NEW YORK, Jan. 16, 2014 (GLOBE NEWSWIRE) -- BOLT Solutions, Inc. (www.boltinc.com), provider of the leading online sales and client support platform to the property and casualty (P&C) insurance industry, today announced it was issued patent No. 8,584,139 by the United States Patent and Trademark Office late in 2013. The patent relates to the apparatus and methods for building compatibility between different computer systems and, particularly, to methods of data export and import between incompatible systems.
A number of industries, including the insurance industry, share the common challenge of the requirement for different parties to transfer information to one another, using disparate IT systems which lack a usable interface or connectivity. An additional issue, and possibly the most problematic, is the incompatibility between business rules, even when both parties support an agreed to data-transfer protocol. As a result, data must often be manually re-keyed, reformulated, revalidated, or manipulated in order to be processed by incompatible systems. The complexity, redundancy, and manual nature of the process mean that errors occur at multiple points, resulting in high costs and slow turnaround times.
In the Insurance industry this problem is amplified in a multi-carrier multi-product quoting environment, where data needs to be exchanged with multiple insurance carriers across many different distribution channels. The Patent also addresses incompatibilities between the insurance industry data standard (ACORD XML) and a carrier's internal processes and systems.
The Bolt Platform uses this technology to provide the leading online marketplace for P&C Insurance. This technology was also instrumental in allowing Bolt to be successful in a number of large initiatives last year including the industry first Florida Citizens Clearinghouse.
Ari Katz, President and Chief Architect of Bolt, said: "We are happy to add one more patent to our portfolio that demonstrates our commitment to our clients and to innovation in the distribution of insurance, particularly in the online space. As a technology company with a large research and development arm, patents like these help us to maintain our leadership position in the online insurance marketplace."
About BOLT Solutions Inc.
Headquartered in New York and founded in 2000, BOLT Solutions Inc. (formerly SeaPass Solutions Inc.) offers the leading online sales and client service platform for anyone who wants to sell or buy insurance online. The Bolt Platform supports all of the insurance needs of its customers, while driving market share, retention and increased revenue for its insurance industry partners. Bolt is an ICG company (Nasdaq:ICGE). For more information visit www.boltinc.com, email email@example.com or call 212-608-4646.
Source:BOLT Solutions Inc.