EverQuote, Inc., an online market for insurance shopping in the U.S., has entered into a new partnership with InsurTech innovator Bold Penguin on the launch of its commercial lines marketplace.
Bold Penguin targets increased speed-to-bind for commercial insurance via platforms that enhance connections between all parties, ultimately reducing friction in the purchasing process.
Under the new partnership, EverQuote is to leverage Bold Penguin’s terminal and exchange infrastructure to rapidly accelerate its path to market while at the same time, expanding the market opportunity for online commercial insurance providers and buyers.
Seth Birnbaum, Chief Executive Officer (CEO) of EverQuote, commented: “We admire the technology and data platform that Bold Penguin has built to solve the biggest challenge in commercial lines insurance distribution today. We have great respect for Ilya, Ben and their team, and believe that working together we will have a larger impact on the commercial insurance landscape.”
It’s expected that the partnership between the pair will benefit from a shared desire to make insurance simpler and more efficient, and will make the most of the unique assets and areas of expertise of the two firms.
Bold Penguin’s Founder and CEO, Ilya Bodner, added: “Bold Penguin was designed to be an enablement platform and EverQuote’s ability to utilize the technology and execute has been exceptional. We’re happy to power another initiative and work together to remove the inefficiencies in commercial insurance.”