Bold Penguin Announces Commercial Insurance Marketplace Expansion
Staff Writer | February 27, 2018
Bold Penguin, a property and casualty (P&C) InsurTech innovator, is pleased to announce the expansion of the Bold Penguin Marketplace’s capabilities to key InsurTech companies, agents, brokers, agencies, insurers, and managing general agency (MGA) partners focused on profitable growth, primarily in commercial insurance.
Since launching the Marketplace in 2016, Bold Penguin has added agency and insurance company partners looking to provide a better path for quotes that would otherwise be lost to an inefficient risk matching and underwriting process. By adding select partners willing to send quality applications into the Marketplace, and launching a rules engine to help insurers streamline the complex verification process, Bold Penguin helps tens of thousands of businesses each month successfully find the best agent and commercial insurance coverage.
“The Bold Penguin Marketplace has steadily gained momentum over the last couple of years, and we are ready to expand its capabilities to more of the industry’s top companies,” said Lou Geremia, chief revenue officer for Bold Penguin. “New contributing partners being considered for this expansion will be carefully curated, so as to add quality applicants to the Marketplace.”
Via the Bold Penguin Marketplace, agents and insurance companies are better able to monetize every interaction by finding peers that have an appetite for business classes, sizes, or coverage types outside the originating agent’s niche. There are three easy ways to contribute applicants into the marketplace. First, Bold Penguin can provide contributing partners with a unique URL where applicant information can be entered. Second, partners can choose to integrate directly, so that the data can be posted to the Marketplace. Last and most common, is the creation of a unique phone number that can be used to transfer applicants during a phone conversation.
“The Bold Penguin Marketplace was originally designed to help insurance professionals by enabling the sharing of application information with peers who have complementary appetites,” said Ilya Bodner, founder of Bold Penguin. “Many of our partners focus very specifically on characteristics of pieces of business, like small or large accounts, industry types, classes, or geographies. Through the Marketplace, Bold Penguin offers a chance to ensure that those opportunities which might otherwise be excluded find a ‘home.’”
Now, the company is expanding and scaling the Bold Penguin Marketplace by onboarding an exclusive group of carefully selected and vetted partners which can help build a larger base of businesses in the exchange. Additionally, customers experience a more seamless process since application data is stored and passed within the Bold Penguin Marketplace, thereby eliminating the need to start the application process from scratch when a new partner becomes available.
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