Dundee-based Broker Insights, which was launched by former Aviva senior executives Fraser Edmond and Iain Crole three years ago, has secured the finance in a Series A round led by Mercia Asset Management.
Scottish gaming entrepreneur van der Kuyl’s Chroma Ventures, which first backed Broker Insights with seed funding in 2018, has made a follow-on investment as part of the round which was also supported by a group of private UK and US investors.
The company has developed a platform which help commercial insurers distribute their products more efficiently to regional brokers through automation and collaboration tools. It also provides data to give them greater insight into companies’ insurance needs.
The funding will enable further development of the platform and accelerate its UK growth and launch in the US.
The company, which employs 35 staff at its headquarters in Dundee, said it expects to double its headcount in 2022, with the majority of new jobs in Scotland.
Broker Insights’ platform is now used by leading insurers such as AXA, RSA, Zurich, QBE, Travelers, Markel, and Hiscox to connect to over 160 brokers.
In the past year the platform has doubled its gross written premiums, the insurance industry yardstick, to more than £1 billion.
Edmond, chief executive of Broker Insights, said the investment was endorsement of the company’s success in building its platform, technology and team.
“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. We have traction, proven demand, and this funding allows us to accelerate our growth,” he added.
Van der Kuyl, principal of Chroma Ventures and chairman of Broker Insights, said since its launch Broker Insiders has created a unique marketplace for commercial insurance, proven that it works and grown the business at pace.
“The company’s performance and progress to date has been exceptional. This growth capital raise now positions them for further growth in the UK and entry into the US”.