Leading Insurer Case Study
Overview
A prominent national insurer, widely recognized for its comprehensive range of insurance products and commitment to customer satisfaction, faced the challenge of scaling its operations to accommodate increasing market demands. Known for its extensive history and large customer base, the company sought to enhance its service efficiency and expand its agent network, which had become fragmented due to disparate systems. By partnering with bolt, the insurer successfully implemented a unified insurance distribution platform that significantly grew its agent network, increased quoted premiums, and improved its ability to deliver efficient, high-quality service to customers across the nation.
The challenge
Despite its longstanding presence and strong reputation in the industry, the insurer was dealing with operational inefficiencies caused by a fragmented system that spanned across agents, contact centers, and affinity groups. These disjointed systems made it difficult for the company to manage its agent network effectively, limiting its ability to scale operations and meet rising customer expectations for quick, seamless service. To maintain its leadership position in the market, the insurer needed a solution that could consolidate its operations, expand its agent network, and handle a higher volume of daily transactions with enhanced efficiency.
What we delivered
bolt introduced its digital insurance platform, designed to integrate the insurer’s various systems into a cohesive and streamlined operation.
This platform enabled the company to rapidly grow its agent network, expanding from a modest 50 agents in 2017 to over 2,000 agents by 2022.
The platform’s powerful capabilities also allowed the insurer to significantly boost its quoted premiums, adding $4 billion in new premiums since 2021. With the ability to process over 20,000 daily quotes, 365 days a year, the platform provided the scalability necessary to meet growing market demands while maintaining a high standard of customer service.
Results
The impact of the partnership with bolt was profound. The insurer’s agent network expanded more than 40 times in just five years, vastly increasing its market reach and enabling it to serve a broader range of customers more effectively. The enhanced capacity for handling daily quotes not only improved operational efficiency but also strengthened the insurer’s ability to provide timely and accurate service to its clients. The $4 billion increase in quoted premiums underscored the financial success of the transformation, positioning the insurer as a leader in both market expansion and service delivery.
Grew from 50 agents in 2017 to over 2,000 agents by 2022.
Added $4 billion in quoted premiums since 2021.
Handles over 20,000 daily quotes, 365 days a year.
Conclusion
This case study illustrates how bolt’s insurance distribution platform can drive substantial growth and operational efficiency for insurers looking to scale their market presence and improve service capabilities. By unifying fragmented systems, expanding agent networks, and increasing daily transaction volumes, bolt empowered this insurer to meet the challenges of a rapidly evolving market while securing a competitive edge. The success of this partnership highlights the transformative potential of innovative technology in enhancing operations and delivering superior customer experiences.
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2 December 2024