BOLT® Solutions, Inc. SVP of Enterprise Marketing Discusses the Advantages for P&C Insurers that Engage in Universal Market NetworksOctober 11 2016
NEW YORK (October 11, 2016) – BOLT® Solutions, Inc. (www.boltinc.com), the leading digital distribution platform for the property and casualty (P&C) insurance industry, was recently featured in Insurance Technology Association (ITA Pro) publication, employing over two decades of collective experience in the insurance technology space to deliver insight on the advantages of engaging in a universal market network.
Kathleen Garlasco, senior vice president of enterprise marketing for BOLT, discussed how market networks like interior design site, Houzz, are revolutionizing the property and casualty insurance industry.
“The universal market network for insurers creates new options for carriers to sell and market products and for consumers to research and purchase coverage,” said Garlasco. “This universal market network combines on-line channel engagement capabilities with a vast marketplace of products. Consumers can explore options and fulfill a wide variety of coverage needs to protect their investments and assets, while carriers are positioned to meet more of their customers’ needs more often.”
The shopping expectations of today’s consumer has evolved and incumbent insurers are struggling to find solutions. The first step for insurers who want to capitalize on a universal market network is to adopt a digital distribution platform that offers a rich set of P&C insurance products. Carriers that do can expect to see immediate benefits, including: 14% expansion in net premiums, 24% increase in revenue over five years, 12% jump in customer retention, and 8.5% boost in market share.
- Universal market networks operate as one-stop shops, allowing customers to purchase insurance for all of their needs in one transaction. This applies to the of insurance customers who want to consolidate their coverage with a single carrier.
- Bundling in a universal market network allows carriers to drive higher levels of customer satisfaction by fulfilling their complete insurance requirements. When insurers bundle their products with others available through the network, they retain 15 to 20 percent of the policy premium.
- Instead of launching new products, a universal market network allows carriers to leverage products they don’t offer, without additional risk. Customers are provided with the right coverage, while carriers gain invaluable insight on which products may be worthy of consideration for future development.
“It`s time for the insurance industry to reap the rewards of a universal P&C market network to capture greater customer wallet share, increase acquisition rates, and retain more existing clients,” said Garlasco.
To learn more about innovative digital distribution capabilites and how a universal market network positions insurers for success, click here to read the entire article.
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 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).