Australia-based POP Insurance Holdings and its MGA subsidiary Fusion Specialty Insurance have teamed up with Fractal Industries to provide improved user experience to their ecosystem of partners, including brokers and insurers.
Fractal Industries, a US-based artificial intelligence (AI) and insurtech software provider, uses machine learning to explain complex problems in real-world scenario.
Pursuant to the terms of the collaboration, Fractal will provide its proprietary, data-driven decision support platform that will support Fusion’s M&A Insurance business, and ultimately other specialty insurance products.
Additionally, Fusion will offer better insurance experience and efficiencies across the value chain for its ecosystem of partners, namely corporates, PE firms, re/insurers, brokers, advisors, law firms, brands and distributors.
POP and Fusion co-founder and executive partner Killian McDermott said: “Technology-enabled insurance is engrained in Fusion’s vision, culture and business model.
“We are therefore excited to partner with Fractal, which will enable us to apply technology, data analytics and automated decision making to enable Fusion’s M&A Insurance product; and ultimately to differentiate in how we design, distribute, underwrite and fulfil other specialist products.”
POP and Fusion’s co-founder and executive partner and head of M&A David Rogers said: “We intend to achieve a good balance between the expertise of our people and the application of innovative technologies, in order to deliver a better M&A Insurance experience for our Clients, and to support the growth of the overall market.”