Deals: Sterling Brokers Buys Lucite AI Platform

 The latest update from Sterling Brokers for you;

Sterling Brokers, a Canadian employee benefits brokerage, today announced its acquisition of Lucite, an AI platform that helps benefits brokers analyze data, automate workflows and deliver improved service to clients. The acquisition expands Sterling’s reach beyond its own brokerage, bringing technology and administration services to independent brokers across Canada.

Lucite’s technology is purpose-built for the Canadian insurance industry and broker workflows. It securely automates tasks such as extracting information from carrier documents, preparing quotes, managing renewals and producing client reports. Lucite’s founders bring AI experience from Datadog, Meta and SpaceX. Sterling was an early partner and one of Lucite’s largest customers before the acquisition.

The expanded Lucite platform gives independent brokers access to technology, administration capabilities and automated carrier quoting traditionally available only to large, multi-national firms.

“Canadian companies are best served by a diverse, independent broker network,” said Andrew Blanchard, CEO of Sterling. “We’re investing in technology that gives the thousands of independent brokers serving Canadian employers the tools to compete and grow in an environment with ever-increasing Client expectations. By combining Sterling’s administration infrastructure and distribution with Lucite’s AI platform, we can deliver enterprise-grade capabilities to brokers of every size across the country.”

Lucite is expanding its existing offering by bringing together two established platforms to help independent brokers work more efficiently, strengthen their client offering and compete with larger firms while remaining independent:

• Sterling’s proprietary third-party administration (TPA) platform, now available to independent brokers for the first time

• Lucite’s AI-powered analytics and reporting platform, already used by over 45 brokers serving more than 20,000 clients across Canada

“Independent brokers deserve access to best-in-class technology to help them compete with larger firms, and Lucite helps make that possible,” said Jason Spector, co-founder and CEO of Lucite, who will continue to lead Lucite’s expanded offering at Sterling. “Combining a startup’s speed with Sterling’s infrastructure and distribution gives us the opportunity to move the Canadian benefits industry forward.”