Executive Interview - 13 of 15
This article is part of a series of interviews with InsurTech Executives involved in the distribution of property/casualty insurance about their missions, how they are changing the industry, and the implications for carriers.View All Interviews
A former Allstate agent, Ilya Bodner, CEO and Founder of Bold Penguin, came to recognize that one thing was missing in the industry that would help agents and carriers both meet their goals—a central place that aligned the two parties.
“As an agent, I was constantly trying to find my niche, to justify cost-per-acquisition and to reduce the operational cost of ‘paperwork shuffling.’ On the other side, the insurer, reinsurer or MGA was hungry for profitable growth. They wanted a way to stand out from the competition and more effectively communicate with the insurance agent or broker,” he told Carrier Management earlier this year. (Related article: “It Takes A Leap of Faith, Says InsurTech Founder.”)
Among other things, the Bold Penguin exchange allows agents and brokers to triage, quote and bind commercial policies in a programmatic and rules-based way—and carriers to market their products to insurance agents.
Taking part in our InsurTech’s to Watch feature in September, Bodner gave more information about the mission of the company and his view of the future of distribution—with agents at the forefront and InsurTech’s like Bold Penguin “supercharging agent and carrier platforms.”
1. Describe your company and its mission. What does the company do?
Ilya Bodner, CEO and Founder, Bold Penguin: Bold Penguin is an InsurTech innovator headquartered in Columbus, Ohio that develops B2B software used by insurance agents and brokers, as well as insurance companies, to break through the confusion and complexity of the commercial insurance landscape. Bold Penguin doesn’t sell insurance; instead Bold Penguin helps its customers rapidly increase the speed from quote to bind, allowing them to write commercial insurance profitably.
2. Who does your technology serve? (Agents and brokers only; Agents, brokers and carriers; customers directly, etc.)
Bodner (Bold Penguin): Bold Penguin’s technology serves agents, carriers, and the small commercial insurance consumer.
3. Are you disrupting (replacing) or empowering traditional distribution?
Bodner (Bold Penguin): Bold Penguin’s solution is not replacing current distribution methods, but giving them an upgrade. Instead of disrupting the whole process, Bold Penguin’s revolutionary solution is supercharging agent and carrier platforms to rapidly increase the speed from quote to bind.
4. What should P/C insurance carriers know about you?
Bodner (Bold Penguin): Bold Penguin’s revolutionary Exchange has established itself as a top product for insurance powerhouses like Progressive and Nationwide. This highly efficient product solves for the three inefficiencies that have plagued small commercial for decades: speed, fragmentation, and profitability. Completely customizable, the Bold Penguin Exchange works with current systems as an enhancer, not a disrupter, that introduces automation and standardization to slow, back-office workflow. With Bold Penguin, carriers are able to supercharge their current platforms and processes, enabling them to effectively tap into the small commercial space for increased profit.
5. Bonus Question: What does the future of commercial insurance distribution look like?
Bodner (Bold Penguin): The future of commercial insurance distribution will see an increase in automation and the agent (the trusted adviser) at the forefront of the exchange.