InsurTech Bold Penguin is making it easier for agents and small business customers to secure to coverage by the month or by the hour—through a partnership with InsurTech startup Thimble, Bold Penguin announced today.
“Our secret sauce is we’re selling these policies on all kinds of different time frames,” Thimble Founder and Chief Executive Officer told Carrier Management earlier this year. (Related article: “BI Innovation Coming Soon: Low-Limit Policies From InsurTech Thimble“)
Bold Penguin, a digital exchange used by insurance agents, brokers and other distributors to match, quote and bind policies from a range of insurers, will now have Thimble’s bindable quotes, which not only offer the shorter policy terms than traditional insurers, but also feature the ability to change, pause or cancel policies instantly.
Thimble’s coverage options are designed for businesses of all sizes—ranging from the most nascent startups that purchase insurance by-the-job, to mature organizations that want more control over their monthly and annual policies.
“Small businesses have faced many challenges this past year, and many agents are looking at new commercial insurance options. We know from a surge in quote starts on the Bold Penguin Exchange, that many are shopping around,” said Jim Struntz, President of Bold Penguin, in a media statement. “Thimble offers a unique insurance option for the agents seeking convenience and flexibility for small businesses.”
Bold Penguin and Thimble leveraged their flexible APIs to provide instant insurance quotes to small businesses. As a new entrant to the insurance market, Thimble is focused on leveraging technology to evolve and offer product offerings not typical in the commercial insurance market.
In the January interview, Bregman told CM that Thimble has been working on a low-limit business interruption policy with a parametric trigger that will help tide businesses over until they can get government assistance during COVID-related shutdowns.
Thimble insurance policies are underwritten by Markel Insurance Company, which also participates on the Bold Penguin Exchange.
Commenting on the Thimble-Bold Penguin partnership, Chris Cheatham, Bold Penguin’s vice president of Product, Insurance Intelligence, highlighted the fact that the Bold Penguin platform allows both traditional carriers and new entrants to innovate and launch online products. As an example, he noted that Travelers workers compensation insurance went live on the Bold Penguin platform last week.
In January, American Family Insurance acquired Bold Penguin, marking the first 2021 deal that Carrier Management reported in which a P/C carrier acquired an InsurTech.
Source: Bold Penguin