P&C insurance companies around the world are considering developing technology platforms in-house or modernizing them in some other way. Brown & Brown chose an acquisition to make this happen.
The broker announced in November that it had purchased the digital P&C insurance marketplace CoverHound and CyberPolicy, a small business subsidiary. CoverHound’s technology and culture were two big reasons for this decision, according to Steve Boyd, senior vice president of technology, innovation and digital strategy at Brown & Brown.
“Cultural fit is the most important criteria for us when evaluating an acquisition and we felt really good about the CoverHound team and we are excited about the contributions they will continue to make to the future, ”Boyd told Carrier Management. “The second is the technology itself, which will help us accelerate the delivery of our digital agenda, allowing us to bring new products and solutions to market more quickly.”
Brown & Brown is one of the most active acquirers of insurance agencies and brokers each year.
According to Boyd, Brown & Brown also viewed the purchase of CoverHound as a way to meet evolving customer demands and needs.
“We recognize that customer preferences and expectations are constantly changing as a result of advancements in technology and digital experiences,” Boyd said. “CoverHound enables Brown & Brown to meet customers where they are and provide them with the service and experience they expect.”
CoverHound, which launched in early 2010 and has raised over $ 112 million in venture capital, and CyberPolicy have significantly increased the number of policies sold entirely online and have also developed the ability to cite and digitally link multiple carriers and products in one online transaction, the rated listing agreement. It was an accomplishment that Boyd said Brown & Brown paid special attention to.
“We’ve been following this space for some time now and believe the CoverHound team has created a unique value proposition for digital shoppers by simplifying the shopping experience with their organized choice and product bundling capabilities,” said Boyd said.
Once the deal is done, CoverHound will remain a stand-alone business under the management of Florida-based Brown and Brown and will retain its current name.
The platform will also become a big part of Brown & Brown itself.
“We anticipate that the platform will be deeply integrated throughout the organization, which will allow us to continue to streamline the process of finding and placing coverage for existing retail clients – while making the process of easier and more efficient purchase of insurance for customers who want it. a fully digital experience, ”added Boyd.
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