Insync Insurance acquisition highlights GRP’s digital ambitions

Intermediary Global Risk Partners has acquired a majority stake in online commercial broker Insync Insurance Solutions.

Insync provides insurance for the beauty and medical sectors, as well as a wide range of commercial risks.

Mike Bruce, Group CEO at GRP, said the acquisition was an important strategic investment, “due to Insync’s digital business model and its track record of delivering fast organic growth.”

He added: “Building omni-channel distribution capability is core to our future growth. On the operational side, GRP invested heavily in its data warehouse to apply data analytics and data enrichment to our product and service offering, but our investment in Insync is a further statement of intent to build out our capability in digital distribution and participate fully in the digital revolution in commercial broking.”

Insync was founded by managing director Jon Norman and entrepreneur Nigel Walters in 2014 and has grown rapidly, with 70 employees across the business. Norman and all staff will remain with Insync following the completion of the deal.

Norman said: “The broking industry must grip digitisation if it is to survive and prosper in the next decade. Digital technology has already disrupted other professional services sectors, especially accountancy and increasingly in law and financial planning.”

He added: “GRP’s significant investment will enable us to continue our rapid growth trajectory, both organic and inorganic, and being part of the GRP family will enhance the range of products and services we can offer our clients.”

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