Broker Insights, the Dundee-based insurtech company, has successfully launched its platform in the United States. This expansion marks a significant milestone for the firm, which aims to enhance brokers’ understanding of their business and improve connections with insurers.
The Broker Insights platform is now accessible across all 50 states, having been meticulously customised for the US market. This development followed extensive research and collaboration with local brokers, during which nearly $1 billion in gross written premiums (GWP) was analysed.
Founded in 2018 by former Aviva executives Fraser Edmond and Iain Crole, Broker Insights is supported by Mercia Ventures and Chroma Ventures. Currently led by CEO Peter Scott, the company’s Vision platform has managed £5.5 billion of GWP and is expected to reach £6 billion by year-end, capturing over a third of the UK commercial insurance market.
The firm employs 60 staff members. Fraser Edmond, President and co-founder, commented: “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 stated: “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.”
This expansion into the US aligns with Broker Insights’ mission to empower the commercial insurance industry through data-driven decisions, enhancing its position as a global leader in this sector.
