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ITA Pro Weekly, October 09,2020

Battling the insurtech “junk drawer,” Bold Penguin acquires RiskGenius, GIA Accelerator goes virtual, and more…

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Hot off the presses!

While we’re all struggling with the personal implications of a global pandemic and wish it would go away, COVID has been surprisingly good for insurtech – which in normal times often gets relegated to an insurance company’s metaphorical “junk drawer.” In a new blog series by Bob Frady, CEO of HazardHub, read how carriers that have been slowed down by COVID are using this time figure out how to use insurtech to improve their businesses.

“For the first several weeks of COVID, the insurance community did not have to commute to work. Many of their standing meetings were cancelled or postponed, so people used this time to tackle projects that they may have long neglected. Both at home and at work, people used COVID time to “straighten up the kitchen” and dive into the junk drawer. This ‘kitchen cleanup’ has brought an unprecedented wave of interest to insurtechs like HazardHub, as carriers now had the time and the need to deeply examine the treasure trove of data we bring to the table.”


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From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

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In a move to deliver even better products and services to its joint customers, insurtech Bold Penguin has entered into an agreement to acquire document intelligence software pioneer RiskGenius.

"Bold Penguin is obsessed with reducing the time it takes to quote and bind commercial insurance," said Ilya Bodner, Founder and CEO of 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."


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As in any normal year, the Global Insurance Accelerator (GIA) has been running an application process for the Accelerator’s 2021 program which would normally take place from January-April in person in Des Moines, Iowa. However, with the COVID-19 crisis ongoing and no viable vaccine in sight, the GIA has made the difficult decision to move the 2021 program to virtual.
 
“As the world’s first insurtech accelerator program launched in 2015, we are bringing the best of the GIA’s first six years’ operating as a fully-immersive 100-day program held in Des Moines, Iowa, to you – virtually in 2021," said GIA Managing Director Nicole Gunderson.


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