From $38 million to $3 billion in revenue since 2013, Acrisure is a pioneer in intelligence-driven financial services, providing a multitude of offerings including insurance, reinsurance, real estate services, cybersecurity and asset management. Already the fastest growing insurance broker in industry history, Acrisure has set its sights on deploying its entrepreneurs, tech talent and AI capabilities to disrupt financial services at large.
To understand how the company defines being “intelligence-driven,” as well as its relentless pursuit to innovate and grow, start with the customer.
“The best way to remain client-centric is to fully understand our clients’ needs and modify our product and service offerings accordingly,” says Gregory L. Williams, Co-Founder, CEO, and President, Acrisure. “Acrisure’s approach is fundamentally different, combining the best of human and artificial intelligence to understand and react to the changing needs of our customers. This customer-centric design empowers relationships with technology-backed data analytics to significantly enhance customer service.”
Today, Acrisure is comprised of more than 12,000 colleagues across 44 US states and seven countries. Financial services and insurance, particularly for small to middle market businesses and consumers, is an inherently trust-based business. Acrisure’s Partners operate locally and maintain these important relationships, which is a major advantage for the company.
Not an “Either / Or” Proposition
There’s no debate on the importance of emotional intelligence and personal relationships in this industry. What Acrisure realized, however, is that these relationships remain critical despite the rise in artificial intelligence. Therefore, the company adopted a strategy focused on “human AND AI” to unlock greater customer satisfaction and growth.
This “best of both worlds” approach is possible thanks to a team of engineers, researchers and other technologists who develop, test and deploy Acrisure’s AI toolset. With resumes listing well-known entities such as Amazon, Google, Venmo, Stanford and MIT, these experts are each day supporting Partners and enhancing the customer experience, from prospecting to delivery, retention and fostering deeper relationships.
The core AI offering at Acrisure is called Auris (a portmanteau of aurora and iris), and allows Partners to make fast, informed decisions and provide customized solutions to clients. Through Auris and the thousands of talented entrepreneurs across Acrisure, this “Human and High Tech” strategy is at once differentiated and commendably simple. The reason it works for Acrisure rests on the Company’s history of challenging the status quo and approaching problems differently.
In the early 2000’s Williams identified a flaw in the traditional insurance broker M&A model. The sector consisted of many businesses with disconnected data and narrow circles of influence which added to the already high costs across the value chain. Williams saw a massive opportunity to address this flaw, and hence created a league of like-minded Partners who could operate their organizations with a differentiated entrepreneur mindset. His idea was to encourage these entrepreneurs to retain their brand and culture while supporting them with state-of-the-art technology and back-end infrastructure which would help them thrive.
“The value proposition at Acrisure is unprecedented. We are deploying technology everywhere and it is transforming everything we’re doing. Partnering with Acrisure truly means having access to resources others simply don’t provide,” added Williams. “We look forward to expanding our M&A reach to an even further degree to bring additional product and services to our clients.”
This model has achieved superlative results. From 2013 to August 2021, Acrisure has closed over 680 deals – more than the sheer volume, the source of these deals is the standout. Since 2013 more than 73% of Acrisure’s deals were sourced through internal referrals, underscoring the cultural alignment and satisfaction of Partners in the Acrisure network. Acrisure’s partnership approach is so appealing to entrepreneurs that it provides the Company the luxury of being highly selective. The Company only partners with the best firms which has resulted in Acrisure maintaining the highest margins in the industry. This success is a testament to the team’s ability to grow and integrate new Partners without sacrificing performance.
Built upon this strong foundation, Acrisure’s “Human and High Tech” strategy opens new doorways to introduce and connect new business verticals, better serve customers and increase organic growth. A case in point is Acrisure Asset Management, a new division formed in 2021 to address clients’ unmet needs in wealth management, investment solutions and retirement planning. Other business units such as Acrisure Real Estate Services and Cyber Security will create the same opportunity for client engagement.
Beyond business, Acrisure is culturally unmatched by both internal engagement of its Partners, as evidenced by the referral rate above, as well as commitment to social issues. Acrisure is the Founding Partner of Evolution Advisors, a joint venture with Russell Wilson, Ciara and Russell Westbrook focused on providing greater access and more effectively distributing insurance products and financial services to underserved markets. In its home of Grand Rapids, Acrisure provided $15 million to create the Acrisure Center for Innovation in Children’s Health at Helen DeVos Children’s Hospital.
With its strong culture and track record for success, expect Acrisure’s “intelligence-driven” endeavors to address more customer need than ever before in 2021 and beyond.