Bold Penguin has announced that it has entered into an agreement to acquire RiskGenius, an insurance document-intelligence software firm. The acquisition will add RiskGenius’s data and analytics products and its team to Bold Penguin’s existing SaaS platform. This marks Bold Penguin’s second insurtech acquisition this year; the company acquired multi-quote platform xagent in January.
“Bold Penguin is obsessed with reducing the time it takes to quote and bind commercial insurance,” said Bold Penguin founder and CEO Ilya Bodner. “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.”
The RiskGenius platform applies machine learning to insurance policies, allowing users to quickly understand terms of coverage across a host of policy documents including policy review, compliance, competitive analysis and emerging risk assessments. This helps carriers and brokers assess, analyze and compare policies and coverage language, Bold Penguin 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,” said RiskGenius founder and CEO Chris Cheatham. “As the policy lifecycle 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.”
