Expansion is “the next logical step”
Technology
Written by Terry Gangcuangco
UK insurtech Broker Insights has expanded its operations into the US market, aiming to improve broker communication and data usage.
The company, based in Dundee, Scotland, provides a platform that helps brokers gain in-depth knowledge of their businesses while strengthening connections with insurers across the commercial insurance sector.
Broker Insights' Vision platform is now available in all 50 US states, tailored specifically to meet the unique needs of the American market. Development of the platform included extensive research with local buyers and analysis of nearly $1 billion in written premium.
Founded in 2018 by former Aviva executives Fraser Edmond (pictured) and Iain Crole, Broker Insights is growing rapidly and is backed by Mercia Ventures and Chroma Ventures.
Now under the leadership of chief executive Peter Scott, the Vision platform has so far managed over £5.5 billion in GWP within the UK. With 60 employees, the company is on track to reach £6 billion in GWP by the end of the year.
“The average broker uses nearly half of its insurance companies and wholesale suppliers, making it a huge challenge to ensure that confidence is the best option for every client and business,” said Edmond, president and former CEO of Broker Insights.
“The US commercial insurance market presents significant growth opportunities for our business. After a lot of preparation and development work, the Vision platform is implemented. This strategic move strengthens the company's global footprint while providing our UK consumer partners with cross-market insights and opportunities.”
When the CEO succession at Broker Insights was announced earlier this year, it was noted that Edmond would split his time between the US and the UK to lead overseas expansion while maintaining home market engagement.
Meanwhile, Hugo Lough from Mercia Ventures, highlighted the transformative role of insurtech in the insurance market, saying: “Since we first invested in 2021, it has experienced a fourfold increase in the amount of written capital it manages and is now the largest in value. A dataset of its kind in the UK.
“Launching in the US is the next logical step for the company and is in line with its plans to become a knowledge center in the industry and a global leader in its field.”
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