As millions of Americans work from home and thousands of small businesses quickly digitize their operations, independent agents are also seeing an increased demand to be able to offer an efficient, online-first commercial lines quoting and binding experience.
To help agents meet evolving needs for small business customers, Nationwide and Bold Penguin are now testing an independent agent-facing commercial insurance quoting and selling platform that provides speed, ease and versatility with solutions from multiple carriers.
Nationwide and Bold Penguin began their partnership in 2019 with the launch of the Commercial Digital Storefront, with the goal of delivering an easy to quote, simple to use, single entry software that allows agents to reach the best markets in record time.
The solution, developed in partnership by the two Columbus-based companies, is a multi-product and multi-carrier quoting platform with a complete set of insurance products available by both Nationwide and its key carrier collaborators like Hiscox, Markel, CNA, biBERK, and others. The companies are now testing the product with a controlled group of early adopters who will leverage the technology in July to serve small business customers.
"For several years, Nationwide has been investing in technology and digital capabilities to empower our distribution partners with quicker and easier quoting and selling experiences," said Tony Fenton, Vice President of Commercial Lines Digitization and Innovation at Nationwide. "We're excited to continue our partnership with Bold Penguin as we test this new technology, learn from feedback and refine the offering to best support our agency partners and help them grow their businesses."
This agent beta version is part of a larger collaboration effort to digitize products, such as Commercial Auto, General Liability, Businessowners Policy (BOP), Workers' Compensation and other future offerings, in order to provide greater speed, ease, and efficiency to small business owners and independent agents.
"Small businesses now, more than ever, need the trusted advice of an insurance professional," said Marc DeLeonibus, Co-Founder of Bold Penguin. "Rolling out an agent-friendly quoting platform with a forward thinking insurance company, in our own backyard, isn't just about innovation in the heartland, it's about offering a complete digital panel so that insurance agents across the country can access more coverage options to serve more small businesses and spend less time between browser tabs, emails, and paperwork shuffling," DeLeonibus added.
Bold Penguin, a rapidly growing commercial insurance technology provider, worked closely with Nationwide to select the initial set of agencies to be included in the testing of the multi-product quoting offering. The companies targeted early adopter agencies with a tech-first, digital-first mindset, to test the tool and provide feedback before Nationwide and Bold Penguin iterate and begin rolling out the solution.
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. Founded 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
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.
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