(Emperor penguin. Photo credit: Christopher Michel.)
Commercial lines distribution startup Bold Penguin (Columbus, Ohio) has debuted Emperor a new rules engine that uses data points aggregated from the company’s online marketplace to better predict optimum placement of insurance risks in a significantly reduced timeframe.
“Emperor takes carrier recommendations to the next level,” comments Ryan Buzzanca, head of technology, Bold Penguin. “Using Emperor, the lengthy, complex verification process commercial insurance professionals typically go through gets narrowed to a limited question set using customized business rules to isolate opportunities according to carrier-specific situations or niches.”
Bold Penguin reports that it has enjoyed a significant increase in business processed through its portal since opening its commercial lines insurance marketplace during last year’s InsureTech Connect Conference. The company says its customer base continues to grow with the addition of partners such as Hiscox, announced earlier this year. Bold Penguin characterizes the launch of the Emperor rules engine as building on that success to help agents go from consideration to quote and bind in a matter minutes, hours and days, instead of days and weeks, benefitting from the functionality the portal provides through flexible APIs.
“We have long been believers in the potential of big data and analytics to positively transform the experience of agents, brokers and customers,” comments Jim Smith, partnership manager, Hiscox. “We are excited to be working with Bold Penguin and look forward to expanding the partnership into new lines of business.”
“With many solutions helping map carrier appetite, it left us internally in need of a solution that goes to that next level of carrier recommendation,” comments Ilya Bodner, founder, Bold Penguin. “Our team constantly brainstorms ideas for making commercial insurance better. How can we get from quote to bind faster, without commoditizing the business or getting into a situation where the insured is under covered or only paying attention to price? How can we make the process easier and simpler for consumers?”
“This solution drills down to recommendations quickly based on information as specific as address and zip code, and it enables agents to quote, bind and issue a policy faster than alternative methods, without ever leaving the Bold Penguin platform,” Bodner adds.
Bold Penguin says that it aims to transforms the way agents and insurers work together to achieve greater speed-to-market by automating much of the underwriting process. The company contrasts its portal to other industry systems, which it characterizes as “very closed off,” saying that Bold Penguin’s open interface brings in as many data points as possible to make it easier and simpler for commercial insurance agents and carriers to issue a policy. “The faster response helps ensure the agent using Bold Penguin gets the business,” a company statement says.