Insuranceciooutlook

Bold Penguin Raises $32 million, Reshaping Commercial Insurance

By Insurance CIO Outlook | Tuesday, October 01, 2019

Ilya Bodner, Founder and CEO

Bold Penguin raises $32 million to build the next generation of commercial insurance products and features.

FREMONT, CA: Bold Penguin, a commercial insurance tech provider, secured $32 million in a Series B funding round. Overall, the company has raised $50 million as funds. The commercial insurance welcomes every upgrade easily, and with the support of the investment community, Bold Penguin hopes to mend several issues within the segment. With the help of an online platform, the company's platform delivers quotes to businesses, agents, and carriers. This delivery is powered by a recommendation engine, matching partners with opportunities and a customer toolkit that collects risk info to generate analyses.   

Bold Penguin's API integrates with carriers' systems that enables it to create custom interfaces, connecting directly to agents and brokers. Agents can create portals to receive prospects based on the types of targeted businesses. Bold Penguin counts multiple insurance firms among its long list of clients helping small and midsized businesses get a commercial quote to date with its technology. It has also worked with one of the best insurance companies to build a resource where small businesses can shop for insurance. “Bold Penguin is the highly efficient commercial insurance exchange that connects customers, agents, and carriers to match the right quote in record time,” says Ilya Bodner, Founder and CEO of Bold Penguin, talking about the company.   

Bold Penguin is a Columbus-based insurtech innovator that is increasing the speed-to-bind for commercial insurance rapidly. It has launched a highly productive exchange that improves the connections between agents, customers, and carriers. Bold Penguin has found mention in the list of Top 10 Insurtech Startups by Insurance CIO Outlook. The company is a profoundly efficient commercial insurance exchange, connecting agents, businesses, and carriers to the right quote in record time. It helps clients to build their own powerful user interface on top of its recommendation engine. It reduces friction in the buying process for everyone. Integrating technology with the human touch, its recommendation engine is always in a learning mode. It utilizes data to predict the optimum placement of insurance risks.

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