Van der Kuyl backed Broker Insights eyes US growth
Chris van der Kuyl and Fraser Edmond
Commercial insurance technology startup Broker Insights has ambitions to expand into the US after doubling revenue to £2.25 million in its second year of trading to 31 January 2021.
Founded by former Aviva senior executives Fraser Edmond and Iain Crole, the company has also doubled its platform gross written premiums (GWP), the insurance industry yardstick, to £1 billion.
Broker Insights is the first independent, searchable platform connecting insurers and brokers in the UK. Seven leading insurers – Zurich, AXA, Hiscox, Markel, Ecclesiastical, QBE and RSA – are signed up to the platform, along with more than 150 brokers.
The company is backed by Chroma Ventures, the investment arm of Chris van der Kuyl and Paddy Burns’ 4J Studios. Chroma Ventures channels flexible capital into a range of early-stage and established businesses with high-growth potential.
Mr Edmond said: “We have experienced accelerated adoption of the platform in the UK over the last twelve months as the industry has seen the benefits of this new digital route of engagement between insurers and brokers. The platform is unlocking value for insurers and brokers by reducing costs and increasing trading effectiveness.”
Headcount has increased from 17 to 30 over the last 12 months, with roles added in software development, data science and the commercial team.
In April, Kevin Ord was hired as COO to help guide the business as it prepares for what CEO Fraser Edmond describes as “rapid scaling” and North American expansion in 2022. Mr Ord has a track record in transforming and growing technology organisations, having previously held positions in equity-backed companies in the software, ecommerce and digital marketing sectors.
The company, headquartered at Water’s Edge in Dundee, is currently focused on adding several new product features to the platform and recently launched Market Management, a new product for large broker firms allowing them to license and configure the platform to their needs.
Mr van der Kuyl said: “Broker Insights is one of the UK’s fastest-growing tech businesses with an opportunity to transform the global commercial insurance market. The next phase of major growth will be expansion into the US market.”
Broker Insights also moved into profitability during the year and repaid the early-stage support and loans received from Scottish EDGE and Scottish Investment Bank. The company was a Scottish EDGE winner in 2018.