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Insurtech Launches in the US After Analysing $1BN of Premiums
Broker Insights, the Dundee-based insurtech whose platform helps brokers to better understand their business and connect with insurers, has launched in the US.
Broker Insights’ platform is available in all 50 states and has been specifically tailored for the US following extensive broker research and collaboration during which time it analysed almost $1bn of gross written premiums (GWP).
The company, which is backed by Mercia Ventures and Chroma Ventures, was founded in 2018 by former Aviva executives Fraser Edmond and Iain Crole and is now led by CEO Peter Scott. To date its Vision platform has handled £5.5bn of GWP and is set to hit £6bn by the end of the year – representing more than a third of the UK commercial insurance market. Broker Insights currently employs 60 staff.
Fraser Edmond, President and co-founder, said: “An average broker only actively uses approximately half of their insurance carriers and wholesale providers, making it extremely challenging to be confident which represents the best option for every client and for the brokerage. The US commercial insurance market presents significant expansion opportunities for our business. Following extensive preparation and development work, the Vision platform is being deployed. This strategic move strengthens the company’s global footprint while offering our UK broker partners cross-market insights and opportunities.”
Hugo Lough of Mercia Ventures added: “Broker Insights is transforming the commercial insurance market. Since we first invested in 2021, it has achieved a four-fold increase in the amount of gross written premiums it handles, and now has the largest dataset of its type in the UK. Launching in the US is the logical next step for the company and is in line with its plans to become the knowledge centre of the industry and a global leader in its field.”
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