NEW YORK, Aug. 22, 2017 /PRNewswire/ -- BOLT® Solutions, Inc. (www.boltinc.com), the leading digital distribution platform for the property and casualty (P&C) insurance industry, and Citizens Property Insurance Corporation announced they plan to extend their partnership for another five years. The BOLT Platform powers Citizens' Property Insurance Clearinghouse, a multi-carrier interface that attempts to identify comparable coverage from participating private-market carriers before placing business with Citizens.
"By linking private insurers with consumers through the BOLT Platform, we have been able to offer comparable coverage at competitive rates in the private market, while reducing financial risk for policyholders and Floridians," said Adam Marmelstein, Citizens' Director, Market Services. "We have achieved considerable success over the past three years and we look forward to building upon it with BOLT."
The creation of the clearinghouse has opened new opportunities for insurance companies to grow their business. Agents partnering with Citizens have increased access to Florida insurance consumers. Additionally, agents unable to accept full appointments are able to write business through the clearinghouse, which has strengthened relationships between agents and carriers.
Since its initial launch in 2014, Citizens' Property Insurance Clearinghouse has helped thousands of consumers obtain policies through the private market. At its inception, four private companies offered homeowner policies to new customers. Today, 13 private-market insurers offer a variety of property insurance products to applicants.
"Over the past three years, the clearinghouse has proven to be an invaluable asset to its members by enabling small businesses, agents, and consumers to search for, compare, and buy insurance in Florida. We are very proud to be the platform supporting this important program," said Eric Gewirtzman, CEO of BOLT. "Our partnership has opened markets for the people of Florida to help find appropriate insurance, and we are honored to continue our work with Citizens over the next five years."
The BOLT Platform is the engine that drives many of the top U.S. P&C insurers digital purchasing capabilities, through both agent and direct channels. The platform combined with its tightly integrated market network allows insurers to bundle offerings from other carriers with their own to offer customers channel and product choice bringing the insurance industry into the 21st Century.
AboutBOLT Solutions, Inc.
BOLT® Solutions, Inc. (www.boltinc.com), the leading provider of digital distribution solutions to the P&C insurance industry, is helping insurers transform the way they sell and market their products to consumers and small business owners. Compatible with existing infrastructure, The BOLT PlatformTM provides a single interface that connects seamlessly with back-office systems and improves carrier reach through a vast market network of new products. Insurers gain the ability to bundle their offerings with those from other carriers, positioning them to meet all of the customer's needs without taking on additional risk. Designed to connect carriers and their agents directly to consumers and small business owners, The BOLT Platform delivers the optimized solutions, and ideal experience customers expect today. BOLT is an Actua company (Nasdaq: ACTA).
Citizens Property Insurance Corporation was created by the Florida Legislature in August 2002 as a not-for-profit, tax-exempt, government entity. Its mission is to provide insurance protection to Florida policyholders who are entitled to but are unable to find property insurance coverage in the private market.
The Property Insurance Clearinghouse is an innovative program that helps Citizens agents find private-market insurance coverage for consumers who believe Citizens is their only insurance option. Authorized by the 2013 Florida Legislature, the clearinghouse seeks comparable offers of coverage from participating private-market companies before placing or renewing personal lines coverage with Citizens.