BOLT Insurance Agency: Changing the Small Commercial Insurance Service Paradigm
BOLT Insurance Agency is a startup focusing exclusively on small commercial businesses. The company combines technology from its parent company, SeaPass, product from its insurance company partners, process in its centralized call center, and marketing from affinity relationships to provide solutions to this segment on a national basis.
A new report, BOLT Insurance Agency: Changing the Small Commercial Insurance Service Paradigm, details the business case for the company’s formation, the unique aspects of its approach, and its future plans.
Key lessons from the study include:
- Small business owners are an underserved, underinsured market. Subsequent experience has verified this finding and tapped a new market.
- The needs of this customer group require a delivery model that is both high tech and high touch. Numerous adjustments to the traditional agency approach are required to reach the cost and scale needed to deliver high quality services that larger businesses are accustomed to at an acceptable cost.
“The P&C market has been searching for the most economical and effective delivery model for the small commercial market for some time,” says Mike Fitzgerald, Senior Analyst with Celent’s Insurance Group and author of the report. “BOLT is an example of the combination of technology, process, and expertise to balance both cost and customer needs.”
This 20-page report contains one table and two figures.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Drivers for Change
Post-Deployment Learnings and Future Plans
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
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