’The market has traditionally not embraced connectivity,’ says co-chief executive

Acturis group co-chief executive Theo Duchen has said there is a “significant opportunity” to develop insurer and broker connectivity in the US after entering the market through the purchase of an insurtech.

Last week (3 August 2023), the software-as-a-service provider acquired New York-based Broker Buddha, a digital client engagement platform that supports insurance brokers and carriers.

Duchen said Acturis snapped up the firm after being impressed with its platform and spotting an opportunity for further growth overseas.

For example, in 2019, Acturis acquired Canadian broker software provider Zycomp Systems Limited to expand its international footprint.

“We have the credibility and experience of entering multiple markets,” Duchen told Insurance Times.

“Besides the UK, we have entered the German, French, Irish and Canadian market.”

Speaking about the attraction of the US market, Duchen added: ”First and most importantly, it is big.

”Secondly, the market has traditionally not embraced connectivity and it lags behind the UK in terms of connectivity and digitalisation.”

’Powerful proposition’

As a result, Duchen claimed that insurer and broker connectivity were “quite limited when compared to the UK”, although felt there was a “significant opportunity to develop it”.

“As brokers become more global in their outlook and coverage, it is important that we mirror this overtime,” he added.

And by acquiring Broker Buddha, Duchen said that brokers would be offered a “powerful proposition” as they look to grow.

“Our platform is complimentary to the Broker Buddha platform and the combined and integrated proposition is attractive,” he added.

”Together, we offer a credible, powerful proposition for forward thinking brokers.”

Meanwhile, Broker Buddha chief executive Jack Keck said there was a “significant synergy between our businesses”.

“We will continue to focus on our mission to eliminate the monotonous administrative work that frustrates insurance professionals throughout the US,” he added.