EverQuote, an online insurance marketplace, has announced that it has partnered with insurtech Bold Penguin to launch a commercial lines marketplace.
Bold Penguin utilizes platforms which enhance connections between customers, agents, and carriers. The company’s terminal and exchange infrastructure will be utilized to improve the speed-to-bind for commercial insurance on EverQuote’s new digital marketplace.
In addition to collaborating on the new marketplace, both companies will also take advantage of each other’s unique assets and areas of expertise, a release said.
“We admire the technology and data platform that Bold Penguin has built to solve the biggest challenge in commercial lines insurance distribution today,” said EverQuote CEO Seth Birnbaum, adding that he believes the collaboration of EverQuote and Bold Penguin “will have a larger impact on the commercial insurance landscape.”
“Bold Penguin was designed to be an enablement platform and EverQuote's ability to utilize the technology and execute has been exceptional,” commented Bold Penguin founder and CEO Ilya Bodner. “We're happy to power another initiative and work together to remove the inefficiencies in commercial insurance.”
The partnership comes after Bold Penguin last month publicly launched a tool called Agent Terminal, which allows users to triage, quote and bind commercial insurance. The tool was previously made available exclusively to “top brokers.”