New BOLT® Solutions, Inc. Survey Finds P&C Insurance Carriers Aware of Need to Improve Digital Distribution Strategies but Unprepared to Do SoAugust 25 2016
NEW YORK (August 25, 2016) – 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 have been affected by, and adapted to, shifting consumer demands. With respondents including top staff from leading P&C insurers nationwide, the survey uncovers that the industry feels it may be ill equipped to make the changes necessary to drive it forward.
Strong consumer trends for ease of access and more customer-focused service are driving insurers to meet evolving market expectations. Consumers prefer online shopping, yet also want the option to speak to a representative during the process. Fifty percent of consumers prefer this hybrid method of both digital and personal interaction. Today’s consumer expects immediate answers and results, and the insurance industry has responded slower than other industries, such as Amazon and iTunes, but is now beginning to plan for the reality of the digital world.
The survey found that the majority of carriers are aware of the changes they need to make, especially to their digital distribution strategies, to better engage and satisfy customers. Still, many carriers are not prepared to implement the tools and services required to respond to the market transformation.
- 90% of respondents believe consumer online shopping and buying behaviors have led the P&C insurance industry to transform its distribution strategies.
- 21% believe a digital distribution strategy is very important and 32.89% somewhat important.
- 20% of respondents believe a comprehensive digital distribution strategy that fully satisfies their consumers’ needs is very important; however, just over half (54.17%) are only somewhat equipped to do so.
- 40% of respondents have not selected a tool or service to support their digital distribution strategies.
- 95% of respondents believe insurers need a holistic approach to their digital distribution strategy; however, nearly 70% believe their company is only somewhat or not very equipped to implement this approach.
“The P&C insurance industry is at a crossroads. It must innovate, yet many insurers don’t feel equipped to respond to the evolving consumer shopping preferences and buying expectations that are driving industry transformation,” said Kathleen Garlasco, senior vice president, Enterprise Marketing, BOLT Solutions. “Insurers are looking for tools with inherent analytics capabilities that seamlessly connect to back-office systems and offer the product choice necessary to drive customer acquisition, retention, satisfaction and wallet share.”
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).
Dreischmeier, Ralf, Jean-Christophe Gard, Michael Nddam, and Alpesh Shah. A Roadmap for Winning as Insurance Goes Digital. Rep. BCG Perspectives, 27 Oct. 2014. Web. 6 Apr. 2016.