Insurance technology producer Bold Penguin has agreed to buy US-based insurance document software provider RiskGenius for an undisclosed amount, allowing media group Hearst and insurance carriers FM Global and QBE to exit.
Founded in 2015, RiskGenius has developed software that uses machine learning to analyse insurance policies in order to help users more comprehensively understand terms and compare different policies more effectively.
Bold Penguin will take on the RiskGenius team and the latter’s data and analytics products will be absorbed into Bold Penguin’s existing software offering. QBE provided an undisclosed amount for the company in 2017 through its QBE Ventures unit.
RiskGenius secured an undisclosed amount in a July 2019 round led by investment manager Hudson Structured Capital Management that included FM Global and Hearst Ventures, the corporate venturing subsidiary of Hearst.
Ilya Bodner, Bold Penguin’s founder and chief executive, said: “Bold Penguin is obsessed with reducing the time it takes to quote and bind commercial insurance.
“Adding RiskGenius allows us to supercharge our data analysis efforts. Their policy level data approach helps our exchange grow and ultimately has a significant impact in the quoting process for our customers.”
