Bold Penguin recently announced a partnership with Adaptive Insurance, expanding coverage options available through the Bold Penguin Placement Desk. Adaptive is pioneering the path to resilience in the face of emerging climate risks, starting with their GridProtect parametric power outage coverage.

Parametric insurance is a type of insurance wherein the insurer pays the policyholder a guaranteed amount once an agreed upon triggering event occurs. Adaptive is the first parametric insurance carrier to be included in the Bold Penguin platform.

This partnership means Bold Penguin agents gain seamless digital access to Adaptive’s customer-centric coverage solution that provides payment in the event of local power outages and business interruptions. Adaptive’s GridProtect leverages its leading AI-powered platform to  automatically detect an outage, validate it via real-time data, and trigger the claims process automatically. This saves business owners time, gets capital into their hands when they need it most, and provides them additional peace of mind.

As power outages are costing U.S. businesses over $150B annually, this partnership provides an important option for agents and brokers to extend even more value to their customers. It also provides cross selling opportunities to those that might have exposure to related perils, business interruptions, and losses.

“Parametric insurance is an increasingly important tool for agents and brokers when looking to solve for the emerging risks of business owners,” said Nicole Farley,  Senior Vice President, Chief Insurance Officer at Bold Penguin. “This partnership is a big step forward for us and our industry. By maximizing market reach it helps fill the coverage gap left by traditional insurance, such as short-term power outages, giving customers the exact type of coverage they need and adding new revenue opportunities for agents.”

“We are proud to pioneer parametric insurance with Bold Penguin, bringing the first of its kind power outage protection to agents across the country,” said Mike Gulla, CEO and Co-Founder of Adaptive Insurance. “We think the Bold Penguin team and platform embody the innovative and future-thinking solutions that customers deserve and look forward to what we can do together.”

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About Adaptive

Adaptive is pioneering the path to resilience by harnessing technology, insurance, and services to help customers analyze, act, and adapt to emerging climate risks. Adaptive recognizes that increasing climate events, bigger gaps left by traditional insurance, and an aging power grid leave consumers paying the price. They are addressing the growing demand for solutions by using the simplicity, speed, and certainty of parametric insurance to help create a safety net against the unpredictable events that impact customers and allow them to invest in their future.

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About Bold Penguin

Bold Penguin is the market-leading digital solutions provider for commercial insurance. Through comprehensive technology enablement, robust digital distribution and wholesale capabilities, and powerful data- and AI-driven processes and insights, their platform transforms the entire insurance lifecycle — from prospecting to placement. Their unified approach anticipates and adapts to market needs, enabling enterprise customers to efficiently quote and bind the simplest to the most complex risks. For more information, visit www.boldpenguin.com.

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Quick take: Parametric insurance now available through Bold Penguin

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1. What is parametric insurance?

Parametric insurance is type of insurance wherein the insurer pays the policyholder a guaranteed amount once an agreed upon triggering event occurs. This type of insurance might cover losses that traditional insurance does not.

2. How does the addition of Adaptive insurance to the Bold Penguin platform help agents?

Agents who use the Bold Penguin platform now have access to Adaptive parametric insurance through their Placement Desk. Agents can now solve for even more coverage solutions with Adaptive’s GridProtect short-term power outage coverage.

3. How does Adaptive insurance help businesses?

In the case of Adaptive’s GridProtect power outage coverage, their platform automatically detects an outage and starts the claims process, which means they can quickly save customers time and give them peace of mind.