Bold Penguin Grows Commercial Insurance Exchange With State Auto
Improving Accessibility of Multiple Commercial Lines Products for Small Businesses
COLUMBUS, OH, June 18, 2020 — Bold Penguin, a rapidly growing commercial insurance technology provider, announced today the integration of State Automobile Mutual Insurance Company (State Auto) with its platform, expanding the commercial auto insurance offering it launched in March 2020. This integration allows users of Bold Penguin’s platform access to business use auto coverage and Business Owner’s Policy (BOP) coverage through State Auto with other insurance products to be launched in Q3 2020.
State Auto currently writes in 33 states with $2 billion in premium. The company offers products in Commercial Auto, Business Owners Policy (BOP), Workers Compensation, Middle Market Package, and Farm & Ranch.
“We have nearly completed a fully digital transformation of all product lines at State Auto over the last four years, while staying 100% committed to the independent agent,” said Brandon Bauer, VP/Platform Distribution at State Auto Insurance. “This integration with Bold Penguin is another step in that direction - expanding our digital footprint so we can protect more small businesses while continuing to support the independent channel.”
“State Auto is innovative and tech-minded – a perfect fit for our exchange,” said Ilya Bodner, founder and CEO of Bold Penguin. “We onboarded multiple products simultaneously, a challenging undertaking for any organization. State Auto’s ability to execute to this level with the speed in which they did so is truly a testament to their success as a digital organization.”
Commercial auto, the first coverage product launched with State Auto, is a growing category in the $100 billion small commercial market. As small businesses adapt to changing market conditions, efficient access to insurance products increases in importance.
Bold Penguin’s commercial insurance exchange, the largest in the United States, has connected over 1.4 million small businesses with insurance products. In addition to Commercial Auto, the platform streamlines the quoting experience for General Liability, Business Owners Policy (BOP), Professional Liability, and Workers Compensation.
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.
About State Auto
State Automobile Mutual Insurance Company (State Auto Mutual), headquartered in Columbus, Ohio, is a super-regional property and casualty insurance holding company. The company is primarily engaged in writing personal and business insurance products exclusively through independent insurance agencies.
State Automobile Mutual is part of the State Auto Group, which is rated A- (Excellent) by the A.M. Best Company and includes State Auto Mutual, State Auto Financial Corporation, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, Milbank, Meridian Security, Patrons Mutual, Rockhill Insurance, Plaza Insurance, American Compensation and Bloomington Compensation. Additional information can be found online at www.stateauto.com.