Marsh will be making strategic acquisition of an insurance technology services company with a focus on boosting its business in the U.S. small commercial market.
The global insurance broker and risk manager said it has inked a deal to acquire Dovetail Insurance for an undisclosed price. Marsh said the deal will close in the 2015 third quarter.
What Marsh is getting in acquiring Dovetail: a South Carolina-based outfit with an advanced, cloud-based technology platform. It’s structured so independent insurance agents, working for their small business clients, can obtain online quotes from multiple insurance providers and bind insurance policies – all in real time.
Put a different way, Dovetail’s system is meant to be a tool that allows independent agents to give faster, better service and expanded products. Insurance providers, in tern, get access to a state-of-the-art system for product distribution.
John Dryzik, president of global risk & specialties for Marsh, said in prepared remarks that the Dovetail acquisition fits with Marsh’s “global strategy to provide expanded services to the small and medium-sized enterprise segment (SME).” He added that combining Dovetail’s technology platform with Marsh’s data, distribution and access to insurance capital establishes an “innovative online intermediation mechanism for the small commercial insurfance market.”
Once the deal closes, Dovetail’s entire team – including CEO Steve Francis – will join Marsh to help advance its SME strategy.