Bolt's Farmington agency — Bolt Insurance Agency — is perhaps the most experienced user of its own technology. It uses the online portal to quote and sell coverage to consumers, helping generate additional revenue through commissions. Bolt launched the agency in 2010 to target businesses with 10 or fewer workers — a customer base ignored by some agents because they're too small to be worth the effort, Hammond said. Bolt's team felt that their product-comparison software could overcome those barriers by speeding up the buying process, allowing for higher sales volumes.
"The small entrepreneur was not a target market for any commercial channel because of size and scale," said Hammond.
Tapping a new market
Last year, Bolt expanded its focus to independent agents — which wrote 79 percent of all commercial insurance premiums in 2012, according to the IIABA — by acquiring Austin, Texas-based Superior Access for $8.7 million.
Superior, which Hammond oversees from Farmington, provides a cloud-based subscription portal to 2,200 Main Street agencies, allowing them to quote and bind products through Bolt's network of insurers that they don't normally sell.
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