In the ever-evolving landscape of insurance, keeping abreast of industry trends and technological advancements is crucial for independent agents. In a recent episode of Coterie Insurance’s podcast, “And I Quote,” host Bobbie Collies sat down with Nicole Farley, VP of Carrier Operations at Bold Penguin, to discuss the current state and future trends of small commercial insurance. This episode dives into insights on how agents can thrive amidst challenges and leverage technology to drive growth.
Bold Penguin: Your One-Stop Shop for Commercial Insurance
Nicole began the conversation by introducing Bold Penguin as an innovative platform designed to streamline the commercial insurance process for agents and carriers alike. “We like to operate as a commercial raider,” Nicole explained, emphasizing that Bold Penguin provides a marketplace for agents to buy and sell leads, while also giving carriers access to a broader distribution network. This dual functionality positions Bold Penguin as a vital resource for independent agents looking to navigate the complexities of the small business market.
Current Trends in Small Commercial Insurance
As the insurance landscape continues to shift, Nicole highlighted some key trends that independent agents should be aware of:
1. Ongoing Effects of the Hard Market
Nicole noted that while there is hope for improvement, the hard market still lingers, causing turmoil for independent agents. Many carriers are pulling out of lines of business they’ve historically covered, leading to uncertainty and challenges in securing coverage for clients.
2. The Rise of Non-Admitted Products
With traditional carriers retreating, there has been a notable shift towards non-admitted products. Nicole mentioned that “E&S has become a big part of our platform,” indicating that agents are increasingly looking to excess and surplus lines as viable options for their clients. This trend stems from regulatory delays in rate approvals, prompting agents to seek more flexible solutions.
3. New Product Offerings
Nicole also pointed out the emergence of new products, particularly in the realm of cyber insurance. As businesses adapt to an increasingly digital landscape, understanding how to effectively sell these products is essential for agents.
Empowering Agents Through Technology
One of the most exciting developments discussed in the podcast was Bold Penguin’s commitment to enhancing agent capabilities through technology. Nicole shared that Bold Penguin is working on implementing a Bind API, allowing agents to quote and bind policies all in one place. This streamlined process is set to significantly improve speed to market and efficiency for agents. Additionally, the platform aims to facilitate cross-selling opportunities by automatically suggesting relevant coverage options based on the information provided during the quoting process. This feature will empower agents to expand their offerings and better serve their clients.
As the insurance industry faces ongoing challenges and changes, tools and platforms like Bold Penguin are vital for independent agents looking to thrive. Nicole Farley’s insights on the “And I Quote” podcast underscore the importance of adaptability and innovation in navigating the small commercial insurance landscape. Whether you’re an established agent or new to the commercial space, leveraging technology and staying informed about industry trends will be key to your success in 2025 and beyond. For more insights from Nicole and to stay updated on the latest in the insurance industry, be sure to subscribe to the “And I Quote” podcast. Don’t miss out on the opportunity to enhance your agency’s performance and better serve your clients in this dynamic market!
