Broker Insights raises funds for UK and US growth
Chris van der Kuyl and Fraser Edmond
Commercial insurance platform Broker Insights has raised more than £6m in a Series A funding round led by Mercia Asset Management.
Chroma Ventures, the investment arm of 4J Studios’ entrepreneurs Chris van der Kuyl and Paddy Burns, has followed up its seed funding in 2018 alongside a group of private UK and US investors.
The funding will enable further development on Broker Insights’ platform and accelerate its UK growth and launch in the US.
The company, which currently employs 35 at its headquarters in Dundee, expects to double its headcount in 2022, with the majority of new jobs in Scotland.
Broker Insights was founded in 2018 by former Aviva senior executives Fraser Edmond and Iain Crole and it now connects insurers such as AXA, RSA, Zurich, QBE, Travelers, Markel, and Hiscox with more than 160 brokers.
In the past year the platform has doubled its gross written premiums, the insurance industry yardstick, to more than £1 billion.
Fraser Edmond, chief executive of Broker Insights, said the company is now serving 12% of the UK commercial insurance market.
“We have the opportunity to become a mainstream digital marketplace for insurers and brokers,” he said.
“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.”