Integrated Specialty Coverages, an InsurTech startup and managing general agent, recently acquired Access Partners Insurance Services, a multiline wholesale broker.
Neither side disclosed financial terms.
Access Partners is ISC’s fourth acquisition since its founding in 2016. The company acquired Paramount General Agency and Paramount Acceptance Corporation in April 2019 and Safebuilt Insurance Services (SIS) in July 2019. Through these strategic transactions, ISC has expanded its programs across multiple lines of business traditionally beset by high loss ratios, including commercial habitational and hospitality, long-haul trucking, and contractors, among others.
Access Partners brings ISC into a greater workers compensation focus. Headquartered in Sacramento, Calif., Access offers a broad range of classes for insurance lines of all sizes with a focus on workers compensation. Access Partners provides customers with unique products offered by specialty carriers, combined with exclusive access to valuable insurance company and broker resources.
Launched in 2016 and based in Harrison, N.Y., ISC uses artificial intelligence and machine learning technology to underwrite, rate, quote, bind and issue policies for brokers for its carrier and reinsurance partners. The company touts the technology as leading to better rating accuracy and speed to market for product development. At the same time, it integrates third-party data and carrier/reinsurer systems with what it claims is a “superior user experience across the entire transaction.” Affiliates of Two Sigma’s Sightway Capital are backing the company.
ISC claims it sold more than $180 million in premiums through its platform in 2019, with 67,000 leads generated without human intervention. Those, in turn, led to more than 53,000 policies, the company said. As well, ISC said its loss ratio hovers around 30 percent, lower than the 40-50 percent average for the industry.
Carriers including Allianz, Accident Fund and reinsurers such as Swiss Re are among the companies that use ISC’s platform, it said.