Improvement in the Speed of Quote-to-Bind Process
New partnerships and product enhancements increase the match rate within the Exchange
COLUMBUS, Ohio, Feb. 7, 2019 /PRNewswire/ -- Bold Penguin, a commercial insurance technology provider, is pleased to announce that it has improved the speed of the quote-to-bind process by up to 300 percent through the addition of new insurance companies combined with feature enhancements to the Exchange.
In 2018, major Bold Penguin Exchange partnerships quadrupled. Offering a solution in all 50 states across most business categories, coverage types range from most common inquiries in general liability, workers compensation, professional liability, commercial auto and business owner's policy (BOP) to bonds. The most recent insurance companies to join the Exchange include Homesite Insurance, CNA and Markel, among others.
"Expansion of our insurance company partnerships amplify the benefits of the Bold Penguin solution for the entire commercial insurance ecosystem," said Ilya Bodner, founder and CEO of Bold Penguin. "We are helping increase the size of our partners' storefronts by empowering them with tech that they can build upon and bolstering their position as trusted advisors."
The efficiency improvement in the quote-to-bind part of the process is made possible not only due to the additional insurance company participants but by feature enhancements available in the Exchange. Bold Penguin is putting a significant emphasis on making the solution compatible with excess and surplus (E&S) risks, an area that is picking up the most momentum within the Exchange. Other updates made in 2018 include subsequent quoting, which keeps the amount of questions asked down to a minimum, preserving the user experience while being able to offer more of a comprehensive solution.
By allowing participating partners on both sides of the Exchange to programmatically control the experience, an average user is able to reduce the amount of data entry, data collection, fact-finding and multiple submissions through a single application, which can be accessed through the API or Bold Penguin's Terminal login.
"We were pleased by the level of involvement and sophistication of the Bold Penguin engineering team," said Dustin Hubbard, vice president of small commercial IT at Homesite. "For both sides, this was a big undertaking and the tech-first approach to small commercial is very refreshing."
The Bold Penguin team will be at the IASA Conference and Insuretech Connect demoing product enhancements. For more information, request a product demo here.
About Bold Penguin
Bold Penguin is where technology meets the human touch in commercial insurance. With a heavy focus on agents, Bold Penguin pushes the boundaries of user experience for businesses, is an easy tool for agents and offers a streamlined process of underwriting for carriers. Bold Penguin was founded by a group of entrepreneurs who spent their early days working with Allstate, Nationwide, Progressive, regional carriers and established insurance agencies. For more details, please visit www.boldpenguin.com.