NEW YORK (September 21, 2016) – BOLT® Solutions, Inc. (www.boltinc.com), the leading distribution platform to the property and casualty (P&C) insurance industry, recently participated in the Insurance Nexus’ Insurance to Customer (I2C) USA Summit. Featured in the post-event report, Chief Executive Officer, Eric Gewirtzman made note of the increasing demands being placed on insurers.
“The most substantive lesson of the I2C Summit was that fundamental, cultural change needs to take place across the insurance industry if traditional insurers want to survive and thrive in the coming years,” said Gewirtzman. He recognized Amazon as a prime example for insurers to follow.
Amazon’s massive market network provides customers with products from other suppliers when Amazon cannot deliver. According to Gewirtzman, insurers must adopt similar practices if they are going to create the customer centric environment in demand today.
Speaking at the conference, Scott Van Slyck, executive vice president of enterprise sales, participated in a Q&A session with representatives from Aite Group and Foremost Insurance, highlighting Amazon’s approach to meeting customer expectations. According to Van Slyck, Amazon’s success is founded on the market network principle. By uniting a vast group of sellers to participate through their platform, they offer customers a one-stop shopping experience and have set standards for customer service that now pervade all industries.
“Insurers can become the next Amazon,” he said, “But they must transform their services and expand their product selection to better meet the consumers’ evolving needs.”
Adopting comprehensive digital capabilities is the first step in the customer-centric evolution.
By participating in a market network supplied through the BOLT digital distribution platform, many of the top 25 carriers are creating a customer-centric environment by delivering Amazon-style product choice to their customers. According to Gewirtzman, the outcomes have been impressive, including a 14% increase in premiums and a 25% growth in revenue over five years.
About BOLT Solutions, Inc.
Founded in 2000, BOLT® Solutions, Inc. enables property & casualty insurance carriers to offer products and services through direct distribution channels. The BOLT Platform is a Software as a Service (SaaS) offering designed to connect carriers and their agents directly to consumers and deliver the ideal and optimized experience customers expect today. The BOLT Platform is compatible with an insurer’s existing infrastructure, providing a single interface and a seamless process from consumer to back office systems, as well as a rich data set for reporting, analytics, and market and consumer intelligence. For additional information on BOLT Solutions and the BOLT Platform, visit www.boltinc.com.