HazardHub, the USA’s fastest-growing supplier of geospatial risk data, a 2020 Gartner Cool Company, and 2020 Lloyd’s Lab participant – announces a strategic alliance with insurtech leader Bold Penguin. The alliance allows for HazardHub to supply Bold Penguin with point-of-sale peril and property data to both speed and sharpen the risk evaluation process.
John Siegman, CCA of HazardHub says, “There is a sea-change of innovation in the commercial insurance market, fueled by innovation to make the process both faster and better. Bold Penguin has been leading the charge. We’re incredibly excited to be a key supplier that will continue Bold Penguin’s foray into the commercial space.”
Currently, far too many commercial policies do not consider the impact of peril data on rates, as the process has been too expensive to economically implement. HazardHub smashes that paradigm by providing near-instantaneous access to hundreds of data elements at a cost far lower than competitive products.
Bold Penguin has been a pioneer in streamlining the quote and bind experience in small commercial. Through its unique platform, known as the Exchange, the company drastically reduces the time it takes to get an accurate quote for its agent, broker, and carrier users. Many top U.S. insurance carriers rely on Bold Penguin and its safe, secure, and reliable infrastructure to power their own small commercial efforts. The company’s security and data segregation has been a critical component in gaining industry adoption. Bold Penguin’s alliance with HazardHub will accelerate its mission to simplify commercial insurance and increase its enterprise customers’ access to verified third-party risk information.
“Our insurance intelligence initiatives are committed to powering the industry’s fastest, most accurate small commercial quoting experience for businesses, agents, brokers, and carriers across our whole ecosystem,” says Ben Clarke, Chief Data Officer of Bold Penguin. “Partnering with HazardHub expedites this work, allowing us to integrate deep, highly accurate data sets into our platform flow that will enrich the user experience across our entire organization.”
Bold Penguin will use the HazardHub service to enrich the user experience, streamlining the collection of information part of the application itself. Once integrated into the main application flow, this service will be an added benefit to the key customer users of the Bold Penguin SaaS platform.
Bob Frady, CEO of HazardHub adds, “when we started HazardHub, we realized early on that being able to quickly and easily integrate with other innovative insurtechs would be a key driver of our growth. We are thrilled to integrate with Bold Penguin, as they closely match our own thirst for improvement and innovation in the commercial insurance world.”
Both companies anticipate a roll-out of the partnership throughout 2021.