New BOLT® Solutions Survey Finds P&C Insurers’ Core Systems an Obstacle to Achieving Digital Goals

February 01, 2017

NEW YORK (February 1, 2017) – BOLT® Solutions, Inc. (, the leading digital distribution platform for the property and casualty (P&C) insurance industry, recently conducted research on the impact core systems have on P&C insurers’ ability to offer digital shopping and purchasing options to their customers. With respondents including top staff from over 60 leading P&C carriers nationwide, the survey uncovered that the industry feels it is essential to implement digital capabilities, but core systems are hindering progress.

“Consumers are demanding digital capabilities to research and purchase insurance direct from carriers, but insurers continue to struggle to offer these capabilities,” said Eric Gewirtzman, CEO of BOLT Solutions. “For insurers to continue to grow and retain existing customers, they need a digital distribution platform with a rich market network that seamlessly connects to current back-office systems." This positions insurers to leverage investments in existing systems as they prepare to replace core systems, while offering consumers the digital experience they expect. It also provides carriers with access to a rich market network of products they can bundle with their own without taking on additional risk. All of this is possible without ripping out and replacing core systems.

Key Takeaways

  • 88% of respondents have seen demand from consumers and customers for digital engagement capabilities.
  • 82% of respondents are not confident in their legacy systems’ ability to support the introduction of digital channels to market and sell their products, resulting in a shocking number of insurers in need of a solution to bring them into the digital age.
  • 73% of respondents are actively researching ways to overcome the hurdles that prevent them from implementing digital capabilities and a third-party digital distribution platform was reported to be a common solution.
  • 41% of respondents implemented a completely new system rather than a third-party distribution platform, but a whopping 62% of those reported they were only somewhat satisfied.
  • 53% of respondents are interested in a digital distribution solution that offers the ability to participate in a market network where they can bundle their products with those from other insurers to meet more of their customer’s needs, without taking on additional risk.

The survey found that the majority of carriers’ core systems are more than 10 years old and insurers are not confident the systems, as they stand, are equipped to transition their company to meet consumer demands for digital engagement. However, carriers are actively pursuing options to offer digital capabilities while overcoming legacy hurdles. A third-party digital distribution platform, such as The BOLT Platform, is among the top options.

The BOLT Platform brings carriers into the digital age and positions them for exponential growth, enabling a seamless transition to digital engagement by leveraging existing systems. Carriers using the platform can realize a 24% increase in market share over five years, sell 1.4 more of their own products for every bundled solution, grow revenue by 14%, and increase customer retention by 12%.

“It’s adapt or be left behind in the P&C insurance industry today. Carriers must offer digital capabilities, yet many incumbents aren’t aware that their existing legacy systems are an important building block to help them transition to the digital age,” said Kathleen Garlasco, senior vice president, enterprise marketing, BOLT Solutions. “The BOLT Platform seamlessly connects to existing back-office systems and allows insurers to quickly offer the digital engagement customers desire.”

Survey Statistics

The 103 respondents included key staff from 63 U.S. property and casualty insurance carriers.

About BOLT Solutions Inc.

BOLT® Solutions, Inc. (, the leading provider of digital distribution solutions to the P&C insurance industry, is helping insurers transform the way they sell and market their products to consumers and business owners. Compatible with existing infrastructure, The BOLT PlatformTM provides a single interface that connects seamlessly with back-office systems and improves carrier reach through a vast market network of new products. Insurers gain the ability to bundle their offerings with those from other carriers, positioning them to meet all of the customer's needs without taking on additional risk. Designed to connect carriers and their agents directly to consumers and business owners, The BOLT Platform delivers the optimized solutions, and ideal experience customers expect today. BOLT is an Actua company (Nasdaq: ACTA).


Michelle Lyng

Novitas Communications


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