Acrisure CEO lifts lid on dealer’s tech-driven transformation

“These transactions are a clear reflection of how the market is valuing both the strength of our existing insurance brokerage business and, importantly, our vision for accelerating our technology initiatives going forward,” mentioned Greg Williams (pictured), co-founder, president and CEO of Acrisure. “These investments enable us to pursue strategic initiatives with aligned capital that will provide greater value for all shareholders.”

Read subsequent: Acrisure launches major tech-enabled re-brand

Acrisure is on a multi-year journey to “tech enable” each side of its enterprise. The brokerage has invested closely in knowledge and analytics, synthetic intelligence (AI) and machine studying capabilities to boost its international distribution energy and speed up its development within the insurance coverage brokerage trade and into adjoining alternatives.

In 2020, Acrisure made a major leap in its quest to turn out to be a nimble, data-rich and digitally oriented brokerage by buying insurtech Tulco LLC’s insurance coverage apply. The acquisition adopted a profitable year-long partnership throughout which the 2 companies shaped Altway Insurance, a fully-AI backed brokerage centered initially on particular person well being advantages. Since its launch, Altway has seen 24 consecutive weeks of 10% or larger week-over-week development. That is all of the proof that Williams wanted to accumulate Tulco with the goal of rolling out its expertise infrastructure throughout the complete Acrisure enterprise.

“We’ve got over 2,000 sales professionals around the world. Our goal is to help them be more efficient and effective at what they do,” Williams instructed Insurance Business. “We’ve spent a lot of time and energy investing in our technology platform because we believe that when you’ve got the best of human and machine working together, that’s the winning formula. Of course, there is a digital fulfillment component to it as well. There are opportunities for us to use technology to identify clients and prospects, and to transact business digitally. But our biggest opportunity is to help our growing sales force be more efficient and more productive.”

Acrisure is majority-owned by workers and has places throughout six nations, offering business, property and casualty, life and worker advantages options. The agency has grown from US$650 million in annual income in 2017 to greater than US$2 billion immediately, a dramatic development spurt helped alongside by greater than 500 acquisitions. Just final 12 months, regardless of problems attributable to the COVID-19 pandemic, the brokerage acquired 110 insurance coverage businesses, whereas additionally decreasing its web debt leverage.

Read extra: Acrisure buys Tulco’s AI business in $400 million deal

“M&A has always been a part of the Acrisure playbook,” mentioned Williams. “Our model is based around a network of very strong agency partners, and as we continue to tell a compelling story about our transformation, that’s really resonating with entrepreneurial business leaders around the world. We do have plans to grow internationally [approximately 95% of Acrisure’s business is in North America], and we believe that what we can bring to the table in terms of our tech-enabled value proposition resonates in other parts of the world just as much as it does in North America.”

Acrisure’s current capital elevate of US$3.four billion will help its development and enlargement by way of innovation and its ongoing M&A method. It has additionally enabled the agency to broaden past the insurance coverage brokerage trade. On Tuesday, March 30, Acrisure introduced the launch of a brand new Asset Management division that can additional diversify its portfolio and unlock new alternatives for purchasers and advisors in monetary providers.

“This expansion into asset management is the first step in driving our innovative, tech-enabled solutions beyond our core insurance service,” mentioned Williams. “Acrisure is leveraging our financial strength, industry expertise and global distribution power with the integration of best-in-class AI to tech-enable and expand the traditional insurance model.”

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