Connection will accelerate Bold Penguin market access, quote and bind process
Bold Penguin today announced it has connected the Bold Penguin Exchange to the IVANS Distribution Platform, a platform for commercial lines marketing and sales distribution. The Bold Penguin Exchange is the largest commercial insurance exchange, having quoted 1 million small businesses in 2020 alone. Bold Penguin will work with IVANS to enhance commercial insurance connectivity and tap into its broad insurance carrier market access program, which includes regional and single-state carriers.
“We have been big fans of IVANS and its leadership team for some time. Connecting Bold Penguin and IVANS together allows us to collectively scale integrations and completeness of the panel faster,” said Jim Struntz, Bold Penguin COO. “We are very excited to partner with IVANS to further expand market access and accelerate the quote and bind process.”
IVANS Distribution Platform improves the commercial lines policy lifecycle, supporting both straight through processing as well as more complex risks that require an underwriter’s attention. The platform also identifies market appetite as part of the process to increase efficiencies and submission volume, and lower declination rates. By supporting a broad set of commercial line types, the platform provides valuable data insights for insurers and MGAs to review submission and quote details against industry benchmarks.
“The cost of time and expense in maintaining individual connections to agency technology requires insurers and MGAs to be selective in the distribution partners they work with, limiting independent agents’ access to products that could be best for their policyholders,” said Reid Holzworth, chief executive officer, IVANS Insurance Solutions. “We are thrilled to connect with the Bold Penguin Exchange to expand the markets they provide to their agency customers, further broadening the distribution channel to create more business opportunities for all stakeholders.”
The Bold Penguin Exchange allows insurance agents to connect to one platform to identify qualified small business prospects, evaluate real time eligibility for a diverse set of carriers and then quote and bind multiple products through a single application. By connecting to the IVANS Distribution Platform, participants of the Bold Penguin exchange can reach an ever-growing integration of insurance products and digital bind capabilities.
About Bold Penguin
Bold Penguin simplifies commercial insurance for everyone. Bold Penguin started out by building the world’s largest commercial insurance exchange, which has connected millions of small businesses to agents and underwriters. By leveraging the Bold Penguin technology, agents quoted over 1 million small businesses in 2020. Agents use the Bold Penguin Terminal, complete one application, and receive multiple quotes back from a diverse carrier panel. Bold Penguin was founded in 2016 by a group of entrepreneurs who spent their early days as insurance agents working with carriers like Allstate, Nationwide and Progressive. For more details, please visit www.boldpenguin.com.
CONTACT: Amber Wuollet, email@example.com
IVANS, a division of Applied Systems, is the insurance industry’s exchange connecting insurers, MGAs, agencies, and the insured. IVANS cloud-based software automates the distribution and servicing of insurance products. For more than 35 years, IVANS innovation and expertise has connected 33,000 independent insurance agencies and 430 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.
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