Abacus Global Management (NASDAQ:ABL) CEO Jay Jackson talked with Proactive about the company’s latest acquisition of AccuQuote, a US-based insurance brokerage with nearly 40 years of experience in helping clients understand and purchase life insurance policies.
Jackson explained that the acquisition aligns with Abacus Global Management’s growth strategy, enhancing its ability to support clients throughout the full life cycle of their insurance needs.
Proactive: All right, welcome back inside our Proactive newsroom. Joining me now is Jay Jackson, CEO of Abacus Global Management. Jay, it’s good to see you again. How are you?
Jay Jackson: Great. Thank you. Good to be seeing you.
Good news from the company today, talking about an acquisition of a company called AccuQuote. So tell me a little about who AccuQuote is and why you thought it was a good idea to bring them under the fold.
AccuQuote has been around for almost 40 years. It’s a great American company doing insurance brokerage, helping clients better understand their life insurance needs. That’s a little different from our business, where we’ve been helping people understand the asset value of that life insurance contract towards the end of that contract. They’ve been selling new types of life insurance policies to hundreds of thousands of consumers — billions of dollars of new life insurance over the last 40 years. It’s a great name and really falls in line with our growth strategy to ensure we capture the entire life cycle of our client. Some clients don’t qualify to sell their policies — now we can provide them with a solution through AccuQuote.
Is that the way insurance is going, to take care of clients from beginning to end with different options available?
It is. This is about financial planning and understanding life-span-based financial products. Insurance is one of those, and this is a great start as we move into personal wealth management. It’s about having the data, information, and accessibility to products. We think there’s a huge market for people to better understand that their life insurance policy is an asset, it’s personal property, and they shouldn’t just let it go. If they’re not in the right coverage, AccuQuote can help keep them insured and covered for future needs.
Does AccuQuote fit seamlessly into what you’re doing now? Will it operate as a separate business, or how will you merge the two together?
The synergies are boundless. The intent is to keep AccuQuote operating successfully under its current name with its employees. It has built a strong brand, and we just want to help grow it further. This is a great growth strategy we’re going to invest in. Other companies are now going public with billion-dollar-plus valuations offering similar services, and AccuQuote already has a technology-driven instant quote platform. We can now help clients both on the front end with protection and the back end with asset management.
Lastly, last time we talked, you mentioned there were multiple ways to grow. Are there other areas you’re looking at through the year?
Yes. As we discussed at our Investor Day in June, our next transition is into asset management and personal wealth management. This acquisition is one of those steps. It aligns with what we said we would do and creates real opportunities for shareholders and new investors.
Quotes have been lightly edited for clarity and style