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BOLT Blog

The Power of an InsurTech Partnership

September 06, 2017

In reading recent reports on InsurTech, it was heartening to see the number of insurers that have chosen to gain the market-leading capabilities and tools they need to succeed by partnering with innovators.[i],[ii] Many of the major insurers on the list are seeking differentiation, focused on augmenting their product lineup with a new offering, such as State Farm’s and Allstate’s partnerships with Openbay to provide non-collision auto repair services.[iii] Others are expanding distribution through a new channel such as an app.[iv]

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Internal P&C Insurance Agents Bust into the Digital Realm

August 30, 2017

Angela is an internal agent for a large national insurer. Her job is to meet consumer demand for additional coverage by selling appointed homeowners and pet products to complement the company’s manufactured auto. Despite the fact that the insurance industry has a reputation for being staid, she can say that her job is never dull. Just think about the customer who was transferred to her yesterday. He had the standard home and auto with her company, but was looking for a policy to cover his exotic pet, a parrot who mimicked him in the background of their call.

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Consider These Five Things When Partnering with an InsurTech

August 23, 2017

BOLT is the original InsurTech innovator. We have been working with insurers since 2000, and I am often asked about the new startups entering the market and how traditional insurers can compete. The first thing I usually want people to understand is that not all InsurTech is intent on disrupting the market. BOLT, for instance, is what we like to call an InsurTech innovator. Our goal is to partner with existing insurers and help them find answers to the contemporary challenges they face. This explanation naturally leads to the next question I’m frequently asked: What should insurers look for when seeking an InsurTech partner?

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Product Development in the Age of the New Consumer

August 16, 2017

Beth is a product manager at a large insurer offering auto and home coverage. It used to be that there was little to differentiate her products from those of her competitors. As a result, consumers selected coverage based primarily on cost, and she was under pressure to continuously evolve a more competitively-priced product. But there is only so much skin you can shave off an apple and Beth had already reached the core. It was time to try something new.

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What Traditional Insurers Can Teach InsurTech Disruptors

August 09, 2017

If InsurTech disruptors have one thing going for them, it’s their digital savvy. 

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Why InsurTech Disruptors Won’t Be Taking Over the Industry

August 02, 2017

In a previous blog, we outlined the difference between InsurTech disruptors and InsurTech innovators. Innovators are those helpful folks who want to assist you in meeting the challenges of the current and future market. Disruptors? Well, they just want to take your market share.

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Top 5 U.S. P&C Insurer Proves That It’s All About the Customer Journey

July 26, 2017

According to McKinsey, customer satisfaction with your company has more to do with the end-to-end experience than individual touchpoints.[i] This is important to understand, because we tend to evaluate business performance based on distinct metrics, such as call handle times, quote starts or quote conversions.

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P&C Insurers’, Come Out of The Dark Age

July 19, 2017

P&C insurers spend as much as 30% of the cost of the product on distribution.[i] That’s a hefty price to pay to get your offerings to consumers, only to have them be dissatisfied with the experience. As consumers demand more convenient options for purchasing insurance, leading P&C insurers have found a way to reduce costs and improve the ease of the buying experience by digitizing manual processes.

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Dispelling P&C CEOs’ Fears of InsurTech: It’s all About Product Bundling

July 12, 2017

You know the InsurTech movement is gathering momentum and making an impact when PwC dedicates an entire research study to it. In a survey of over 189 insurance CEOs and other top executives, they discovered that 56% believe they are at risk for losing market share to aggressive InsurTech disruptors.[i]

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From Geckos to Good Neighbors, You Need Digital to Succeed

July 05, 2017

From geckos to good neighbors, helpful dogs and the unexpected, insurers employ large advertising budgets to ensure that their brand becomes a household name, but what happens from the time a customer enters your door (whether virtual or through an agent) and the moment they receive a quote will play a bigger role on whether they make a purchase than the marketing tactics you employ. If you’re bogged down by product silos created by disconnected back-office systems and a lack of automation, you could be losing 36% of the customers coming to your door.

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