Hub International Limited (HUB), an industry-leading global insurance broker and financial services firm, is increasing its mergers and acquisitions efforts in the insurtech space to match the ever-growing digital transformation of the insurance industry. HUB provides risk management solutions, services in wealth and retirement management, employee benefits and insurance.
Through its Mergers and Acquisitions department, HUB leverages digital platforms and technology with expert industry knowledge and marketing programs to accelerate insurtech growth and expand coverage reach.
Chris Treanor, President and CEO at Specialty Program Group at HUB, explains that HUB recognizes the significant role technology plays in the customer experience.
“We recognize that, more and more, our customers interact with us digitally – and that’s not exclusively, but we want to make sure that we are giving our customers options for how they want to purchase insurance and secure advice,” says Treanor. “Digital is a big part of that and will be, more and more, going forward.”
HUB will continue its efforts to provide customers with the option of a seamless digital experience, and advance its own tech-enabled solutions, through increased insurtech acquisitions.
“We felt that… we really should be focused more on providing our customers with solutions that provide a way to come find us digitally and a way to get great service digitally,” Treanor explains. “And a great way to be able to fulfill that more quickly would be to acquire great digital firms.”
The company’s most recent insurtech acquisitions include Insureon Holdings, LLC (Insureon), a digital-first commercial insurance brokerage for small and medium-sized businesses, and CM&F Group, an agency providing professional liability insurance for nurses and other healthcare professionals. As the largest independent digital agency in the U.S. insurance space, Insureon has created a cloud-based platform that offers a routinely monitored API integration for streamlined activity between carriers. The acquisition of Insureon accelerates the growth and scale of HUB’s digital capabilities; the Mergers and Acquisitions team will “continue to buy great firms that have a digital component to them,” according to Treanor.
Another aspect of the company’s digital strategy includes building in-house digital platforms, such as VIU by HUB. The new platform enables customers to digitally engage with HUB through its omnichannel experience; streamlined quoting processes, transparent coverage options and risk education are all included on the platform.
VIU by HUB also allows customers to see all insurance policies in one space, regardless of carrier, to provide a clear and transparent overview of all coverage. This platform is a significant addition to HUB’s digital portfolio and another opportunity to provide customers with a digital insurance experience.
Treanor notes that HUB plans to continue its M&A efforts in the insurtech space.
“We’ve been very disciplined in our M&A approach around digital assets… We make sure we’re buying great firms that have already proven that they’re successful and can generate a profit. And then, turn them onto our customers and help them continue to grow and do what we do so well,” states Treanor.
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