Hiscox inked a new partnership deal with Bold Penguin, an InsurTech startup known for an online marketplace portal for commercial lines property/casualty agents.

Neither side is disclosing financial details. The agreement allows agents using Bold Penguin’s online aggregator to get quick real-time price quotes through Hiscox’s online insurance platform.

The pairing brings together two sides that have been trying to think differently about technology and how that can maximize the experience for small business insurance agents and clients. Hiscox launched its direct-to-consumer small business insurance operations in the UK back in 2005 and then the U.S, with its online direct-to-consumer small business insurance operations in 2010. Ohio-based Bold Penguin launched its insurance agent commercial-focused portal in summer 2016, and its founders are entrepreneurs with experience developed at companies including Allstate, Nationwide, Progressive, regional carriers and established insurance agencies.

Kevin Kerridge, EVP of Small Business Insurance at Hiscox USA, said the pairing makes sense, and reflects a belief that room remains for insurance agents even as business moves online.

“The steady growth of small business owners seeking insurance online is an opportunity we’re capturing, but we also believe that the future remains bright for traditional agents who grasp the digital opportunity,” Kerridge told Carrier Management via email. “Our partnership with Bold Penguin enables us to leverage our significant investment in digital infrastructure to create a better mousetrap for traditional agents to monetize their relationships and win business.”

He touted Hiscox as “a carrier at the leading edge of how the small business insurance landscape is changing in a digital world,” noting that it has spent more than $250 million to build its small business digital channel since 2010. More than 200,000 policyholders have signed on for this, Kerridge added.

Bold Penguin founder and CEO Ilya Bodner said, in prepared remarks, that “this promises to be a a very productive relationship which will help everyone in the commercial lines insurance value chain keep up with consumer demand going forward.”

Source: Hiscox/Bold Penguin

Topics Trends Mergers & Acquisitions Agencies Commercial Lines Business Insurance Property Casualty