Acrisure Forms the World’s Most Tech-Enabled Broker Qorus Innovation in Insurance Awards 2021

Submitted by

Can Capital

Premium
02/04/2021 Insurance Innovation
Becoming the most tech-enabled broker in the world is Acrisure’s audacious ambition to help Agency Partners to become more efficient, effective, and profitable than ever before, while also capturing improved economics more broadly as a company. Acrisure sees the massive opportunity of leveraging data and AI with global distribution in this $537B market between global financial services, the global insurance premium market and the global insurance brokerage and agencies market. Already one of the top ten largest insurance brokers in the world and fastest growing, the company decided to capitalize on the tech-enabled value proposition by acquiring the insurance practice of artificial intelligence leader Tulco LLC in July 2020. This move brought best-in-class data science, AI, and machine learning capabilities to the world’s leading distribution network of Agency Partners.
Innovation details
Country
United States
Category
Connected Insurance & Ecosystems
Keyword
AI & Generative AI, Insurance, Innovation, Data, Risk management

Innovation presentation

Acrisure is forming the next-generation distribution model by combining its financial strength, expertise and one of the largest data sets of any insurance broker with state-of-the-art technology and the entrepreneurial energy of a startup business. This technology will allow Acrisure to develop more compelling products and deliver smarter solutions; compress the value chain; accelerate business practices that ensure industry-leading margins; and have access to the largest collection of mapped business and individual risk data—all of which will allow more insight into trends and a better understanding of risks. Acrisure and Tulco embarked on a successful year-long partnership in 2019 when together they formed Altway Insurance, a fully-AI backed brokerage focused initially on individual health benefits. Since its launch, Altway has seen rapid success with 24 consecutive weeks of 10 percent or greater week-over-week growth. The success of this partnership was the catalyst for Acrisure’s tech-enabled ambition, which became a reality in July of 2020 when the company acquired Tulco LLC’s insurance practice.

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