AI-enabled insurance distribution platforms Bold Penguin and bolttech have announced a global strategic partnership to create a joint commercial and personal lines offering for agents, insurers, and embedded partnerships in the US, Europe, and Asia.
bolttech is a global insurtech operating in 39 countries across four continents, focused on AI-led insurance distribution. Bold Penguin focuses exclusively on commercial lines and operates a distribution network and digital exchange, with its technology, partnerships, and AI solutions.
The global collaboration will support customers across personal and commercial lines distribution by bringing together complementary capabilities into a unified offering. Joining forces will accelerate both companies' roadmaps, allowing each to deepen focus on its strengths while enabling customers to take advantage of the combined platforms.
Bold Penguin provides a commercial lines digital exchange, data and AI services through "DeX ai", and an integrated commercial carrier network. bolttech provides access to insurance and protection services across commercial and personal lines, AI-enabled workflows, and global insurance distribution expertise.
Rob Schimek, group chief executive officer of bolttech, said the companies' capabilities were complementary.
"Bold Penguin is the leading commercial insurance distribution platform. Their submission automation, AI-powered underwriting workflows and commercial orchestration platform complement our technology capabilities, personal lines expertise, and insurance ecosystem globally. Together, we can deliver a more seamless, connected insurance experience for distribution partners and customers around the world," said Schimek.
Peter B. Settel, president and chief executive officer of Bold Penguin, said bolttech was the perfect partner for the business.
"We have great awareness and respect for bolttech's mission to address the global protection gap. The work Rob and team have done leading in embedded distribution and building the most globally scaled insurtech make them the perfect partner for us to join with and offer our shared customers truly unique options and solutions," said Settel. "While we expand globally, we will also now offer Bold Penguin's U.S. customers bolt's personal lines solutions through a single interface."
