Reducing Friction in the Commercial Insurance Buying Process
Our Emperor recommendation engine improves speed-to-bind for greater profitability.
COLUMBUS, OH – August 29, 2018 – Insurtech innovator, Bold Penguin, is pleased to announce the company’s API-first approach enhances connections between small business insurance consumers, agents, and insurance companies by rapidly increasing speed-to-bind, the time from consumer interest to a bound insurance policy.
Launched in 2016, the Bold Penguin Marketplace helps commercial lines property and casualty (P&C) insurance agents, brokers, and insurers find and write profitable new business faster. The company’s ability to reduce friction in the insurance buying process was further enhanced in late 2017 by the introduction of a new recommendation engine, Emperor, which utilizes data from the Bold Penguin Marketplace to better predict
optimum placement of insurance risks.
“At first, we were excited just to see thousands of commercial insurance business applications each month,” said Ilya Bodner, founder and CEO of Bold Penguin. “Then, with Emperor, we saw the numbers jump to tens of thousands each month. It’s been exhilarating watching the growth.”
The Bold Penguin Marketplace learns from each interaction to increase speed-to-bind. With industry buying cycle averages ranging from weeks to months, the Bold Penguin Marketplace is proving it is possible to bind commercial lines coverage in minutes or hours.
“Emperor efficiently matches customers, agents, and insurance companies in real-time, not only for the purposes of quoting more customers, but for delivering instant insights which allow agents to be even more powerful trusted advisors,” said Ben Clarke, co-founder and CTO of Bold Penguin. “We’re excited to now offer Emperor as a service.”
A large part of Bold Penguin’s API-first approach is making the Emperor API available as service for customers who want to build user interfaces (UIs) on top of the company’s technology. Bold Penguin can also, however, deploy customer-owned and controlled API capabilities regardless of current agency or insurer technology resources.
Today, Bold Penguin works with partners of all sizes, ranging from the country’s Top 100 brokers to a growing roster of “Main Street” agencies and many of the commercial insurance segment’s most successful insurers.
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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