Commercial insurance technology provider Bold Penguin has reportedly collected $32m in a Series B round.
The investment was supported by Hudson Structured Capital Management, Lightstone, Guggenheim Insurance, Lockton, and Stone Point Capital, among others, according to a report from Insurance Journal.
Funds from the new round will allegedly be used to make engineering and platform enhancements, such as adding further flexibility for enterprise customers, expanding in excess and surplus lines, and support carrier integrations.
Bold Penguin aims to upgrade the user experience for insurance businesses, giving agents easy tools and streamlined processes for underwriting. The InsurTech has built various solutions including a single terminal which gives one location for brokers to triage risks, access real-time rates from participating carriers, and rank carrier partners based on customizable algorithms.
The company recently opened its agent-facing terminal platform to more agencies. Previously, the technology had only been available to Top 100 Brokers, but now it will be available in all 50 US states across most business categories.
Agent Terminal co-founder and director Marc DeLeonibus said, “Our belief in the trusted advisor, the insurance agent, is one of the cornerstones of Bold Penguin.
“We are thrilled to be able to empower independent agents with the help from major carriers such as Nationwide Insurance in order to give technology that makes the process of quoting and binding commercial insurance more efficiently, in some cases as much as 300% efficiency gain.”
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