Overview
A prominent personal lines broker with a strong reputation for delivering tailored insurance solutions recognized the need to modernize its operations to keep pace with the industry’s digital transformation. Traditionally focused on providing a personalized experience through a network of experienced agents, the broker was encountering growth challenges due to manual quoting processes and inefficiencies. By partnering with bolt, the broker successfully adopted a fully digital insurance platform, enhancing its ability to serve clients seamlessly while driving substantial growth in premium volume.
The challenge
Despite being known for its client-first approach and deep expertise in personal lines, the broker was struggling with operational inefficiencies that hindered scalability. Its quoting process required agents to manually retrieve quotes from multiple carriers, leading to time-consuming and error-prone workflows. Additionally, gaps in its digital strategy left the broker at a disadvantage in meeting the expectations of today’s tech-savvy consumers who demand quick and efficient service. To maintain its competitive edge and meet evolving market demands, the broker needed to adopt a more efficient, digital-first approach to its quoting and customer service processes.
Results
The implementation of these device lifecycle solutions led to remarkable outcomes for the mobile network operator. The company experienced a fivefold increase in sales, a testament to the effectiveness of the new offerings in driving customer engagement and revenue growth. Additionally, the Net Promoter Score (NPS) for the operator’s services surged to over 50, reflecting a significant improvement in customer satisfaction and loyalty. The operator also achieved a stable service fulfillment cost structure and maintained a high service acceptance rate, with 99% of service requests processed within 24 hours. These results underscored the success of the partnership with bolt in delivering innovative solutions that not only met but exceeded customer expectations.
Achieved a 113% increase in quoted premiums, from $304 million in 2022 to $648 million in 2023
Full digital adoption, leading to enhanced customer experience and operational efficiency.
Conclusion
bolt’s platform enabled this leading broker to embrace digital transformation and achieve significant business growth. By transitioning from manual processes to a streamlined, digital-first model, the broker was able to improve operational efficiency, enhance customer experience, and drive a substantial increase in premium volume. The success of this partnership showcases the benefits of adopting innovative digital solutions to stay competitive in today’s rapidly evolving insurance landscape.