Markets/Coverages: Bold Penguin Adds Parametric Coverage With Adaptive Partnership

Bold Penguin announced a partnership with Adaptive Insurance, expanding coverage options available through the Bold Penguin Placement Desk. Adaptive is pioneering the path to resilience in the face of emerging climate risks, starting with their GridProtect parametric power outage coverage.

Adaptive is the first parametric insurance carrier to be included in the Bold Penguin platform.

This partnership means Bold Penguin agents gain digital access to Adaptive’s customer-centric coverage solution that provides payment in the event of local power outages and business interruptions. Adaptive’s GridProtect leverages its leading AI-powered platform to automatically detect an outage, validate it via real-time data, and trigger the claims process automatically. This saves business owners time, gets capital into their hands when they need it most, and provides them additional peace of mind.

“Parametric insurance is an increasingly important tool for agents and brokers when looking to solve for the emerging risks of business owners,” said Nicole Farley, chief insurance officer at Bold Penguin. “By maximizing 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.”