Bold Penguin Partnered With bolttech for Insurance Expansion
The firm aims to integrate parametric insurance products directly into small business commercial policies.
Updated on Oct. 2, 2026 in Remote Work
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Bold Penguin has announced a new partnership with bolttech to streamline the distribution of specialized insurance offerings. The initiative intends to make parametric coverage a standard feature within core commercial insurance programs for small businesses.
Why it matters
Parametric insurance provides coverage for business interruptions that occur without physical damage, yet it currently suffers from low awareness among owners and agents. Integrating these products into standard quote processes could help address the fact that many small firms remain underinsured.
A 2025 Hiscox survey of 2,000 owners revealed that 77% of U.S. small businesses are underinsured. The broader parametric market is projected to reach $63.8 billion by 2035, up from an estimated $19.4 billion in 2025.
The players
Peter Settel
He serves as the president and chief executive of the insurance technology firm Bold Penguin.
Bold Penguin
This company is headquartered in Columbus, Ohio, and operates a distribution platform for commercial insurance.
bolttech
This is a global insurance exchange firm that partners with platforms to expand digital insurance distribution.
Adaptive Insurance
This organization developed the GridProtect product, which pays out based on verified power outage data.
The details
The Bold Penguin platform enables the integration of parametric add-ons by utilizing existing business data during standard quotes. This approach allows coverage to be offered without requiring customers to answer additional questions or perform manual tasks.
Timeline
January 2025: Peter Settel assumed the role of CEO at Bold Penguin.
December 2025: Bold Penguin added the GridProtect product to its platform.
February 2026: Liberty Mutual and Floodbase introduced a new flood-quoting tool.
October 2, 2026: Bold Penguin announced a formal partnership with bolttech.
2035: Target year for the projected $63.8 billion parametric insurance market.
Market Landscape
This move reflects a shift toward embedding specialized coverage directly into digital platforms to capture market share. The integration follows a pattern set by the 2025 Hiscox survey findings on small business underinsurance, which highlights a widespread gap in traditional commercial coverage.
Small business owners may soon see parametric insurance options appear automatically during their standard commercial quote process. This could provide faster financial recovery for business interruptions that do not involve physical asset damage.
The takeaway
Parametric insurance is evolving from a niche product into a potential standard component of commercial policies for small firms. Business owners should review their current coverage to see if event-based protection could fill gaps left by traditional property insurance.
Further reading
For more on the changing nature of business operations, visit the Remote Work section.
Source note: This article includes information reported by Insurance Business.
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