Commercial insurance technology provider, Bold Penguin, has announced that it has entered into a definitive agreement to acquire RiskGenius, a pioneer in insurance document intelligence software.
The transaction sees RiskGenius’s data and analytics products, alongside its team, join Bold Penguin’s existing SaaS platform.
Following the deal, RiskGenius is set to become part of Bold Penguin’s insurance intelligence effort, which uses data and has a focus on intuitive workflow processing. The pair will combine their efforts and identify plans to increase the velocity of features being produced.
Ilya Bodner, Founder and Chief Executive Officer (CEO) of Bold Penguin, commented: “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.”
RiskGenius’s platform is an AI-driven, SaaS-based product designed specifically for the insurance sector. According to the firm, it applies machine learning to insurance policies, enabling users to rapidly understand terms of coverage across a library of policy documents including policy review, compliance, competitive analysis and emerging risk assessments.
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.”
Financial Technology Partners served as exclusive financial and strategic advisor to Bold Penguin in this transaction.