Partner Prashanth Gangu recently connected with Ilya Bodner, Bold Penguin, Founder & CEO on the insurtech's latest B2B suite of products.
The commercial insurance landscape is complex. Existing systems are often congested with confusing workflows and fragile data exchanges. For small business owners the process from quote to binding a policy is inefficient, costly and prone to error—often taking an average of 20 weeks.
With more than 30 million small businesses in the U.S., Bold Penguin saw a need in the marketplace and set out with one goal—to make commercial insurance simpler. In 2016, the Columbus, Ohio based insurtech launched the Bold Penguin Exchange, a solution that enhances the connections and buying process between businesses, agents and carriers.
Ilya Bolder, Founder and CEO says the insurtech built technology to bring efficiency to the space. Today, Bold Penguin operates one of the largest commercial insurance exchanges that connects businesses, agents, and carriers. Using the solution, the once 20-week long process is now reduced to days.
When founding Bold Penguin, Ilya says commercial insurance felt like a natural place to fall into. “It’s a big enough idea, great social cause and the bar was low for bringing in some technology,” he says. “The incumbents have the breadth and width and financial stability to do transformational things given the right leadership."
IMAGE SOURCE: BOLD PENGUIN
The Exchange is an API-first platform, allowing insurance companies, agents and brokers to verify and vet customers. It helps agents and brokers create new efficiencies, determine the right risks and better focus on sales efforts.
“We have big incumbents that put their commercial infrastructure on top of Bold Penguin, and we also have the small independent agents using our platform to do commercial insurance a little bit simpler,” says Ilya.
Bold Pengiun’s B2B suite of products also includes the Agent Terminal for independent agents looking to customize quotes and binds. Risk information is entered through a single application for consistency and it eliminates the need for multiple carrier portals.
The Custom Terminal is another product that directly integrates with current systems already in place. Companies such as Nationwide, Attune, Hiscox International and CNA are using these products to gain more efficiency and provide faster quotes to customers.
For example, Nationwide is leveraging Bold Penguin’s technology to better service its small business customers. The technology delivers a digital, consumer-facing storefront and allows business owners to efficiently generate a quote and bind coverage either on their own, or through an agent using the platform.
Ilya says Bold Penguin strived to streamline the commercial buying process and make underwriting more profitable for agents, brokers and insurance companies, while also making the process faster, easier and more transparent for small business owners.
"Commercial insurance felt like a natural place to fall into. It’s a big enough idea, great social cause and the bar was low for bringing in some technology."Founder & CEO, Bold Penguin
WHAT’S NEXT FOR BOLD PENGUIN?
Bold Penguin recently secured a $32 million Series B funding round, bringing the total capital raised to more than $50 million. The company says this will help to bring on new hires for research and development, including engineering and platform enhancements.
Ilya says he wants to continue improving the company offerings and for Bold Penguin to become synonymous with commercial insurance.
IMAGE SOURCE: BOLD PENGUIN
Founders Ilya Bodner and Benjamin Clarke had a vision to streamline the commercial buying process and make underwriting more profitable for agents, brokers and insurance companies, while also making the process faster, easier and more transparent for small business owners.