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For Brown & Brown, Acquiring CoverHound Accelerates Tech Modernization Efforts

2021-01-14 06:00:43
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Real estate / accident insurance companies around the world are considering developing or otherwise modernizing technology platforms themselves. Brown & Brown opted for an acquisition to get there.

The broker announced in November that it has bought the digital property / casualty insurance market CoverHound and CyberPolicy, a small business subsidiary. According to Steve Boyd, senior vice president of Technology, Innovation and Digital Strategy at Brown & Brown, CoverHound's technology and culture were two main reasons for the switch.

"Cultural fit is the most important criterion for us when evaluating an acquisition and we felt very good about the CoverHound team and are excited about the contributions they will continue to make," Boyd told Carrier Management. "The second is the technology itself, which will help us deliver our digital agenda faster, allowing us to get new products and solutions to market faster."

Brown & Brown is one of the most active insurance and brokerage buyers on an annual basis.

According to Boyd, Brown & Brown also saw the purchase of CoverHound as a way to meet the ever-changing demands and needs of customers.

“We recognize that customer preferences and expectations are constantly evolving as a result of technological advancements and digital experiences,” said Boyd. "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 raised more than $ 112 million in venture capital, and CyberPolicy significantly increased the number of policies sold completely online and also developed the ability to digitally quote and bind multiple carriers and products into a single online transaction, the deal announcement. That was an achievement that Boyd said Brown & Brown paid close attention to.

"We've been following this space for a while and believe the CoverHound team had created a unique value proposition for digital buyers by simplifying the buying experience with their curated choice and product bundling capabilities," said Boyd.

Once the deal is closed, CoverHound will remain a standalone company under Florida-based Brown and Brown and will keep its current name.

The platform will also become a big part of Brown & Brown itself.

“We expect the platform will be deeply integrated across the organization, allowing us to continue to streamline the process of finding and placing coverage for existing retail customers, while at the same time making the insurance purchasing process easier and more efficient for customers who want it. . a completely digital experience, ”added Boyd.

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Insurtech

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