Bold Penguin, a digital solutions provider for commercial insurance, has partnered with Adaptive Insurance, a pioneer in AI-driven coverage.
This partnership will allow agents to easily quote and bind standalone parametric policies that protect small businesses against the immediate financial impact of grid failures, a risk often excluded or under-served by traditional commercial property policies, the firm explains.
Adaptive’s GridProtect leverages its leading AI-powered platform to automatically detect an outage, validate it via real-time data, and trigger the claims process automatically.
As power outages are costing US businesses over $150 billion each year, this partnership provides an important opportunity for agents and brokers to enhance the services they provide to their customers.
Furthermore, it also opens up cross selling opportunities to those that might have exposure to related perils, business interruptions, and losses.
Nicole Farley, Senior Vice President, Chief Insurance Officer at Bold Penguin, commented: “Parametric insurance is an increasingly important tool for agents and brokers when looking to solve for the emerging risks of business owners.
“This partnership is a big step forward for us and our industry. By maximizing market reach it helps fill the coverage gap left by traditional insurance, such as short-term power outages, giving customers the exact type of coverage they need and adding new revenue opportunities for agents.”
“We are proud to pioneer parametric insurance with Bold Penguin, bringing the first of its kind power outage protection to agents across the country,” said Mike Gulla, CEO and Co-Founder of Adaptive Insurance. “We think the Bold Penguin team and platform embody the innovative and future-thinking solutions that customers deserve and look forward to what we can do together.”
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