Insurtech Firm Acrisure Acquires B2Z

In a bid to spice up its digital insurance coverage choices, monetary providers FinTech Acrisure has acquired B2Z Insurance. Terms of the deal weren’t disclosed.

“With B2Z’s focus on providing small businesses easy access to personalized coverage online, Acrisure now has the ability to provide a more holistic suite of solutions to solve the various insurance needs of its customers,” the corporate stated in a Monday (Sept. 19) news release.

Based in Grand Rapids, Michigan, Acrisure’s monetary providers choices embrace insurance coverage, actual property providers and wealth administration. A digitally native firm, B2Z launched through the pandemic to offer less complicated safety for small companies.

B2Z makes use of third-party information and analytics to assist enterprise house owners reply time-consuming utility questions. It additionally lets shoppers get quotes, purchase personalised protection and evaluation their protection with a licensed buyer expertise advocate over the cellphone or by way of textual content or chat.

Acrisure stated within the launch its acquisition of B2Z enhances its digital success capabilities and buyer expertise on a bigger scale.

“We’re proud to help extend Acrisure’s unmatched relationships and technology capabilities,” stated B2Z CEO and Founder Kuldeep Malik within the launch. “B2Z looks forward to joining Acrisure’s culture of collaboration and trust.”

PYMNTS spoke to Malik final 12 months concerning the challenges of working a small enterprise — and getting it coated — throughout a pandemic.

Read extra: B2B InsurTech Navigates a Real-Time Payments Future

“The small business owner really is having a difficult time over-planning,” he advised PYMNTS. “Let’s say you are a restaurant. You don’t know when you’ll be allowed 50% capacity, or just to do takeout.”

That led to a state of affairs through which companies have been struggling to price range for advertising and marketing, hiring, stock and different investments. But if a buyer is injured, or if there’s a cyberattack, these companies can face losses within the tens of hundreds of {dollars}.

“When you take all these things into account, it becomes harder for any small business that is not insured to survive through these kinds of claims,” Malik added.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of two,124 US shoppers reveals that whereas two-thirds of shoppers have used FinTechs for some facet of banking providers, simply 9.3% name them their major financial institution.