SOURCE: Bold Penguin

Bold Penguin

August 01, 2017 11:15 ET

Bold Penguin Expands Partnership with INGUARD

Industry innovators band together to further transform commercial lines insurance products and processes

COLUMBUS, OH--(Marketwired - August 01, 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 an expansion of the company's partnership with INGUARD.

Based in Wabash, Indiana, INGUARD is an insurance company and risk management firm serving clients across the United States and abroad. INGUARD specializes in serving niche markets and clients with complex portfolios. INGUARD CEO Parker Beauchamp is a strong advocate of innovation, and of adopting new methods and technologies which will bring the insurance business into the 21st Century.

Prior to the rise of the Internet as a business marketplace, across all industries most business was conducted face-to-face or via phone. In 1996, few insurance organizations had a digital or electronic business strategy. INGUARD, however, moved quickly to launch the company's first website and start selling insurance online to customers across the U.S. In 2013, INGUARD became the first insurance company to accept Bitcoin for premium payment, and the company continues to look for opportunities to modernize and streamline the commercial insurance process today.

"Selling online in the last century and accepting cryptocurrency were not end games for us," said Beauchamp. "These are examples of tangible steps in INGUARD's roadmap to be a more innovative insurance company. As part and parcel of that initiative, we partnered with Bold Penguin to further modernize and streamline the commercial insurance process. The incorporation of Bold Penguin's portal into our business model has been so beneficial for INGUARD's professionals and policyholders alike that we knew an expansion of the partnership was the way to go."

Bold Penguin's portal takes a new approach to commercial lines P&C insurance by streamlining the new business and renewal process and creating efficiencies over and above manual processes or other portal solutions. Bold Penguin's portal transforms the way agents and insurers work together, making it easier for agents to find appropriate business in an online marketplace, and achieve better speed-to-market by automating much of the underwriting process.

"INGUARD's team has been better able to select and place the right risks, leveraging our technology and their industry knowledge," said Ilya Bodner, founder and CEO of Bold Penguin. "Our goal together is to show that the agent channel is the future. Granted, it looks a little different than an agency-carrier relationship 20 years ago, and it will likely look drastically different in the next five years, but you can't take the human being out of it. By sharing success stories such as INGUARD's, we jointly hope to get other insurance companies to move faster."

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 INGUARD

INGUARD is an insurance, risk management and insurtech firm. We provide consulting services, insurance products and risk management strategies to individuals, families, organizations, specializing in niche markets and portfolios with complex needs. INGUARD also provides partners with access to an insurtech ecosystem that connects carriers, technology companies and startups. For more details, please visit www.inguard.com.

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