Insurance brokerage firm Brown & Brown has acquired CoverHound and CyberPolicy, a pair of digital insurance marketplaces.
These acquisitions will give Brown & Brown the ability to access digital insurance comparison for individuals and small businesses, as well as tools to modernise purchasing experiences. The broker hopes the addition of the InsurTechs will enable it to bolster its network and customer experience.
Coverhound, and its wholly-owned subsidiary CyberPolicy, will continue to operate independently under Brown & Brown, and will focus on scaling digital partnerships.
Brown & Brown senior vice president of technology, innovation and digital strategy Steve Boyd said, “We see CoverHound as an important platform for Brown & Brown’s expansion into the digital insurance marketplace while at the same time helping our traditional businesses to continually deliver an exceptional customer experience.
“By combining CoverHound with our expertise and market strength, we will be able to meet more customers where they are and provide them with the appropriate coverage for their unique exposures.”
CoverHound enables businesses to compare and purchase insurance policies across the US. Personal and business insurance policies are available on the platform, with the consumer being provided with a selection of cover options that meet their needs.
CyberPolicy also enables small businesses to compare insurance policies, with the ability to receive quotes and then buy cyber insurance cover.
The two InsurTechs claim to have maintained a Net Promoter Score of 82 over the past 10 years.
CoverHound and CyberPolicy CEO Keith Moore said, “Combining Brown & Brown’s strong carrier relationships with our proven marketplace technology will offer customers best-in-class curated choice and digital simplicity.
“The acquisition strengthens what has always been our mission: delivering fast, accurate and actionable options online to customers based on their specific insurance needs, anytime, anywhere.”
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