October 9, 2020 | software | No Comments
- Bold Penguin continued its acquisition spree with RiskGenius to further enhance its Software as a Service platform.
- And this purchase will help the insurtech further enhance its platform.
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The US-based B2B insurtech has entered a definitive agreement to acquire RiskGenius, per a press release; details around the acquisition haven’t been disclosed.
RiskGenius has developed document intelligence software along with other data and analytics products, which will become part of Bold Penguin’s existing Software as a Service (SaaS) platform under the acquisition. This marks Bold Penguin’s second acquisition this year, following the purchase of multiquote platform for standard and surplus lines business insurance market xagent.
Bold Penguin provides technology solutions for the $300 billion commercial insurance space—and the latest purchase will help it enhance its platform. Bold Penguin partners with brokers and insurers to make underwriting small commercial policies a viable business.
Its products include a commercial insurance exchange that connects businesses, agents, and carriers to the right quote, as well as an agent terminal that lets agencies quote and bind commercial insurance. Its clients include Nationwide, which teamed up with Bold Penguin to enhance the underwriting of its commercial insurance line. RiskGenius will enhance the fintech’s existing product suite, as it focuses on the renewal stage of the policy lifecycle and leverages AI and machine learning to understand terms of coverage, including policy review, compliance, and emerging risk assessments.
Underwriting policies is becoming increasingly difficult for insurers, as the process is becoming more complex due to emerging risks, like cybercrime. Emerging risks, including cyber threats and disruptive environmental patterns, make it harder for insurers to assess the actual risk related to customers’ coverage.
The number of phishing websites, for example, has increased 350% during the crisis. That said, risk assessments can be significantly enhanced via new technologies like machine learning, AI, and advanced analytics, while insurtech partnerships can help with implementation of such solutions. Bold Penguin and RiskGenius can help mitigate these risks; one of the latter’s clients already includes Guy Carpenter, which partnered with the fintech earlier this year to enhance detection and qualitative analysis of silent cyber exposure—cyber-related losses from insurance policies not designed to cover cyber risk.
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