Digital solution platform, Bold Penguin, has announced a strategic partnership with RT Specialty, a leading wholesale distributor of commercial excess and surplus (E&S) insurance products and services.
This collaboration aims to enhance Bold Penguin’s Terminal carrier panel by integrating RT Specialty’s capacity offerings, according to FF News.
The primary reason for this partnership is to address the growing demand for E&S insurance. Through RT Connector, RT Specialty’s proprietary digital marketplace for E&S, agents using the Bold Penguin Terminal quote platform will now have additional commercial insurance policy coverage options that meet the evolving needs of business owners.
This collaboration not only improves operational efficiency for agents but also ensures business owners have access to specialised coverage in an increasingly complex risk environment.
Founded in 2016, Bold Penguin aims to simplify commercial insurance for carriers and agents. Their Terminal allows agents to access the best coverage in admitted and non-admitted markets in minutes, significantly increasing efficiency and streamlining workflows.
RT Specialty provides access to commercial insurance policy coverage in six product verticals across all 50 states and the District of Columbia, with up to $2.5m in limits.
Their offerings include general liability, property, and commercial insurance policy packages specialising in artisan contractors, healthcare and social services, real estate, transportation and warehousing, and retail.
Additionally, Bold Penguin has powered over 6m quote applications and more than $6bn in premium since 2016. They work with dozens of national, regional, and specialty carriers, offering 12 coverage lines plus E&S to help agents find the right coverage for their customers.
Nicole Farley, Bold Penguin’s Vice President of Carrier Operations, stated, “Our team received strong feedback from our customer base on the importance of integrating RT Specialty, and we are thrilled to share the exciting news that this has come to fruition. Our agents can now receive online quotes for standard and E&S lines through the Bold Penguin Terminal in just minutes.”
Will Jacob, Chief Underwriting Officer at The Connector by RT Specialty, remarked, “At RT Connector, we are constantly looking to innovate and adapt to market needs. This collaboration allows us to do that by providing a platform to distribute our products and expertise through an automated digital channel. Bold Penguin understands the insurance space as much as they do technology, which is hugely important, underpinned by an entrepreneurial spirit and urgency that mirrors the culture at RT – we couldn’t ask for a better business opportunity. This collaboration enables us to meet our customers where they want to be met, providing them another access point to our E&S solutions and continuing to help them drive efficiencies in how small accounts are placed.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
