Insurtechs partner to simplify commercial insurance
Insurtechs partner to simplify commercial insurance | Insurance Business America
Technology
Insurtechs partner to simplify commercial insurance
Partnership to allow increased productivity, speed to market
Digital transformation company Sutherland has entered a partnership with Bold Penguin, a digital platform to simplify commercial insurance.
The partnership will allow the companies to accelerate digital transformation in customer acquisition, new business and underwriting for the commercial insurance sector, Sutherland said.
Under the partnership, Sutherland’s AI-based underwriting ecosystem will integrate with Bold Penguin’s analytics capabilities. The combined capabilities of the companies will deliver higher-quality data to underwriters, increasing productivity, speed to market and decision-making, Sutherland said.
Sutherland’s Direct Policy Acquisition ecosystem also compliments Bold Penguin’s Exchange and Terminal platforms, which will reduce the time it takes to quote and bind commercial insurance.
The partnership will allow commercial insurance carriers to reduce the cost of new and renewal business, boost underwriting quality, and accelerate the transition to straight-through processing (STP) underwriting, Sutherland said.
“Infusion of Bold Penguin’s industry-leading platforms and data expands our automation and AI ecosystem for commercial insurers, making the benefits of AI more accessible than ever before,” said Vijay Pahuja, senior vice president and head of analytics at Sutherland. “It will allow our clients’ underwriters to quickly make intelligent, more proactive risk assessment decisions.
“This partnership combines our strong suite of experience transformation and digitization solutions and decades of functional expertise in commercial insurance with Bold Penguin’s innovative solutions for submissions data enrichment, high-quality prospecting, and quoting, allowing us to jointly transform the commercial insurance landscape.”
“Bold Penguin brings a wealth of expertise helping carriers efficiently distribute their digitally enabled products to agents and brokers in support of millions of small business owners annually,” said Jim Struntz, chief operating officer at Bold Penguin. “Our team is excited to further serve an industry we’re passionate about as we combine Bold Penguin’s digital quote-to-bind and analytics platforms with Sutherland’s AI-powered business operations in support of a streamlined commercial underwriting process.”
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