Jul 30, 2020

Acrisure acquires Tulco’s AI to drive InsurTech at scale

Acrisure
Tulco
AI
Insurtech
William Girling
2 min
AI
In a USD$400mn deal, Acrisure has acquired leading AI innovator Tulco’s insurance practice in a bid to transform modern InsurTech through data science...

In a USD$400mn deal, Acrisure has acquired leading AI innovator Tulco’s insurance practice in a bid to transform modern InsurTech through data science.

Acrisure, one of the top 10 insurance brokerages in the world and amongst the fastest growing, has seen significant market gains in the last three years: the company managed to triple its revenue between 2017 and 2020 from $650mn to $2bn.

A robust acquisition campaign of over 500 companies, of which Tulco is only the latest, has solidified Acrisure’s position.

Utilising AI, ML and data science

The company has what it believes to be a solid conception of InsurTech’s future, one coloured by data science, AI (artificial intelligence) and ML (machine learning):

“Businesses that succeed in the medium to long term must be nimble, data-rich and digitally oriented. The transaction with Thomas Tull [CEO at Tulco] and the Tulco team accelerates our ability to do all the above,” said Greg Wiliams, Co-Founder, CEO and President.

However, the acquisition did not fully come out of the blue: Acrisure and Tulco had previously worked together on Altway Insurance, an AI-driven health benefits brokerage firm.

“We’ve worked with the Tulco team for almost a year and our vision for Acrisure and the industry are completely aligned,” continued Williams. 

“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. I’m excited about what we will create together.”

InsurTech: ripe for transformation

With the new infrastructure enabled by AI capabilities, Acrisure hopes to rapidly innovate new products, services and sales and marketing procedures. Leveraging a large-scale global network and full-spectrum offerings - including P&C, life and employee benefits - both companies hope to elevate InsurTech.

“The insurance sector is ripe for transformation and combining Tulco’s market-proven AI and data science products with Acrisure will deliver insurtech at scale,” said Jim Breyer, one of Tulco’s board members. 

“Thomas [Tull] has a keen ability to fuse forward-thinking, entrepreneurial ideas with commercially-driven businesses. Combining this capability with Greg [Williams] and the Acrisure team creates an opportunity to influence and shape an important and significant marketplace.” 

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Jun 11, 2021

SLK Software: Optimising performance in the digital economy

SLKSoftware
AI
Automation
CNAInsurance
2 min
Recently featured in our profile of CNA Insurance, we take a closer look at how SLK Software is powering disruption in the digital era

Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.

As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:

  • Relationship oriented
  • Strategically focused on a desired outcome
  • Reliant on automation tech

Believing in purposeful automation

SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies. 

Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.

The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:

Accelerating workflow processes

In addition to these services, SLK offers three products/platforms: Avo Assist - RPA, Avo Assure - Test Automation, and Avo Discover - Process Discovery.

 

 

The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance. 

Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:

“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.

Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.

Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.

Pictured: SLK Software team (source)

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