BOLT Solutions, a provider of the online sales and client support platform to the property and casualty (P&C) insurance industry, has announced the successful launch of Citizens' Property Insurance Clearinghouse, powered by the Bolt Platform.
The clearinghouse provides a multiple-carrier interface that identifies comparable coverage from participating private-market carriers before placing business with Citizens. As of yesterday, four private companies began offering policies to new applicants for homeowners coverage as part of Citizens’ measured rollout of the clearinghouse system authorized by state lawmakers in 2013.
Over the next five months, additional participating private-market insurers will be added to the list of approved-Florida companies able to offer property insurance to Citizens applicants.
The Bolt Platform is a fully automated distribution solution providing both the level of service and choice required by Citizens’ insurance customers. The Platform enables small businesses, agents and consumers to search for, compare and buy insurance in all 50 states. Using the Platform to link participating private insurers with consumers, the clearinghouse will offer comparable coverage at competitive rates available in the private market, while reducing the financial risk of all Florida policyholders.
"Congratulations to Citizens for the successful launch of its clearinghouse. This is particularly impressive given the complexity of the clearinghouse, the number of private insurance carriers involved and that contracts were completed just five months ago," said Eric Gewirtzman, CEO of BOLT. "We are very proud to be the platform supporting this important program and look forward to continuing to work closely with Citizens, agents and carriers to ensure the clearinghouse provides value to all of its members."
In a statement on the Property Insurance Clearinghouse rollout issued yesterday, Citizens indicated that the clearinghouse is functioning successfully, they were pleased with the preliminary results and that the initial response was very positive.