SOURCE: Bold Penguin

Bold Penguin

June 13, 2017 11:15 ET

Bold Penguin Announces New Partnership with Hiscox International

Integration will further streamline new business and underwriting for commercial lines agents

COLUMBUS, OH--(Marketwired - June 13, 2017) - Bold Penguin, an insurtech portal provider delivering a more streamlined insurance experience via an online marketplace for commercial lines property and casualty (P&C) agents, is pleased to announce a partnership with Hiscox International, the U.S. arm of the global specialty insurer, Hiscox.

With U.S. headquarters in New York, Hiscox International operates in all U.S. states and the District of Columbia, and offers a range of specialty insurance products through U.S.-based brokers, as well as directly online to small businesses. In 2010, Hiscox International became the first U.S. insurance company to empower small businesses with real-time quoting and the ability to buy insurance direct and online. Via this partnership and integration, agents using Bold Penguin's online marketplace will gain access to real-time pricing for the risks already coming through the portal, which is a powerful tool that further enables agents to be able to write more business more profitably.

"The insurtech industry is continuing to grow exponentially and there is a tremendous opportunity for insurance agents to better serve clients, who are already accustomed to operating in a digital world," said Kevin Kerridge, Hiscox's EVP of Small Business Insurance. "We value partnerships with companies like Bold Penguin and look forward to working together."

Recently, commercial P&C insurance has become fiercely competitive due in part to emerging technologies which more effectively aggregate data and streamline the process of underwriting risk. Bold Penguin's portal for P&C commercial lines agents originates, evaluates and places new and renewing business faster, smoother and simpler than possible manually or via other portal solutions. Agents using the Bold Penguin portal see more of the right business in an online marketplace, spend less time going back and forth with insurance companies, and achieve better speed-to-market by automating much of the underwriting process with insurers.

"Today's commercial lines agent is a trusted advisor and is absolutely here to stay," said Ilya Bodner, founder and CEO of Bold Penguin. "Everything we build puts another tool in the agent's tool belt. Hiscox International is a world-class partner focused on the modern-day business owner and committed to delivering a superior insurance experience for agents, insureds and partners. This promises to be a very productive relationship which will help everyone in the commercial lines insurance value chain keep up with consumer demand going forward."

About Bold Penguin
Bold Penguin is where technology meets the human touch in commercial insurance. With a heavy focus on agents, Bold Penguin pushes the boundaries of user experience for businesses, is 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, Progressive, regional carriers and established insurance agencies. For more details, please visit www.boldpenguin.com.

About Hiscox
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE: HSX). There are three main underwriting parts of the Group -- Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox International includes operations in Bermuda, Guernsey and the USA. Hiscox Syndicates Ltd is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The ability of syndicates at Lloyd's to do business in the USA and its territories is restricted as they are not US-based insurers. Hiscox Underwriting Limited and Hiscox ASM Limited are authorized and regulated by the Financial Conduct Authority. This information is neither intended nor should be construed to be a solicitation by Lloyd's for the purchase of insurance by any US person or entity.

About Hiscox International
In the U.S., Hiscox International operates as Hiscox Inc., a Delaware corporation headquartered in New York, d/b/a Hiscox Insurance Agency in CA, and is a licensed insurance intermediary for admitted and surplus lines business. Hiscox Inc. underwrites on behalf of, and places business with, Hiscox Insurance Company Inc., other domestic insurers, and syndicates at Lloyd's (www.lloyds.com). Hiscox Insurance Company Inc. is a Chicago, IL domiciled insurer which is admitted or licensed to do business in all 50 states and the District of Columbia.

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