Joint venture combines leading artificial intelligence engineering and industry’s fastest-growing insurance broker
Google Cloud AI will complement state-of-the-art offerings
Grand Rapids, MI (Sept. 30, 2019) – Top 10 global insurance broker Acrisure and leading investment company Tulco Holdings have unveiled Altway Insurance, a direct-to-consumer brokerage platform which is fully supported by artificial intelligence. Altway Insurance represents a unique blend of a world-class AI firm matched with an insurance broker with an equally world-class distribution network. Additionally, Google Cloud is working closely with the company on how to integrate Google’s most cutting-edge AI technology into new AI applications.
Tulco Chairman and CEO Thomas Tull said, “While there has been substantial investment to fuse technology and insurance, today, there remains a massive and unmet opportunity to truly create the broker of the future. To meet that opportunity, we’re thrilled to combine the AI and analytics leadership of Tulco with the phenomenal growth and global distribution power of Acrisure.”
Underlying Altway is the unique combination of Acrisure and Tulco. Acrisure delivers high quality insurance services and risk solutions through its global network of Agency Partners and has become one of the world’s largest insurance brokers at record pace. Tulco, an investment holding company, is rapidly transforming a host of capital-intensive industries by partnering with strong management teams and deploying state-of-the-art AI systems to create competitive advantages in markets once thought to be mature.
“As we have redefined what could be accomplished in terms of growth in the insurance broker space, we have looked for the right moment to partner with the strongest technology player to drive substantial innovation,” said Greg Williams, Acrisure’s President and CEO. “In Altway, we’re confident that Acrisure’s unique capabilities and Tulco’s leading edge technology will drive new opportunities and create innovation in insurance distribution.”
As one example of where Altway will first focus, it intends to better serve new sectors of the economy, such as the shared and gig workforces. Additionally, by working closely with Google Cloud AI, Altway will quickly offer consumers the full benefit of an integrated AI product. This will include the marketing of risk solutions, such as voluntary benefit policies by using proprietary technology to tailor coverage options, compare products, and simplify insurance buying through automated processes.
At launch, Altway is being led by Brendan McCord, one of the country’s foremost experts in AI transformation and architect of the Department of Defense’s first AI strategy. McCord serves as President of Tulco Labs where he oversees Tulco’s machine learning engineers and data scientists, as well as AI research partnerships with MIT and Carnegie Mellon University.
Other key executives at launch include Chief Technology Officer Eric Allen, who previously served as Senior Vice President and AI Researcher at the hedge fund Two Sigma.
In June, McCord was responsible for bringing Google Cloud together with Tulco to develop the understanding of how to integrate Google’s most cutting-edge AI technology into new applications. For Altway, Google Cloud AI will support automation of client-facing operations, marketing, sales and product-distribution channels.
About Altway Insurance
Altway is an Austin, Texas domiciled JV, owned equally by Acrisure, LLC and Tulco, LLC. It was formed in July 2019 to pursue retail insurance market opportunities where automation can efficiently reach underserved segments. By early 2020, Altway will be ramped up operationally, have built its core web application and tech platform, and finalized partnerships with insurance carriers and gig economy platforms. Altway expects its first product offering to be commercially available in mid-2020.
Acrisure’s success is due to our unique model, powered by an alignment of interests with our Agency Partners. Our Agency Partners maintain local autonomy, keep decisions at the customer level, and are offered tools and resources to accelerate growth. Acrisure is majority owned by employees and has more than $1.7 billion in revenue in 450 locations in 37 states and six countries. As a top 10 global broker, we are driven by the pursuit of limitless growth through exceptional partnerships.
About Tulco Holdings
Tulco, LLC, based in Pittsburgh, is an alternative investing platform, structured as a holding company, that was established to disrupt large sectors of the economy. Founded by prominent entrepreneur and investor Thomas Tull, Tulco uses a partnership model between its subsidiaries and Tulco’s in-house AI lab to unlock significant value. In combining permanent capital, management expertise, and top AI resources, Tulco helps its subsidiaries achieve scalable high growth trajectories within industries currently underserved by leading-edge technologies.
SOURCE: Acrisure & Principal Communications GroupTags: Artificial Intelligence (AI), Cloud, Google, joint venture, launch, platform