Citizens Recognized for its Citizens’ Property Insurance Clearinghouse, Powered by the Bolt Platform
BOLT Solutions, Inc., provider of the leading online sales and service platform to the property and casualty (P&C) insurance industry, congratulates its customer Florida Citizens Property Insurance Corporation (Citizens) on being named a “Model Insurer” in the category of Innovation and Emerging Technology by leading research and advisory firm Celent.
Citizens was recognized as a Model Insurer for its implementation of the Citizens Property Insurance Clearinghouse, powered by the Bolt Platform and designed to provide consumers and agents access to participating private insurers offering comparable coverage at competitive rates, resulting in greater insurance choice for Florida homeowners as well as reduced financial risk. Unlike most carriers, Citizens’ legislated responsibility to Floridians is to reduce the company’s overall exposure and limit the potential assessment following a hurricane. With the Citizens clearinghouse in place, a significant number of Citizens customers have moved to private markets, reducing Citizens’ exposure while driving premium and growth to private carriers in the state.
Celent analysts selected Citizens for this prestigious award after reviewing the clearinghouse initiative and finding it to be both compelling and innovative. The Citizens project was scored based on quantitative success measures, degree of innovation, technology or integration excellence, and best practices. As a Model Insurer, a Citizens’ case study is featured in Celent’s newly published report: Celent Model Insurer 2015: Case Studies of Effective Technology Use in Insurance.
“Celent recognizes Citizens as an Innovation Model Insurer winner for its successful implementation of their Property Insurance Clearinghouse,” said Celent analyst and the author of the report, Karen Monks. Adding, “Strong best practices such as optimization of infrastructure, planned reuse and the improved use of distribution channels were factors in Celent choosing Citizens as a winner.”
“We are thrilled to win yet another award for our clearinghouse project. The success of this effort is a result of a true team effort from a dedicated and skilled group,” commented Steve Bitar, Chief of Consumer and Agent Services with Citizens. “Our thanks to Celent for sponsoring the Model Insurer awards and for giving us an opportunity to share our story.”
Tim Attia, Bolt’s Executive Vice President added, “The Bolt team congratulates Citizens on this highly successful project – a great example of innovation in action. We are extremely proud to have been a part of this effort by providing the Bolt Platform as a key enabler to the clearinghouse. It’s been extremely gratifying to see the well deserved industry recognition that Citizens has garnered for this important and high value project.”
Celent Model Insurer 2015: Case Studies of Effective Technology Use in Insurance recognizes 15 insurance technology initiatives as "Model Insurer Components" and names the Celent Model Insurer of the Year. These case studies represent best practices in the use of technology and span key areas of the product and policyholder life cycle, including product definition, distribution, underwriting, policy administration, service, claims, and infrastructure. The report also reviews IT best practices and measurable business results used in evaluating the Model Insurer Components.