Bold Penguin announced two new data science products to extract and analyze information from submissions and insurance forms. Why did Bold Penguin release these products?
Bold Penguin has historically applied data science to commercial insurance; for example, we previously used machine learning to solve business classification in an insurance application. Ben Clarke and Lakshan De Silva formally launched a data science team at Bold Penguin in 2020 and we started working with our customers to solve other commercial insurance problems.
With SubmissionLink, we decided to tackle the extraction and enrichment of data in submission documents. Bold Penguin has a long history of collecting submission data via its quote and bind engine. So we were able to harness this data to understand and augment other submission documentation submitted to carriers. ClauseLink is the new name for the RiskGenius product, which was acquired back in October 2020. The product was re-designed to focus solely on analyzing insurance carriers forms.
What makes our data solutions work? Why are they different?
The simple answer is that we’re using data science to comprehend and enrich commercial insurance data via Bold Penguin proprietary data, rather than just extracting it. The purpose of Bold Penguin is to make insurance professionals (agents, brokers, underwriters) more efficient and productive. We’re working to enable systems with contextual intelligence to better understand data and make the output from this intelligence more valuable and usable.
How do you spot places where data solutions can be improved upon?
Seek out the things people do manually that take a lot of time. Like typing out information from submission documents. Or copying clauses to an excel spreadsheet for further analysis. Both of these manual tasks can be automated -- that’s what Bold Penguin Data Solutions is about.
Agents Can Access Westfield Workers’ Compensation and SureStep® BOP Lines
New Products Assist in Submission Extraction and Coverage Analysis