Through the acquisition, Bold Penguin will add RiskGenius’ data and analytics products along with its team to its existing SaaS platform
Bold Penguin to acquire insurance document intelligence software developer. (Credit: Pixabay/Tumisu.)
US-based insurtech Bold Penguin has agreed to acquire RiskGenius, an insurance document intelligence software developer, for an undisclosed amount.
Through the acquisition, Bold Penguin will add RiskGenius’ data and analytics products along with its team to its existing SaaS platform.
The latest deal marks Bold Penguin’s second insurtech acquisition this year. The company acquired xagent, an independent, multi-quote platform for standard and surplus lines business insurance market, in January.
RiskGenius’ platform is an AI-driven, SaaS-based solution developed specifically for the insurance industry.
RiskGenius’ platform enables carriers and brokers to analyse and compare policies
The 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.
It supports carriers and brokers to efficiently assess, analyse and compare policies and coverage.
Bold Penguin founder and CEO Ilya Bodner said: “Bold Penguin is obsessed with reducing the time it takes to quote and bind commercial insurance.
“Adding RiskGenius allows us to supercharge our data analysis efforts. Their policy-level data approach helps our Exchange grow and ultimately has a significant impact in the quoting process for our customers.”
Upon closing of the deal, RiskGenius will become part of Bold Penguin’s insurance intelligence system, which leverages data and is focused on an intuitive workflow processing.
The two firms will combine their efforts to identify plans to increase the speed at which analytical features are developed.
RiskGenius CEO and founder Chris Cheatham said: “Bold Penguin’s work upgrading and digitizing small commercial distribution is an ideal complement to our policy analysis focus, and we both share the same passion to connect and accelerate the industry.
“As the policy life cycle continues and policies renew, it’s critical to understand policy language and clearly present coverage updates. That is exactly what we do with our technology.
“We’re proud to join forces with Bold Penguin and be the leaders in understanding every part of the insurance supply chain and making it better for the businesses, agents, and carriers in the mix.”