Bold Penguin, an AI-enabled insurance distribution technology company specialising in commercial lines, and bolttech, a global insurtech providing technology-led insurance distribution, have entered into a global strategic partnership covering the US, Europe and Asia.
The partnership will focus on developing a combined offering spanning commercial and personal lines, with the companies targeting insurance agents, insurers and businesses involved in embedded insurance partnerships.
bolttech operates across 39 countries and four continents, providing technology and distribution services across the insurance and protection markets. Bold Penguin, meanwhile, concentrates on commercial insurance and operates a digital exchange and distribution network designed to connect agents and carriers, alongside data and artificial intelligence capabilities.
According to the companies, the partnership will bring together their existing technology, distribution networks and industry expertise to support insurance distribution across both personal and commercial lines.
Bold Penguin will contribute its commercial lines digital exchange, its data and AI services through “DeX ai,” and its integrated commercial carrier network. bolttech will contribute its access to insurance and protection services across commercial and personal lines, AI-enabled workflows and experience in insurance distribution across international markets.
The two companies said the arrangement is also intended to support the development of their respective technology roadmaps. By combining selected capabilities, Bold Penguin and bolttech said they will be able to expand the connections available through their platforms while continuing to develop their individual areas of expertise.
The companies added that the partnership brings together their respective technology, research and development capabilities, insurance expertise and international reach. The collaboration will initially focus on supporting insurance distribution through a combined commercial and personal lines proposition across the three regions.
Rob Schimek, Group Chief Executive Officer, bolttech commented: “Bold Penguin is the leading commercial insurance distribution platform. Their submission automation, AI-powered underwriting workflows and commercial orchestration platform complement our technology capabilities, personal lines expertise, and insurance ecosystem globally. Together, we can deliver a more seamless, connected insurance experience for distribution partners and customers around the world.”
Peter B Settel, President and CEO, Bold Penguin added: “We have great awareness and respect for bolttech’s mission to address the global protection gap. The work Rob and team have done leading in embedded distribution and building the most globally scaled insurtech make them the perfect partner for us to join with and offer our shared customers truly unique options and solutions. While we expand globally, we will also now offer Bold Penguin’s US customers bolt’s personal lines solutions through a single interface.”
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