UK-based insurtech Broker Insights has expanded its operations into the US market, aiming to enhance broker connectivity and data utilisation.
The company, originating from Dundee, Scotland, offers a platform that helps brokers gain deeper insights into their businesses while strengthening connections with insurers across the commercial insurance sector.
Broker Insights’ Vision platform is now accessible across all 50 US states, tailored specifically to meet the unique needs of the American market. The platform’s development included extensive research with local brokers and an analysis of nearly US$1 billion in gross written premium.
Founded in 2018 by former Aviva executives Fraser Edmond (pictured) and Iain Crole, Broker Insights has been rapidly growing and is backed by Mercia Ventures and Chroma Ventures.
Now under the leadership of chief executive Peter Scott, the Vision platform has so far managed over £5.5 billion in GWP within the UK. With 60 employees, the company is on track to reach £6 billion in GWP by year-end.
“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,” said Edmond, president and former CEO of Broker Insights.
“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.”
When the CEO succession at Broker Insights was announced earlier this year, it was noted that Edmond would be dividing his time between the US and the UK to lead the overseas expansion while maintaining home market engagement.
Hugo Lough from Mercia Ventures, meanwhile, highlighted the insurtech’s transformative role in the insurance market, stating: “Since we first invested in 2021, it has achieved a four-fold increase in the amount of gross written premium 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.”
What do you think about this story? Share your thoughts in the comments below.
