NEW YORK, May 27, 2020 - Bolt® Solutions, Inc. ("bolt"), the leading digital distribution platform provider for the property and casualty (P&C) insurance industry, has reached a new industry-leading milestone of over $3 billion in active premium on its platform during a time that has accelerated the insurance industry's need to embrace technology. bolt has seen the premium on the platform grow 47% year-over-year, demonstrating the growing importance of digital sales tools for the insurance industry during this crisis.
bolt's cloud-based platform helps carriers, brokers, and agents deliver a best-in-class customer experience, digitally connecting them to an ecosystem of P&C insurance products. The challenges presented by COVID-19 to the insurance industry, in particular the necessity for remote working environments, has made the need to adopt technology vital, contributing towards the 22% year-over-year increase of agencies on bolt's platform in April 2020.
"The onset of COVID-19 has been a catalyst thrusting the insurance industry deeper into the digital age. The increasing adoption of technology will provide long-term benefits for carriers, brokers, agents and consumers alike," said Eric Gewirtzman, CEO of bolt. "bolt's consistent focus on innovation over two decades has positioned us to face the pandemic and continue business as usual, while still meeting federal and local guidelines for safety. We have been playing a significant role in helping incumbent insurers rapidly transform processes and offerings to meet the new challenges presented by COVID-19."
bolt has built strong relationships and workflows to remain financially stable, ensuring that the company can continue to foster innovation and emerge with increased capabilities as the future unfolds.
bolt is also investing in talent and recently made two key executive appointments: Jim Dwane as Chief Revenue Officer and Clayton Bodnarek as Executive Vice President of Alternative Distribution.
Dwane has extensive industry experience spanning the globe with companies such as Travelers, AIG, and United Automobile Insurance Group. Responsible for all our revenue-driven workstreams - from the creation of sustainable growth strategies to identifying competitive new opportunities.
Bodnarek also brings a global track record, with previous experience including leadership roles at Brightstar, DAX Technologies, Lucent, and TELUS. His expertise in business strategy and execution will be instrumental in creating new revenue and differentiation opportunities for the company's non-insurance partners.
bolt (Bolt® Solutions, Inc.), the leading digital distribution platform provider for the P&C insurance industry, unites distributors and providers on a single platform to transform the way insurance is bought and sold. The result is the world's biggest marketplace of insurance products, including two-thirds of America's leading carriers, helping industry participants expand market reach and improve customer satisfaction.