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Bold Penguin, a Columbus, Ohio-based commercial insurance technology provider operating a commercial insurance exchange, has extended its capabilities to Mylo, a Lockton (Kansas City, Mo.) company and the second largest insurance brokerage in the United States, to quote small commercial faster through a simplified interface. Bold Penguin’s Exchange currently includes 5 of the largest U.S. brokerages and participation from leading carrier brands in the admitted and the E&S markets.
“Our goal is to recommend the best product, coverage and product for each small business owner and their unique circumstances,” comments David Embry, CEO of Mylo. “Expanding our partnership with Bold Penguin enables us to leverage technology that does exactly that. Bold Penguin’s infrastructure allowed us to supercharge our brokerage and created efficiency that our agents need during the quoting experience.”
Bold Penguin and Mylo have worked together for two years, beginning their partnership shortly after Lockton’s strategic decision to focus on small business through the creation of Mylo and into Milo’s financing round from Guggenheim Investments. Mylo used Bold Penguin’s growing insurance exchange as it became one of the fastest growing digital brokerages in the United States.
“Partnerships are the key to winning in small commercial,” comments Marshall Lockton, SVP, Operations, Lockton Companies. “Our success is built on the exceptional customer experience we’ve created for our insureds, and we’ve built that with our carrier and technology partners across the industry. We look forward to a growing our partnership with Bold Penguin and creating new carrier partnerships to continue to serve small businesses with our diverse Mylo coverage options.”
The organizations report that they work closely together by first leveraging the exchange, which surpassed 1 million small business quoting experiences late last year, and now by launching a multi-product quoting experience which presents appropriate products in what Bold Penguin describes as a single, simple to use, intelligent question driving and user-friendly interface. The platform allows for Mylo agents to match integrated carriers quickly and accurately within Mylo’s workflow, according to Bold Penguin.
Elegant Quoting Process
“We are building an elegant quoting process that is omni channel, so an SMB can start the process on the brokers—Mylo’s—website and then finish the transaction by talking live to a producer and vice versa,” comments Ilya Bodner, founder and CEO, Bold Penguin. “This brings 300 percent efficiency to the process—and we’re always the enabler not a disruptor or taking from the agent or the carrier.”
“We’ve seen the obstacles large brokerages face when quoting small commercial. Some of them are tech and other are financial in nature,” Bodner adds. “Today we’re able to help solve for both through a technology solution that addresses the centralization and ease of use challenges. We’re just happy to have such a great partner, a fantastic carrier panel that continues to expand their capabilities, and a joint team that brings forward a solution which eases the experience of getting an insurance quote for the agents, businesses and carriers in the mix.”