Insurtechs associate to simplify industrial insurance coverage

Digital transformation firm Sutherland has entered a partnership with Bold Penguin, a digital platform to simplify industrial insurance coverage.

The partnership will permit the businesses to speed up digital transformation in buyer acquisition, new enterprise and underwriting for the industrial insurance coverage sector, Sutherland mentioned.

Under the partnership, Sutherland’s AI-based underwriting ecosystem will combine with Bold Penguin’s analytics capabilities. The mixed capabilities of the businesses will ship higher-quality information to underwriters, rising productiveness, pace to market and decision-making, Sutherland mentioned.

Sutherland’s Direct Policy Acquisition ecosystem additionally compliments Bold Penguin’s Exchange and Terminal platforms, which is able to scale back the time it takes to cite and bind industrial insurance coverage.

The partnership will permit industrial insurance coverage carriers to scale back the price of new and renewal enterprise, increase underwriting high quality, and speed up the transition to straight-through processing (STP) underwriting, Sutherland mentioned.

“Infusion of Bold Penguin’s industry-leading platforms and data expands our automation and AI ecosystem for commercial insurers, making the benefits of AI more accessible than ever before,” mentioned Vijay Pahuja, senior vice chairman and head of analytics at Sutherland. “It will permit our shoppers’ underwriters to rapidly make clever, extra proactive danger evaluation choices.

“This partnership combines our strong suite of experience transformation and digitization solutions and decades of functional expertise in commercial insurance with Bold Penguin’s innovative solutions for submissions data enrichment, high-quality prospecting, and quoting, allowing us to jointly transform the commercial insurance landscape.”

“Bold Penguin brings a wealth of expertise helping carriers efficiently distribute their digitally enabled products to agents and brokers in support of millions of small business owners annually,” mentioned Jim Struntz, chief working officer at Bold Penguin. “Our team is excited to further serve an industry we’re passionate about as we combine Bold Penguin’s digital quote-to-bind and analytics platforms with Sutherland’s AI-powered business operations in support of a streamlined commercial underwriting process.”

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