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Bold Penguin, a Columbus, Ohio-based commercial insurance technology provider, announced that it has entered into a definitive agreement to acquire RiskGenius (Overland Park, Kan.), a provider of insurance document intelligence software. The acquisition will add RiskGenius’s data and analytics products, as well as its team, to Bold Penguin’s existing SaaS platform. RiskGenius is Bold Penguin’s second InsurTech acquisition this year.
“Bold Penguin is obsessed with reducing the time it takes to quote and bind commercial insurance,” comments Ilya Bodner, Founder and CEO, Bold Penguin. “Adding RiskGenius allows us to supercharge our data analysis efforts. Their policy level data approach helps our Exchange grow and ultimately has a significant impact in the quoting process for our customers.”
RiskGenius describes platform is an AI-driven, SaaS-based solution developed specifically for the insurance industry. It applies machine learning to insurance policies, allowing users to rapidly understand terms of coverage across a library of policy documents including policy review, compliance, competitive analysis and emerging risk assessments. This helps carriers and brokers efficiently assess, analyze, and compare policies and coverage language.
“Bold Penguin’s work upgrading and digitizing small commercial distribution is an ideal complement to our policy analysis focus, and we both share the same passion to connect and accelerate the industry,” says
, CEO and Founder of RiskGenius.
RiskGenius will become part of Bold Penguin’s insurance intelligence effort, which leverages data and has a focus on intuitive workflow processing. The two companies will combine efforts and identify plans to increase the velocity of features being produced.
Understanding Every Part of the Insurance Supply Chain
“As the policy life cycle continues and policies renew, it’s critical to understand policy language and clearly present coverage updates,” Cheatham adds. “That is exactly what we do with our technology. We’re proud to join forces with Bold Penguin and be the leaders in understanding every part of the insurance supply chain and making it better for the businesses, agents, and carriers in the mix.”
FT Partners (San Francisco) served as exclusive financial and strategic advisor to Bold Penguin in this transaction.