Acrisure unveils new 'tech-enabled strategy' in push for growth

US insurance broking group Acrisure has revealed a new tech-enabled brand and renamed Beach & Associates as Acrisure Re and Acrisure London Wholesale in a move to align its global reinsurance division with its wider strategy to accelerate organic growth.

As part of its transformation strategy, Acrisure aims to harness artificial intelligence throughout its operations, as well as advance its efforts to capitalise on value chain opportunities and connect underwriting capital with large quantities of risk.

Acrisure has recently acquired AI company Tulco to accelerate its sales development and risk intelligence across the entire portfolio, which is largely focused on the US small and medium commercial market.

The company said its ambition is to be known as the "most tech-enabled insurance broker in the world".

Greg Williams, co-founder, CEO and president of Acrisure, said: “Transforming our company has been a multi-year journey, brought full-circle with best-in-class artificial intelligence talent through our recent transaction with Tulco.

“The new brand symbolizes our commitment to tech enabling every facet of our business and is an outward display of these intentions. In addition, re-branding Beach as Acrisure Re signifies how we intend to leverage the robust talent in our reinsurance division as it fully represents Acrisure in all markets.”

Williams expalained: “Prior to the onset of COVID-19, Acrisure recognised the strength of a digital platform and we’ve spent considerable time and capital building a tier-1 tech team and deploying AI across the company. The pandemic and resulting changes to business, commerce, and society at large reaffirms this decision. Acrisure’s Agency Partners, employees, and clients are energized by the first opportunity to incorporate AI at scale across a leading distribution platform to accelerate organic growth.”

Grahame Millwater, a member of the Acrisure executive team and chairman of Acrisure Re, said: “Acrisure combines the strengths of a top brokerage and a leading tech company. Beach & Associates recognises the power of going to market as Acrisure, which will create copious value across multiple industries using data and AI.”

Jason Howard, CEO of Acrisure Re, added: “We’ve only scratched the surface in what is possible. Concepts such as advanced underwriting algorithms with predictive modeling will completely change the game for our clients and partners. And through our evolution, we are proud to remain an employer of choice for market-leading talent seeking to translate data into insights for clients worldwide.”