Bold Penguin acquires insurtech RiskGenius for its its Software as a Service platform.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 platform under the acquisition. This marks Bold Penguin's second acquisition this year, following the . 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 with Bold Penguin to enhance the underwriting of its commercial insurance line.
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.
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