Need for Speed-to-Market Driving Nationwide Platform, Powered by Bold Penguin
Partnership to enhance the overall experience in commercial insurance
Business owners are in rapid-fire operational mode to expand and grow in today’s competitive environment. Successful insurance agents in turn are feeling the pressure to provide fast, easy and affordable solutions for business clients with complex protection needs.
In response, Nationwide is executing a multi-pronged strategy to develop digital solutions and expedited underwriting for agents and consumers. Speed-to-market with solutions is a key driver for competitiveness for Nationwide.
One part of Nationwide’s strategy is to partner with Bold Penguin, a Columbus-based technology firm focused on the commercial lines space.
The Bold Penguin API-first approach allows Nationwide to build user interfaces (UI’s) at an extraordinary speed without sacrificing future flexibility. This technology will deliver a digital storefront enabling agents to work more efficiently and seamlessly in providing the right solutions to their customers, while providing business owners affordable, unique coverage solutions based on Nationwide’s product portfolio and risk appetite of its partners.
“We have listened to independent agents and clearly understand the need for ease and efficiency in transactions,” noted Mark Berven, president & COO of Nationwide Property & Casualty. “We are enabling technology to leverage data and digital capabilities to customize for agents and know this will help them grow their business.”
The outcome of the Nationwide/Bold Penguin alliance will be the creation of a digital storefront which utilizes the earlier announced CLD BOP initiative and is designed to allow small business owners to receive commercial insurance quotes quickly and easily online or over the phone, with the ability to bring in an agent to complete the transaction.
“Our work with Nationwide is particularly important because of all the facets of the landscape that are addressed with this partnership,” said Ilya Bodner, founder and CEO of Bold Penguin. “At the end of the day Nationwide offers a solution for almost anyone interacting with them, through a slew of competitive internal products, partnerships with other carriers, a strong agency base, and superior E&S capabilities. All of that coupled with a brand that is trusted by small and midsize businesses.”
Coverage options in the digital platform will eventually include traditional BOP, general liability, professional liability, workers compensation and business auto, excess and surplus.
Additional phases of rollouts are anticipated to come in 2019 and 2020.
About Bold Penguin
Bold Penguin is where technology enhances the human touch in commercial insurance. With a heavy focus on agents, Bold Penguin upgrades the user experience for businesses, creates an easy tool for agents, and offers a streamlined process of underwriting for carriers. Founded by a group of entrepreneurs who spent their early days working with Allstate, Nationwide, and Progressive alongside regional carriers and established insurance agencies. For more details, please visit www.boldpenguin.com
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.