Acrisure London Wholesale has unveiled a new digital platform designed to give small and mid-sized businesses streamlined access to the London insurance market.
The platform, called Acrisure Connect, was developed in partnership with Verisk Specialty Business Solutions and is supported by Lloyd’s and Flux Syndicate 1985. It is intended to address what the company describes as a historically underserved segment that has faced barriers to accessing London market products because of high transaction volumes and low premium values.
The initial product offering includes errors and omissions cover, sexual molestation liability, transportation, and cyber insurance. Additional product lines are expected to be introduced in later phases.
“Historically, SMBs have had limited access to the London market due to high volumes and low premiums,” said Tom Quy, managing director of Acrisure London Wholesale. “However, this is a vastly underserved and high-potential segment.”
Quy said Acrisure currently serves about 5% of small and mid-sized businesses in the United States. The new platform aims to extend London market access to these firms with what he described as “the same level of sophistication and efficiency typically reserved for larger firms”.
The platform combines Acrisure’s distribution network with technology and data analytics from Verisk, a Nasdaq-listed company that provides data and analytics solutions to the global insurance industry. The companies said the collaboration is intended to streamline placement processes and provide enhanced underwriting intelligence.
Tim Rayner, chief executive of general insurance for the UK and Ireland and specialty business solutions at Verisk, said the platform “represents a significant development in the modernisation of how small and mid-size businesses access the London market”.
“By combining our technology with Acrisure’s strength in distribution, we’re able to unlock new opportunities and bring greater dynamism, accuracy, and efficiency to the placement process,” Rayner said.
Acrisure is a global fintech group, while its London-based wholesale division focuses on connecting businesses to specialist insurance products in the London market.
