BOLT® Solutions, Inc. Survey Finds P&C Insurance Carriers Know the Importance of Innovation, but the Path to Get There Isn’t as ClearSeptember 26 2017
NEW YORK (September 26, 2017) – BOLT® Solutions, Inc. (www.boltinc.com), the leading digital distribution platform for the property and casualty (P&C) insurance industry, recently conducted research on how different P&C insurers are addressing innovation. With respondents including top staff from leading P&C insurers nationwide, the survey uncovers that there is significant pressure from consumers to innovate, but there is no clear strategy on how to do so.
“The P&C insurance industry certainly feels the pressure to innovate. Carriers know they must implement digital channels of engagement and are taking the initial steps to do so, but are hindered by legacy systems,” said Kathleen Garlasco, senior vice president, enterprise marketing, BOLT Solutions. “Insurers are struggling to find ways to seamlessly connect to back-office systems and offer the digital engagement customers desire.”
Overwhelmingly, carriers believe mobile technology, social connectivity, and digital distribution capabilities are the most important factors to organizational growth. Insurers are increasingly feeling the pressure from consumers expecting a digital experience when purchasing insurance, however, outdated legacy systems are presenting a major obstacle in implementing digital technologies to take business to the next level.
While the majority of respondents said they are building solutions in-house to meet the digital demand, over 77% were only somewhat satisfied or not satisfied with their approach. With the demand for digital capabilities rising and a dissatisfaction among many insurers with an in-house solution, 93% of respondents said they are very likely or somewhat likely to adopt a digital distribution platform that leverages existing IT infrastructure.
- 73% of respondents have seen demand from consumers for digital engagement capabilities.
- 68% of respondents view digital distribution capabilities as most important to their organizations future growth.
- 42% of those surveyed indicated they are building an in-house solution to missing digital capabilities.
- 93% of those surveyed responded “very likely/somewhat likely” when asked about the opportunity to adopt an existing digital distribution platform.
The survey found that the majority of carriers understand the importance of innovation to company growth and consumer satisfaction and have adopted strategies to implement digital channels of engagement but still have a long way to go before becoming digitally proficient.
About BOLT Solutions Inc.
BOLT® Solutions, Inc. (www.boltinc.com), 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 small 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 small business owners, The BOLT Platform delivers the optimized solutions, and ideal experience customers expect today. BOLT is an Actua company (Nasdaq: ACTA).