all-in option for carriers committed to involving most or all of their lines on the platform and carrier network, and PREMIER as more of a quick-start program for carriers who may want to use the capabilities for a more limited set of products.
“Our platform enhancements and new product offerings have positioned us to meet the needs of all U.S. insurers looking to quickly implement digital channels of engagement and provide customers with product choice,” comments Ari Katz, president, BOLT Solutions. “We’re solidifying our position as an InsurTech innovator dedicated to helping all incumbents outcompete in a rapidly evolving industry.”