AmTrust will leverage Bold Penguin Terminal to strengthen its digital binding capabilities for agents
AmTrust, a US-based property and casualty insurance services provider, has expanded its partnership with Bold Penguin to strengthen insurance offerings for small businesses.
Bold Penguin, an insurance technology provider, has partnered with AmTrust last year, to offer its embedded, fully digital quoting platform for workers’ compensation coverage for small businesses.
The expanded partnership will offer in-app binding capabilities on the Bold Penguin Terminal. AmTrust can now use Bold Penguin’s newly launched Terminal and Software Development Kit (SDK) products for faster and more accurate quoting in the small commercial insurance market for small business owners, agents and brokers.
Bold Penguin’s new platform will also offer several payment plan options for AmTrust such as payment in full, instalments and PAYO (pay-as-you-owe) and expand its technical integrations with the insurer’s suite of APIs to gather additional underwriting and rating information around employee categories such as executives and officers.
Bold Penguin co-founder and chief data officer Ben Clarke said: “AmTrust is an incredibly forward-thinking organization. We are thrilled to work with their teams to expand our integrations, leveraging AmTrust’s suite of APIs to build out more robust capabilities around data, underwriting, and user experience.”
AmTrust executive vice president and North American commercial head Chris Foy said: “The Bold Penguin Terminal gives us the flexibility and speed needed to both supercharge our growth and customer experience.
“Our customers and our agents will benefit from the digital efficiencies we’re able to launch with Bold Penguin.”
In October 2020, Bold Penguin agreed to acquire RiskGenius, an insurance document intelligence software developer.
Through the deal, Bold Penguin brought RiskGenius’ data and analytics products to its existing SaaS platform.
RiskGenius’ platform applies machine learning to insurance policies, allowing users to understand the terms of coverage across a library of policy documents such as policy review, compliance, competitive analysis and emerging risk assessments.