Insurance broker Acrisure has acquired alternative investing platform Tulco’s insurance business with the aim of transforming insurance brokerage industry with data science, AI, and machine learning capabilities.
The stock-for-stock deal offers Tulco a significant minority stake in Acrisure.
Acrisure intends to leverage Tulco’s AI capabilities to support its product development and insurance sales and marketing process across its portfolio of Agency Partners.
Last year, both companies partnered to create a fully-AI backed brokerage, dubbed Altway Insurance. This initiative, which focused initially on individual health benefits, is said to have seen 24 consecutive weeks of 10% or greater week-over-week growth.
Acrisure co-founder, CEO and president Greg Williams said: “We’ve worked with the Tulco team for almost a year and our vision for Acrisure and the industry are completely aligned.
“Tulco’s world-class talent and ability to apply AI and intelligent automation is immeasurable as it relates to meeting the needs of our clients and transforming our company. We’re very pleased to be working with the entire Tulco team as we take this transformational step with like-minded entrepreneurs.”
Tulco chairman and CEO Thomas Tull will be in charge of the new ‘Acrisure Technology Group’ as chairman. He will assist the company in its transformation towards the “insurance brokerage industry’s leading data-rich and technology-enabled company”.
Tull said: “A significant amount of capital has been deployed into insurtech, but we have a truly unique opportunity for scaled transformation as we layer AI into current processes.
“Partnering with Acrisure over the last year and implementing the tech has given me the confidence and excitement that we will do things that are highly impactful.”
As part of the deal, existing Tulco board members Jim Breyer, AG Lafley and Anthony Foxx will serve as advisers to Acrisure.