Acquisition will drive digital transformation at Brown & Brown and increase partnerships, carriers and products available on CoverHound and CyberPolicy to offer even greater consumer choice and comparison.
CoverHound® and CyberPolicy®, a leading digital insurance marketplace for individuals and small businesses, today announced they have been acquired by Brown & Brown, Inc. (NYSE:BRO), a leading insurance brokerage firm providing risk management solutions to individuals and businesses.
With this acquisition, Brown & Brown gains additional access to the fast-growing digital insurance market for both individuals and small businesses, in addition to capabilities that modernize the insurance purchasing experience. CoverHound, and its wholly-owned subsidiary CyberPolicy, are a catalyst for driving the digital transformation that the insurance market demands, in particular the digital acceleration that has occurred over the past several months as a result of the coronavirus pandemic. Combining Brown & Brown’s strong carrier relationships and product knowledge with CoverHound and CyberPolicy’s partnership network and customer experience will create a strong value proposition for customers and partners.
CoverHound and CyberPolicy will continue to operate independently under Brown & Brown and will focus on scaling digital partnerships with trusted brands.
Brown & Brown Senior Vice President of Technology, Innovation, and Digital Strategy Steve Boyd said of the acquisition, “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.”
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CoverHound and CyberPolicy CEO Keith Moore said, “We’re thrilled to become part of Brown & Brown, an exceptional company with an entrepreneurial spirit. 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.”
Over the past 10 years, CoverHound and CyberPolicy have maintained a leading Net Promoter Score of 82, have significantly increased the number of policies sold entirely online and have developed the capability to digitally quote and bind multiple carriers and products into a single online transaction.
As one of the original InsurTechs that have emerged and scaled over the past decade, CoverHound and CyberPolicy have remained true to their vision, focusing on being a trusted advisor for curated choice and meeting the complex demands of today’s modern customer, all while simplifying the insurance comparison and purchasing process.
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