Pioneering Insurtech Collaboration: Bold Penguin and NEXT Insurance Enhance Coverage Options for Small Businesses

In a strategic move to enhance coverage options for small businesses, insurance technology provider Bold Penguin has announced a partnership with NEXT Insurance. The collaboration aims to provide a comprehensive suite of insurance products to users of the Bold Penguin Terminal, making it easier and more efficient for small business owners to protect their ventures.

Access to NEXT Insurance’s general liability and professional liability products

As part of this partnership, users of Bold Penguin will gain access to NEXT Insurance’s General Liability and Professional Liability products. These coverage options are crucial for small business owners, offering protection against claims related to property damage, bodily injury, and professional errors or omissions. By expanding the available coverage options, Bold Penguin is empowering small business owners to effectively mitigate potential risks.

Opportunity for agents to obtain a NEXT sub-appointment quickly

The collaboration between Bold Penguin and NEXT Insurance also benefits insurance agents seeking additional markets. Agents can now obtain a NEXT sub-appointment quickly through Bold Penguin, granting them access to a broader portfolio of insurance products that they can offer to their clients. This streamlined process saves time and effort, allowing agents to expand their offerings and cater to the diverse needs of small business owners.

Increased Productivity and Efficiency with Bold Penguin’s Integrated Product Suite

One of the significant advantages of using the integrated Bold Penguin product suite is the increased productivity and efficiency it brings to insurance agents. By eliminating the need for double data entry, agents can focus more on engaging with clients and providing personalized insurance solutions. The seamless integration of Bold Penguin’s technology translates into time savings and a smoother user experience.

Importance of Expanded Coverage Options in the Current Market Trends

In an insurance market characterized by hardening trends, expanded coverage options become an invaluable resource for small business owners. As risks evolve and become more complex, having access to a wide range of insurance products ensures that small businesses can adequately protect themselves. The partnership between Bold Penguin and NEXT Insurance addresses this need, offering tailored coverage options to navigate the challenging market landscape.

Growth of small business applications in 2022

The importance of new small business creation to the U.S. economy is evident in the staggering number of new applications submitted in 2022. Over 5 million Americans took the leap into entrepreneurship, highlighting the significance of fostering an environment that supports and protects small businesses. With Bold Penguin and NEXT Insurance joining forces, small business owners will benefit from comprehensive coverage that safeguards their ventures.

Lack of confidence in coverage among small business owners

Despite the critical role insurance plays in protecting small businesses, a recent survey conducted by NEXT Insurance revealed a lack of confidence among small business owners regarding their coverage. Approximately 90% of surveyed small business owners expressed uncertainty about having enough insurance to adequately safeguard their businesses. This highlights the critical need for accessible and comprehensive coverage options tailored to small business needs.

Barriers to insurance coverage for small business owners

Understanding insurance needs and selecting the right coverage package can be a significant barrier for small business owners. According to the survey, 53% of small business owners identified the challenge of knowing what kind of insurance package they need as their greatest obstacle. This knowledge gap can leave small business owners vulnerable to potential risks and financial loss. However, with the intuitive coverage recommendations provided by agents using the Bold Penguin Terminal, small business owners can rely on expert guidance to navigate their insurance options more effectively.

Integration of Bold Penguin’s technology and NEXT’s digital underwriting

The integration of Bold Penguin’s technology with NEXT Insurance’s digital underwriting capabilities signifies a significant step forward in simplifying policy selection for insurance agents and their customers. This combination allows agents to leverage advanced data analytics and automation to find the best policies more quickly and with less effort. By streamlining the underwriting process, agents can deliver tailored coverage options to their clients efficiently.

The partnership between Bold Penguin and NEXT Insurance is an exciting development for small business owners and insurance agents alike. By offering expanded coverage options, streamlining the enrollment process, and providing intuitive coverage recommendations, the collaboration empowers small businesses to effectively protect their ventures. As the market continues to evolve, Bold Penguin and NEXT Insurance are at the forefront of delivering innovative insurance solutions that meet the evolving needs of small business owners.

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