Two former executives of insurance firm Aviva have combined with Scottish technology entrepreneurs Chris van der Kuyl and Paddy Burns to launch an InsurTech business focused on the commercial insurance broker market.
Broker Insights aims to “bridge the information gap between brokers and insurers around customer data by maximising the distribution and sales of insurance products through brokers across the UK, driving down costs and boosting the bottom line”.
The founding team comprises chief executive Fraser Edmond, a former director at Aviva, Iain Crole, former head of broker sales for the UK at Aviva, chief operating officer Sandy Cairnie, non-executive director Paddy Burns, who is chief executive of 4J Studios. The chairman is Chris van der Kuyl, chairman of 4J Studios, TV Squared, and Entrepreneurial Scotland.
“We are deploying broker data in a way that will transform commercial insurance distribution and trading,” said Edmond. “There is a huge opportunity to make an impact by helping to modernise a very traditional marketplace by focusing on data analytics, user experience and bringing the UK’s insurers and brokers much closer together so they can trade better.
“In addition to driving business for our insurer partners and brokers, this also benefits the end customer which is a win-win. We see scope for the model being replicated in other territories and have built international expansion into our strategy and product road map from day one.”
van der Kuyl added: “These guys bring deep industry sector knowledge, first mover advantage and tonnes of ambition to a market that knows it needs to embrace the application of technology and data analytics to drive efficiencies.”
The business will be based at Water’s Edge in Dundee, a work space opening this year. At a topping out ceremony last July, van der Kuyl said: “We created Water’s Edge to attract businesses with a real energy and appetite for innovation.
“By putting them all together in one space, we think exciting things will start to happen and success will be contagious. It’s going to be a fantastic space.”