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Transforming Insurance: Insights from Tom Quy

In this episode of the Voice of Insurance podcast, host Mark Geoghegan interviewed Tom Quy, Managing Director at Acrisure London Wholesale. The conversation delved into Quy’s career journey, the growth of Acrisure London Wholesale, the unique strategic focus of Acrisure globally on the Small to Medium Business (SMB) market, and the role of technology, particularly AI, in the future of brokering. The conversation highlights Acrisure’s data-centric approach and its ambition to become the London market broker for SMBs.

Cyber Insurance Beginnings

Tom Quy began his career in the nascent field of cyber insurance, a sector that has grown exponentially over the years. Reflecting on his early days, Quy said that starting out in cyber insurance was a fortuitous opportunity. It was just as the market was exiting the financial crisis and the best class of business to grow up in: We were building a product, building innovation, convincing and working with clients to sell this product.

Building a Robust Insurance Business

Quy’s transition from a broker to a leader at Acrisure London Wholesale marked a significant milestone in his career. He described the journey of building the business from the ground up, stating, “We were eight people at the start and we pretty much hired everyone hand-picked. There’s been no M&A. So I know everyone and I’m very, very excited to be taking the helm for the next phase of growth.”

Acrisure’s growth strategy has been characterised by a focus on data and technology with Quy highlighting the importance of data in driving business decisions. “This business over the last decade has been built on a core of really, really rich data,” he said. This data-centric approach has enabled Acrisure to identify and capitalise effectively on market opportunities.

Quy also discussed the competitive landscape and the need to attract top talent. He explained, “We’ve got a very youthful team. We’ve taken a couple of graduates and school leavers every year for those six or seven years.” As a result Acrisure has not only fostered a dynamic work environment but also ensured a steady pipeline of skilled professionals more than capable of leading the business into the future.

Embracing Technology and AI

The integration of technology and AI has been a cornerstone of Acrisure’s strategy with their AI journey starting back in 2019 when the business began looking at how to AI could be applied. Today Acrisure has a system called Auris which everyone at the broking level accesses on a daily basis to look at their portfolio of customers at the retail level.

Quy elaborated on the practical applications of AI, stating, “We can now use our database of organisations within the US or your region to use your time more wisely. We can push that retailer towards a customer that’s going to be more receptive to the way that they sell.”

AI is also being used to streamline administrative tasks, allowing brokers to focus on building relationships and providing value to clients. Quy explained, “For more of the kind of mundane tasks that you need to kind of, you know, I’ve got three emails here. Can you just combine those into one and then I’ll review it and I’ll send that out to my client. It’s just a time-saving efficiency.”

The commitment to innovation, particularly with AI, and the structured value chain within Acrisure are highlighted as key strengths for future growth and efficiency in the evolving insurance landscape.

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