New Partnerships Spur Rapid Expansion in our Marketplace
Lockton, Heffernan, Bizinsure, and other national brokers implement Bold Penguin
COLUMBUS, OH – September 25, 2018 — Bold Penguin, an InsurTech innovator transforming business in the property and casualty (P&C) commercial insurance segment, is announcing rapid growth in the number of opportunities and expansion of coverage options within the Bold Penguin Marketplace due to meaningful new broker and insurance company partnerships.
Launched in 2016, the Bold Penguin Marketplace helps commercial insurance agents, brokers, and insurance companies find and write profitable new business faster. In recent months, the company has entered into agreements with several of the top 100 brokers in America, as reported by the Insurance Journal, including Heffernan Insurance Brokers (#20) and Mylo, which is owned by Lockton Group, (#2), as well as Bizinsure.
"Bold Penguin is a great partner for Mylo because of their innovative platform and our shared values and vision,” said David Embry and Marshall Lockton, president of Mylo and SVP of operations for Lockton Group respectively. "We’re excited to partner with Bold Penguin to leverage their technology and work with their highly talented team as we build robust digital experiences for our customers.”
Using an API-first approach, the Bold Penguin Marketplace and Emperor can be fully-integrated into any native agency management system (AMS) or customer relationship management (CRM) tool to minimize duplicative data entry and the time needed for agents and brokers to find the right risks.
"Bold Penguin allows us to send in what we can't write and receive just the right type of prospect in exchange,” said Pavel Yurkov, vice president of technology and product at Bizinsure. “This allows us to have a solution for everyone entering the storefront either on our site, via our call center, or connecting with us directly."
Bold Penguin has also recently added new insurance company partners, including Homesite Insurance, LibertyMutual Insurance, and Amtrust Financial to the Marketplace through the Emperor open API integration. These new send-side partners amplify the ability of Bold Penguin and existing insurance company partners, such as Hiscox, to better serve insurance consumers.
"Bold Penguin continues to be a tech-first approach to small commercial," said Jim Smith, partnership manager of Hiscox Insurance. "We are happy to see our partnership with them expand and the engineering teams finding new ways to stay on the cutting edge."
Bold Penguin analyzes thousands of unique data points to help identify the types of accounts a partner has the highest likelihood of closing, rapidly decreasing the time-to-bind for new commercial prospects. By automating much of the underwriting process through the Emperor recommendation engine, the BoldPenguin Marketplace simplifies the process of placing new and renewing commercial business with the right insurance company and agent combination.
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. 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.