Insurtechs partners to simplify business insurance

Digital transformation company Sutherland has partnered with Bold Penguin, a digital platform to simplify business insurance.

The partnership will enable companies to accelerate digital transformation in customer acquisition, new business and underwriting for the commercial insurance sector, Sutherland said.

Under the partnership, Sutherland’s AI-based underwriting ecosystem will be integrated with Bold Penguin’s analytics capabilities. The combined capabilities of the companies will deliver higher quality data to subscribers, increasing productivity, speed to market and decision making. Sutherland said.

Sutherland’s direct policy buying ecosystem also complements Bold Penguin’s Exchange and Terminal platforms, which will reduce the time it takes to quote and link commercial insurance.

The partnership will enable commercial insurers to reduce the cost of new and renewing business, improve underwriting quality and speed the transition to straight-through underwriting processing (STP), Sutherland said.

“The 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,” said Vijay Pahuja, senior vice president and head of Sutherland analysis. “It will enable our clients’ insurers to quickly make smarter and more proactive underwriting decisions.

“This partnership combines our strong digitalization and transformation solution set of experiences and decades of commercial insurance functional experience with Bold Penguin’s innovative solutions for shipping data enrichment, high-quality prospecting and quoting, giving us allows us to jointly transform the commercial insurance landscape.”

“Bold Penguin brings a wealth of experience helping carriers efficiently distribute their digitally-enabled products to agents and brokers in support of millions of small business owners annually,” said Jim Struntz, Bold Penguin’s COO. “Our team is excited to continue serving an industry we are passionate about as we combine Bold Penguin’s digital quoting and analytics platforms with Sutherland’s AI-powered trading operations in support of a streamlined trading underwriting process.”

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