Bold Penguin has announced a new partnership with Adaptive Insurance, bringing the insurer’s parametric power outage protection to the Bold Penguin Placement Desk and expanding the range of climate-resilience solutions available to agents.
Adaptive becomes the first parametric carrier to join the Bold Penguin platform, according to Insurance Edge.
Its flagship product, GridProtect, provides guaranteed payouts when a verified power outage occurs, offering business owners fast financial support during interruptions. The solution uses Adaptive’s AI-driven platform to automatically detect and validate outages in real time, triggering claims payments without manual intervention.
The addition enables agents on the Bold Penguin platform to access Adaptive’s coverage digitally, providing a streamlined path to offering protection against an increasingly costly risk. Power outages are estimated to cost U.S. businesses more than $150bn each year, making parametric options an attractive complement to traditional policies and a new cross-sell opportunity for brokers.
Nicole Farley, Senior Vice President and Chief Insurance Officer at Bold Penguin, said the collaboration marks a meaningful expansion of available tools for agents. “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 maximising 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.”
Mike Gulla, CEO and Co-Founder of Adaptive Insurance, said the integration will help bring parametric solutions to a wider audience. “We are proud to pioneer parametric insurance with Bold Penguin, bringing the first-of-its-kind power outage protection to agents across the country. 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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