Bold Penguin buys RiskGenius in commercial insurtech deal
US-based commercial insurance technology company Bold Penguin has acquired insurtech RiskGenius, which uses artificial intelligence (AI) to evaluate emerging risks across a portfolio of P&C insurance policies.
The transaction marks Bold Penguin's second insurtech acquisition of 2020. It will add RiskGenius' data and analytics products, as well as the specialist team, to Bold Penguin's existing SaaS platform.
Following the deal, 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.
The RiskGenius platform is an AI-driven, SaaS-based solution developed specifically for the insurance industry. It applies machine learning to insurance policies, allowing carriers and brokers efficiently assess, analyze, and compare policies and coverage language.
Ilya Bodner, founder and CEO of Bold Penguin, said: "Bold Penguin is obsessed with reducing the time it takes to quote and bind commercial insurance. 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."
Chris Cheatham, CEO and founder of RiskGenius, added: "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.
"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."
