Agent Distribution Transformation

BOLT for Agent Distribution Transformation

The BOLT ecosystem provides the Captive Agent the ability to proactively offer and sell their own products, with bundled products from other carriers, to ultimately maximize customer solution ownership.

Challenges like limited products, limited competitiveness, state availability, and overall profitability are all solvable through BOLT Solutions.

Captive Field Force Company Challenges

  • Typically, their agents can only offer their own carriers’ productsThis can lead to agent dissatisfaction due to limited appetite at the carrier level and usually limited product set (PL only, etc.) Agents will invest a lot of time prospecting and have limited quoting/coverage ability – typically less than 35% of the time they can quote the risk.
  • If they do have an internal agency to offer other carrier products, they typically have a less than ideal processMany times the agent will have to submit the risk to their internal agency and must wait days to receive alternative carrier options resulting in a less than ideal agent and customer experience.
  • Agent attrition can be an issue due to the lack of product breadth and appetiteMany compensation plans require the ability to quote and convert prospects to achieve growth and bonus targets. Without options in a territory or channel, agents will move on.
  • Higher acquisitions costs per policyDue to being able to offer a quote only 30% of the time, marketing must drive a lot of activity at the top of the funnel. This results in higher acquisition costs.
  • Channel expansion challengesAgents can get lost in digital expansion or even an omnichannel rollout. Agents lose visibility of customers as they move from one channel to another and they can also lose motivation to participate in across-channel processes. This can be termed as channel conflict.

We’re here to help.

BOLT's Value Proposition for Field AgentsOur digital distribution platform provides the ability for agents to quote your products first - then offer other carriers' products.

Agent Distribution Transformation

Improved sales & service efficiency

by leveraging a single platform that provides an end to end process to gather customer data, offer yours and other carrier options, and facilitates the bind process, service the policy the result is a much more streamlined sales process and timeliness to issue a policy.

Agent Distribution Transformation

Increased agent satisfaction

with more products to offer your agents will be able to provide the right coverage to their customers.

Agent Distribution Transformation

Increased sale of your products

by offering a choice, brand loyalty will lead to more of your own products sold. The agent will be able to be a trusted advisor and show other options to the customer – building trust in the agent and your brand.

Agent Distribution Transformation

Improved customer retention

a customer who does not have to go to a competitor for coverages you do not currently provide is much more likely to be a long term customer.

Agent Distribution Transformation

Enhanced customer satisfaction

a customer is coming to you because of your brand – if you can provide them the shopping and buying experience they expect – they will be much happier.

Case Study: Captive Agent Field Force with Retention Problems

Agent Distribution Transformation

Overview & Challenges

  • Low agent retention
  • Single carrier preferred product
  • Disparate systems for omnichannel: agents, contact center, affinity groups
Agent Distribution Transformation

Solution

  • Program Fast Start launched in 60 days leveraging BOLT tech, people, and markets
  • BOLT enabled solution bundled products from other insurers with their own while seamlessly connecting with existing technology
  • The launch included integration with existing quoting systems to eliminate duplication of data entry as a waterfall
Agent Distribution Transformation

Results

  • Field Agent satisfaction immediately increased in a material way and retention significantly improved
  • The customer wrote $70mm in written premiums in the first ten months
  • Due to success in the “field”, they decided to expand into CW Contact Center and Affinity Operations

TODAY

  • Fastest growing agency in the country
  • Will pass the $200M in premium threshold within their first three years
  • Deployed into call center with more than 400 call center agents added
  • 1.4 more of their own products sold for every bundled solution
  • Field agent force transformed into a trusted advisor role

Enabling Choice Model Digital Distribution

Agent Distribution Transformation

“The future of commerce is going to be multiple suppliers, enabled by technology, partnering together to bundle products, while proactively solving the greater problem for customers.”

-Gartner