Nationwide and Bold Penguin are testing an independent agent-facing commercial insurance quoting and selling platform. Munich Re Specialty Insurance (MRSI) released a Miscellaneous Professional Liability product for non-specialist, commercial businesses.
Nationwide and Bold Penguin are testing an independent agent-facing commercial insurance quoting and selling platform designed to provide speed, ease and versatility with solutions from multiple carriers.
The platform, developed in partnership by the two Columbus-based companies, is a multi-product and multi-carrier quoting platform with a complete set of insurance products available by both Nationwide and its key carrier collaborators like Hiscox, Markel, CNA, biBERK, and others.
The companies are now testing the product with a controlled group of early adopters who will leverage the technology in July to serve small business customers.
Nationwide and Bold Penguin began their partnership in 2019 with the launch of the Commercial Digital Storefront, with the goal of delivering an easy to quote, simple to use, single entry software that allows agents to reach the best markets in record time.
This agent beta version is part of a larger collaboration effort to digitize products, such as Commercial Auto, General Liability, Businessowners Policy, Workers Compensation and other future offerings, in order to provide greater speed, ease, and efficiency to small business owners and independent agents.
Munich Re Specialty Insurance (MRSI) released a Miscellaneous Professional Liability product for non-specialist, commercial businesses.
Miscellaneous Professional Liability (MPL) covers liability and defense costs from claims that allege errors or omissions in the rendering of professional services. MRSI will offer the new product through select wholesale brokers with a focus on coverage for consultants, financial services, human resources, insurance-related and real estate professionals. Coverage is offered on an admitted and non-admitted basis and is available on a primary and excess basis.
MPL claims will be handled in the Philadelphia claims home office by a dedicated in-house legal team with expertise in litigation and coverage defense in professional liability.
Sources: Nationwide/Bold Penguin, Munich Re Specialty Insurance