COLUMBUS, Ohio, May 14, 2020 /PRNewswire/ -- Bold Penguin, the technology provider that operates the largest commercial exchange, and Mylo, the digital broker launched by the world's largest independent broker Lockton, are expanding their successful partnership through a simplified quoting interface that provides small business owners with an enhanced customer experience and faster quoting of personalized insurance recommendations.
As the United States workforce continues to work remotely in large numbers and business owners strive to protect what they have worked hard to build, the need for an efficient and accurate digital quoting solution is growing at an even faster pace.
"Our goal is to recommend the best coverage and carrier for each small business owner based on their unique circumstances," said David Embry, CEO of Mylo. "Expanding our partnership with Bold Penguin enables us to leverage technology that supercharges our brokerage and creates efficiencies our agents need to provide a great quoting experience."
Bold Penguin and Mylo have built on each other's success for two years, beginning their partnership shortly after Lockton's strategic decision to focus on small businesses by creating Mylo and into a funding round led by Guggenheim Partners. Bold Penguin's growing insurance exchange helped Mylo become one of the fastest growing digital brokerages in the United States.
"Partnerships have been the key to success in small commercial," said Marshall Lockton, Senior Vice President of Operations at Lockton Companies. "We have built an exceptional customer experience with the help of technology and carrier partners across the industry. Bold Penguin's innovative technology will allow us to enhance that experience by delivering even more personalized solutions and expert guidance to business owners."
The two organizations work closely together, first by leveraging Bold Penguin's exchange, which surpassed one million small business quoting experiences late last year, and now by leveraging Bold Penguin's multi-product quoting experience which elegantly presents appropriate products in a single, user-friendly interface. The platform asks increasingly targeted, intelligent questions based on inputs, allowing Mylo agents to more efficiently match integrated carriers quickly and accurately to provide highly customized coverage recommendations.
"We've seen the obstacles large brokerages face when quoting small commercial. Some of them are tech and others are financial in nature," said Ilya Bodner, founder and CEO of Bold Penguin. "Today we're able to help solve for both through a technology solution that addresses the centralization and ease of use challenges. We're just happy to have such a great partner, a fantastic carrier panel that continues to expand their capabilities, and a joint team that brings forward solutions that ease the experience of getting an insurance quote for the agents, businesses and carriers in the mix."
Bold Penguin's rapidly growing exchange includes five of the largest U.S. brokerages and leading carrier brands in the admitted and the E&S markets. The company anticipates additional announcements throughout 2020 as the insurance industry's push for innovation and digitization continues to pick up speed.
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. Bold Penguin was founded in 2016 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.
Mylo is a digital insurance agency that makes it easy for businesses and individuals to compare and purchase top-rated insurance products from multiple carriers, including business, small group benefits, home, auto, life and individual health. With backing from Lockton, the world's largest privately held independent insurance broker, and Guggenheim Partners, Mylo offers expert insurance recommendations online or in person with licensed agents. Mylo can be easily integrated into a partner's customer experience, providing their clients with expert insurance coverage recommendations.
Lockton is a global professional services firm with 7,500 Associates who advise clients on protecting their people, property and reputations. Lockton has grown to become the world's largest privately held, independent insurance broker by helping clients achieve their objectives. For 11 consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance."