Bold Penguin Reaches Definitive Agreement to Acquire RiskGenius
"Bold Penguin is obsessed with reducing the time it takes to quote and bind commercial insurance," said
The RiskGenius platform is an AI-driven, SaaS-based solution developed specifically for the insurance industry. It applies machine learning to insurance policies, allowing users to rapidly understand terms of coverage across a library of policy documents including policy review, compliance, competitive analysis and emerging risk assessments. This helps carriers and brokers efficiently assess, analyze, and compare policies and coverage language.
"Bold Penguin's work upgrading and digitizing small commercial distribution is an ideal complement to our policy analysis focus, and we both share the same passion to connect and accelerate the industry," said
"As the policy life cycle continues and policies renew, it's critical to understand policy language and clearly present coverage updates. That is exactly what we do with our technology. We're proud to join forces with Bold Penguin and be the leaders in understanding every part of the insurance supply chain and making it better for the businesses, agents, and carriers in the mix," Cheatham added.
RiskGenius will become part of Bold Penguin's insurance intelligence effort, which leverages data and has a focus on intuitive workflow processing. The two companies will combine efforts and identify plans to increase the velocity of features being produced.
About Bold Penguin
Bold Penguin is where technology enhances the human touch in commercial insurance. With a heavy focus on agents, Bold Penguin upgrades the user experience for businesses, creates an easy tool for agents, and offers a streamlined process of underwriting for carriers. Bold Penguin was founded in 2016 by a group of entrepreneurs who spent their early days working with Allstate, Nationwide and Progressive alongside regional carriers and established insurance agencies. For more details, please visit www.boldpenguin.com.
About RiskGenius
RiskGenius is on a mission to help carriers and brokers deliver the right coverage impossibly fast. Launched in 2015, RiskGenius applies machine learning to insurance policies, which enables insurance professionals to dramatically enhance the consistency of coverage they offer clients and deliver it to them faster than ever before possible. For more information, please visit www.riskgenius.com.
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SOURCE Bold Penguin
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