Bold Penguin Gains Wide Adoption by Betting On, Not Against, The Human
Company’s Contrarian Perspective Attracts Numerous Top Strategic Partnerships
Columbus, OH, June 11, 2019 — Through a rapid succession of partnerships with major industry companies, Bold Penguin has deepened existing relationships with top brokers in the space. Companies who have announced doubling down on the technology provider’s unique high-tech/high-touch solution to gain a competitive edge now include market leader Mylo, a Lockton Company.
Mylo, a partner since 2018, joins an already impressive list of early adopters including Axis Capital, Motorists Insurance, State Auto Insurance, Markel, Lightstone, Berkshire Hathaway's BiBerk, Hiscox, Homesite, CNA, Heffernan Insurance Brokers, Arthur J.Gallager, Coverwallet, BizInsure, Simply Business, Progressive Insurance, Nationwide Insurance, and many others of various sizes who all play a vital role for customers in this large, complex, fragmented space.
“Mylo was launched to transform the way individuals and small businesses purchase insurance,” said Marshall Lockton, Senior Vice President, Operations of Lockton Companies. “Increasingly, small business owners expect to be guided by the best combination of technology and human expertise.”
The Bold Penguin Exchange, an innovative API-first platform, allows insurance companies, agents and brokers to dramatically improve their efficiency—and does so programmatically. As a result, what was once a 20-week process takes less than 2 weeks—a 90% improvement.
Efficiency has been a challenge in the $100 - $150 billion U.S. commercial insurance market for small businesses. “With this partnership Bold Penguin gives us a precise way to connect the right businesses with the right commercial products and carriers,” said David Embry, CEO of Mylo, a Lockton Company. “This allows us to more efficiently meet our client’s needs at every stage of building their business.”
“We look at all of our customers as long-term partnerships,” said Ilya Bodner, founder and CEO of Bold Penguin. “Our model relies on empowering our partners, and making life easier for customers, brokers and carriers. For the first time, the Bold Penguin Exchange makes writing commercial insurance profitable.”
About Bold Penguin
Bold Penguin is where technology enhances the human touch in commercial insurance. With a heavy focus on agents, Bold Penguin upgrades the user experience for businesses, creates an easy tool for agents, and offers a streamlined process of underwriting for carriers. Founded by a group of entrepreneurs who spent their early days working with Allstate, Nationwide, and Progressive alongside regional carriers and established insurance agencies. For more details, please visit www.boldpenguin.com
Mylo is a digital one-stop shop that makes it easy for businesses and individuals to compare and purchase top-rated insurance products from multiple carriers, including business, small group benefits, home, auto, life and individual health. Launched in 2015 by Lockton, the world's largest privately held independent insurance broker, Mylo offers expert insurance recommendations online or in person with licensed agents. Mylo can be easily integrated into a partner's customer experience, providing a proven boost customer engagement. Mylo raised $28 million this year in a funding round led by Guggenheim Partners, the global investment and advisory firm. For more information, visit https://choosemylo.com.