US insurance broker Acrisure has partnered with investment company Tulco Holdings to launch Altway Insurance, a direct-to-consumer brokerage platform that is fully supported by artificial intelligence (AI).
Altway also plans to work closely with Google Cloud AI to support the automation of client-facing operations, marketing, sales and product-distribution channels.
This integrated AI approach is expected to yield numerous consumer benefits by using proprietary technology to tailor coverage options, compare products, and simplify insurance buying through automated processes.
One of the initial areas of focus for the new platform will be the shared and gig workforces, Acrisure and Tulco said.
At launch, Altway will be led by Brendan McCord, who serves as President of Tulco Labs, where he oversees the company’s machine learning engineers and data scientists.
McCord also manages Tulco’s AI research partnerships with MIT and Carnegie Mellon University, and was architect of the Department of Defense’s first AI strategy.
Other key executives include Chief Technology Officer Eric Allen, who previously served as Senior Vice President and AI Researcher at the hedge fund Two Sigma.
“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,” he added.
Tulco Chairman and CEO Thomas Tull, also commented: “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.”