Broker Insights going ‘mainstream’ amid fresh funding

Insurtech Broker Insights has raised more funding as boss Fraser Edmond said the firm is aiming to become ‘a mainstream digital marketplace for insurers and brokers’.

The raise is more than £6m in a Series A funding round led by Mercia Asset Management, invested from its Northern Venture Capital Trust funds (VCTs).

Chroma Ventures, which first backed the insurtech with seed funding in 2018, also made a follow-on investment in this round alongside a group of private UK and US investors.

The funding will boost growth in the UK and help it launch in the US.

The insurtech, which has 35 staff at its headquarters in Dundee, also expects to double its headcount in 2022 – most new jobs will be in Scotland.

Broker Insights chief executive Fraser Edmond said: “We are now serving 12 percent of the UK commercial insurance market; we have established that our platform delivers results for our customers and is attracting significant and growing demand from brokers and insurers alike.

“We have the opportunity to become a mainstream digital marketplace for insurers and brokers. 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.”

GWP growth

Founded in 2018 by former Aviva senior executives Fraser Edmond and Iain Crole, Broker Insight’s platform enables insurers to distribute their products to regional brokers, as well as gain insight to companies’ insurance requirements.

Over the past year, the platform has doubled its gross written premium (GWP) under management to more than £1bn.

Mercia investment manager Hugo Lough added: “The business has grown impressively since launch and we are delighted to be backing Fraser, Iain and the wider team for the next stage of growth.

“The business has massive potential, and we’re excited to work with them to seize the opportunity domestically and abroad.”