GRP ramps up digital drive with Insync acquisition

Global Risk Partners (GRP), an acquisitive insurance broking and managing general agency (MGA) investment vehicle, has acquired a majority stake in Insync Insurance solutions, an online commercial insurance broker.

Based in Poole, Dorset, Insync provides insurance for specialist businesses, particularly in the beauty and medical sectors, as well as a wide range of commercial risks.

The business was founded in 2014 by managing director Jon Norman and local entrepreneur Nigel Walters, who will remain with Insync following the completion of the deal.

GRP said the investment highlights its commitment to omni-channel broking.

Mike Bruce, group CEO, said the acquisition was “an important strategic investment for GRP, due to Insync’s digital business model and its track record of delivering fast organic growth.”

“Building omni-channel distribution capability is core to our future growth," he said. "On the operational side, GRP invested heavily in its data warehouse to apply data analytics and data enrichment to our product and service offering, but our investment in Insync is a further statement of intent to build out our capability in digital distribution and participate fully in the digital revolution in commercial broking.”

He added: “Jon and his team will give us great insights into growing a successful digital broker, which will be of huge benefit to our other retail broking businesses as they further build out their own digital and affinity propositions.”

Norman commented: “The broking industry must grip digitisation if it is to survive and prosper in the next decade. Digital technology has already disrupted other professional services sectors, especially accountancy and increasingly in law and financial planning. Demand for digital interaction has grown rapidly and clients are increasingly comfortable purchasing their commercial insurance requirements online; the pandemic has accelerated this trend.”