Insurtech launched by ex-Aviva execs set for US expansion; to create new jobs in UK
A commercial insurance technology firm founded by former Aviva senior executives Fraser Edmond and Iain Crole three years ago has secured more than £6 million in a Series A funding to accelerate its growth in the UK and expand in the US market.
Dundee-based Broker Insights is also planning to double its headcount in 2022, with the majority of new jobs in Scotland.
Broker Insights aims to transform the commercial insurance market with its “first of its type” digital platform that allows insurers to distribute their products to regional brokers through automation and collaboration tools. It also provides real-time data to give them greater insight into companies’ insurance requirements.
The insurtech has raised more than £6 million in a fundraising led by Mercia from its Northern Venture Capital Trust funds (VCTs). Chroma Ventures, which first backed Broker Insights with seed funding in 2018, made a follow-on investment in this round, alongside a group of private UK and US investors.
Broker Insights’ digital platform connects insurers such as AXA, RSA, Zurich, QBE, Travelers, Markel, and Hiscox with over 160 brokers. In the past year the platform has doubled its gross written premiums (GWP) to more than £1 billion.
Edmond, chief executive of Broker Insights, said: “This investment is an endorsement of our success in building our platform, technology and team. Launched three years ago, we are now serving 12 percent of the UK commercial insurance market; we have established that our platform delivers results for our customers and is attracting significant and growing demand from brokers and insurers alike.
“We have the opportunity to become a mainstream digital marketplace for insurers and brokers. We are removing significant friction and cost in connecting brokers and insurers, and the potential market for this is here in the UK and next in the US. We have traction, proven demand, and this funding allows us to accelerate our growth.”
Hugo Lough of Mercia said: “The commercial insurance market has continued to operate in a very traditional way, with client-facing teams travelling around the UK to build relationships with brokers. By bringing them together online to do business, Broker Insights offers the opportunity to remove friction and cost, and improve the experience for all concerned.
“The business has grown impressively since launch and we are delighted to be backing Fraser, Iain and the wider team for the next stage of growth. The business has massive potential and we’re excited to work with them to seize the opportunity domestically and abroad.”
Chris van der Kuyl, principal of Chroma Ventures and chairman of Broker Insights, said: “Broker Insights has created a unique marketplace for commercial insurance, proven that it works and grown the business at pace. This Series A round positions the company for expansion and we are creating a global leader in the digital transformation of the commercial insurance market.
“The company’s performance and progress to date has been exceptional. This growth capital raise now positions them for further growth in the UK and entry into the US.”
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