BOLT Insurance Agency: Changing the Small Commercial Insurance Service Paradigm

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18 April 2011
Michael Fitzgerald

Abstract

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.

Insight details

Content Type
Reports
Location
North America
Special Interest
Innovation & Emerging Technology