A Dundee-based insurance technology startup backed by one of Scotland’s most well-known tech entrepreneurs is gearing up for US expansion after it doubled revenue to £2.25 million in its second year of trading.
Broker Insights, founded by leaders in the commercial insurance industry and backed by Chroma Ventures – a newly-established investment arm of games developer 4J Studios – has also doubled its platform gross written premiums (GWP) to £1 billion.
GWP, an industry measure of the life insurance premiums due and the general insurance premiums underwritten in the reporting period, is a major indicator of the economic importance of the insurance industry.
The operation is the UK’s ‘first’ independent, searchable platform connecting insurers and brokers, and since launching in 2018, seven leading insurers – Zurich, AXA, Hiscox, Markel, Ecclesiastical, QBE and RSA – have signed up, along with over 150 brokers.
Chroma Ventures, created by tech entrepreneurs Chris van der Kuyl and Paddy Burns, channels flexible capital into a range of early-stage and established businesses with ‘high-growth potential’.
Fraser Edmond, chief operating officer and co-founder of Broker Insights, said: “We have experienced accelerated adoption of the platform in the UK over the last 12 months as the industry has seen the benefits of this new digital route of engagement between insurers and brokers. The platform is unlocking value for insurers and brokers by reducing costs and increasing trading effectiveness.”
Edmond and co-founder Ian Crole, both former Aviva senior executives, have seen headcount at the company increase from 17 to 30 over the last 12 months, with roles added in software development, data science and the commercial team.
In April, Kevin Ord was hired as chief operating officer to help guide the business as it prepares for what Edmond describes as “rapid scaling” and North American expansion in 2022.
Ord has a track record in transforming and growing technology organisations, having previously held positions in equity-backed companies in the software, ecommerce and digital marketing sectors.
The company, headquartered at Water’s Edge in Dundee, is currently focused on adding several new product features to the platform and recently launched Market Management, a new product for large broker firms allowing them to license and configure the platform to their needs.
Through automation, collaboration tools and real-time data, Broker Insights’ platform helps narrow the data gap between brokers and insurers, increase the distribution and sales of insurance products, and drive down costs.
Kuyl, Chroma Ventures co-founder and Broker Insights chairman, said: “Broker Insights is one of the UK’s fastest-growing tech businesses with an opportunity to transform the global commercial insurance market. The next phase of major growth will be expansion into the US market.”
Broker Insights also moved into profitability during the year and repaid the early-stage support and loans received from Scottish EDGE and Scottish Investment Bank. The company was a Scottish EDGE winner in 2018.