Broker Insights enters the US market | Insurance business America Technology Broker Insights enters the US market
Expansion is the “logical next step”
technology
Written by Terry Ganquanco
UK-based insurtech Broker Insights has expanded into the US market with the aim of increasing connectivity and data usage for brokers.
Headquartered in Dundee, Scotland, the company provides a platform that helps brokers gain deeper insight into their business while strengthening their connections with insurers across the commercial insurance sector.
Broker Insights’ Vision platform is currently accessible in all 50 states and is specifically tailored to meet the unique needs of the American market. The development of this platform included extensive research with local brokers and analysis of nearly $1 billion in gross written premiums.
Founded in 2018 by former Aviva executives Fraser Edmond (pictured) and Iain Crole, Broker Insights has grown rapidly and is backed by Mercia Ventures and Chroma Ventures.
Currently under the direction of Chief Executive Peter Scott, Vision Platform has managed over £5.5 billion of GWP in the UK to date. The company, which employs 60 people, is on track to reach GWP of £6bn by the end of the year.
“The average broker actively uses only about half of their insurance carriers and wholesale providers, so it’s important for all customers and for brokers to make the most of their money,” said Edmund, president and former CEO of Broker Insights. It’s very difficult to be sure that is the best option.”
“The U.S. commercial insurance market presents significant expansion opportunities for our business. After extensive preparation and development work, the Vision platform is being rolled out. , while providing cross-market insights and opportunities for our UK broker partners.”
When Broker Insights’ CEO succession was announced earlier this year, it was noted that Edmunds would split his time between the US and UK to lead the company’s international expansion while maintaining its commitment to the domestic market.
Meanwhile, Hugo Lough from Mercia Ventures highlighted the transformative role of insurtech in the insurance market, saying: This type of dataset in the UK.
“Launching in the U.S. is a natural next step for the company and is in line with its plans to become an industry knowledge center and a global leader in its field.”
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