Bold Penguin, a provider of digital solutions for commercial insurance, has partnered with Adaptive Insurance, a pioneer in artificial intelligence-driven insurance.
The partnership brings Adaptive’s GridProtect parametric outage coverage to the Bold Penguin platform, marking the first time a parametric insurance company has been integrated into the company’s digital exchange.
The company explains that this partnership will allow agents to easily quote and bind independent parametric policies to protect small businesses from the direct financial impact of grid failure, a risk that is often excluded or underserved by traditional commercial property policies.
Adaptive’s GridProtect leverages its leading artificial intelligence platform to automatically detect outages, validate them with real-time data and automatically trigger the claims process.
With outages costing U.S. businesses more than $150 billion annually, this partnership provides agents and brokers with a significant opportunity to enhance the service they provide to their clients.
In addition, it provides cross-selling opportunities for those who may be exposed to related risks, business disruption and losses.
Nicole Farley, senior vice president and chief underwriting officer at Bold Penguin, commented: “Parametric insurance is an increasingly important tool for agents and brokers as they seek to address emerging risks for business owners.
“This partnership is a big step forward for us and our industry. By maximizing market reach, it helps fill coverage gaps left by traditional insurance for things like short-term outages, providing customers with the exact type of coverage they need and adding new revenue opportunities for agents.”
“We are proud to pioneer parametric insurance with Bold Penguin, bringing first-of-its-kind outage protection to agents across the country,” said Mike Gulla, CEO and co-founder of Adaptive Insurance. “We believe the Bold Penguin team and platform embody the innovative and future-thinking solutions our customers deserve and look forward to what we can do together.”
