Commercial insurance technology provider Bold Penguin has reached a definitive agreement to buy RiskGenius, which provides insurance document intelligence software.

The financial terms of the deal were not disclosed.

The acquisition is expected to bolster Bold Penguin’s existing SaaS platform with the addition of RiskGenius’s data and analytics solution as well as its team.

Bold Penguin founder and CEO Ilya Bodner 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.”

The RiskGenius platform is said to be an AI-driven, SaaS-based solution tailored for the insurance sector.

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It combines machine learning with insurance policies to help policy holders to quickly grasp the terms of coverage in policy documents such as policy review, compliance, competitive analysis and emerging risk assessments.  This will help carriers and brokers efficiently assess, analyse, and compare policies and coverage language.

RiskGenius CEO and founder Chris Cheatham said: “Bold Penguin’s work upgrading and digitizing small commercial distribution is an ideal complement to our policy analysis focus, and we both share the same passion to connect and accelerate the industry.

“We’re proud to join forces with Bold Penguin and be the leaders in understanding every part of the insurance supply chain and making it better for the businesses, agents, and carriers in the mix.”

Following the transaction, RiskGenius will become join Bold Penguin’s insurance intelligence effort, which focus on intuitive workflow processing. The two companies will combine efforts and identify plans to scale up the velocity of features being produced.

Financial Technology Partners acted as exclusive financial and strategic advisor to Bold Penguin in this transaction.

Last year, Bold Penguin raised $32m in a Series B funding round to accelerate business expansion.