A Dundee tech firm whose platform connects insurers and brokers is eyeing expansion into America.
That is the aim of Broker Insights, founded by former Aviva executives Fraser Edmond and Iain Crole in 2018.
Seven insurers – Zurich, AXA, Hiscox, Markel, Ecclesiastical, QBE and RSA – are signed up, along with more than 150 brokers.
The company’s revenue doubled to £2.25 million this year, while its gross written premiums also doubled to £1 billion.
The platform, which won £75,000 at the Scottish EDGE awards in 2018, connects leading insurers with over 150 brokers who hold £1 billion of business policies across the UK.
An opportunity to transform the market
The company, based at the city’s Water’s Edge, is backed by Chroma Ventures, the investment arm of 4J Studios run by Dundee-based businessmen Chris van der Kuyl and Paddy Burns.
Mr van der Kuyl, chairman of Broker Insights, 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,” Mr van der Kuyl continued.
The firm has also seen a growth in its staff in the past 12 months.
Thirteen new employees have joined the team, with roles added in the commercial team, software development and data science.
That has taken the total number of staff to 30.
Last month, Kevin Ord was hired as chief operating officer.
Mr Ord previously was previous with Creare Communications and software firms Kallidus and Anatwine.
His appointment comes as the firm prepares for “rapid scaling” and look to break into America next year.
Mr Edmond, chief executive of Broker Insights, said: “We have experienced accelerated adoption of the platform in the UK over the last twelve months.
“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.”
Adding new features
Independent brokers log details of their clients’ requirements through Broker Insights.
Large insurers then use a variety of filters to find businesses with profiles that match their requirements.
The company is currently adding new product features to the platform.
Recently it launched market management, a new product for large broker firms allowing them to license and configure the platform to their needs.