(Image credit: Dollar Photo Club.)
Bold Penguin, a Columbus, Ohio-based startup commercial lines agent portal provider, has undertaken a partnership with Hiscox International (New York), the U.S. arm of global specialty insurer, Hiscox.
Hiscox International operates in all U.S. states and the District of Columbia, and offers a range of specialty insurance products through U.S.-based brokers, as well as directly online small business insurance, for which the company debuted online real-time quoting in 2010. Through the integration called for by the new partnership, agents using Bold Penguin’s online marketplace will gain access to real-time pricing for the risks already coming through the portal, which a Bold Penguin statement characterizes as a powerful tool that further enables agents to be able to write more business more profitably.
“The insurtech industry is continuing to grow exponentially and there is a tremendous opportunity for insurance agents to better serve clients, who are already accustomed to operating in a digital world,” comments Kevin Kerridge, EVP, Small Business Insurance, Hiscox. “We value partnerships with companies like Bold Penguin and look forward to working together.”
Bold Penguin couches the partnership announcement in a context of an increasingly competitive commercial insurance market, driven by emerging technologies that more effectively aggregate data and streamline the process of underwriting risk. Bold Penguin’s portal for P&C commercial lines agents originates, evaluates and places new and renewing business faster, smoother and simpler than possible manually or via other portal solutions, the vendor asserts. “Agents using the Bold Penguin portal see more of the right business in an online marketplace, spend less time going back and forth with insurance companies, and achieve better speed-to-market by automating much of the underwriting process with insurer,” a Bold Penguin statement says.
Another Tool in the Agent’s Tool Belt
“Today’s commercial lines agent is a trusted advisor and is absolutely here to stay,” comments Ilya Bodner, founder and CEO of Bold Penguin. “Everything we build puts another tool in the agent’s tool belt. Hiscox International is a world-class partner focused on the modern-day business owner and committed to delivering a superior insurance experience for agents, insureds and partners. This promises to be a very productive relationship which will help everyone in the commercial lines insurance value chain keep up with consumer demand going forward.”
The Human Future of Commercial Distribution: Q&A with Ilya Bodner, Bold Penguin