Company adds qualitative policy review capabilities as it continues to be the dominant leader in small commercial connectivity
Bold Penguin, a rapidly growing commercial insurance technology provider, announces today it has entered into a definitive agreement to acquire RiskGenius, a pioneer in insurance document intelligence software. The acquisition will add RiskGenius’s data and analytics products, as well as the team, to Bold Penguin’s existing SaaS platform. This is Bold Penguin’s second InsurTech acquisition this year, continuing to build on its position as the market leader in the $300 billion commercial insurance connectivity space.
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“Bold Penguin is obsessed with reducing the time it takes to quote and bind commercial insurance,” said Ilya Bodner, Founder and CEO of Bold Penguin. “Adding RiskGenius allows us to supercharge our data analysis efforts. Their policy level data approach helps our Exchange grow and ultimately has a significant impact in the quoting process for our customers.”
The RiskGenius platform is an AI-driven, SaaS-based solution developed specifically for the insurance industry. It applies machine learning to insurance policies, allowing users to rapidly understand terms of coverage across a library of policy documents including policy review, compliance, competitive analysis and emerging risk assessments. This helps carriers and brokers efficiently assess, analyze, and compare policies and coverage language.
“Bold Penguin’s work upgrading and digitizing small commercial distribution is an ideal complement to our policy analysis focus, and we both share the same passion to connect and accelerate the industry,” said Chris Cheatham, CEO and Founder of RiskGenius.
“As the policy life cycle continues and policies renew, it’s critical to understand policy language and clearly present coverage updates. That is exactly what we do with our technology. We’re proud to join forces with Bold Penguin and be the leaders in understanding every part of the insurance supply chain and making it better for the businesses, agents, and carriers in the mix,” Cheatham added.
RiskGenius will become part of Bold Penguin’s insurance intelligence effort, which leverages data and has a focus on intuitive workflow processing. The two companies will combine efforts and identify plans to increase the velocity of features being produced.
Financial Technology Partners (“FT Partners”) served as exclusive financial and strategic advisor to Bold Penguin in this transaction.
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