Broker Insights, a digital platform for the commercial insurance industry, has raised over £6m in a Series A funding round.
Mercia Asset Management led the round, which was joined by existing investor Chroma Ventures and a group of private UK and US investors.
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Broker Insights will use the proceeds to develop its insurtech platform and accelerate its growth across the UK.
The insurtech also plans to launch in the US and double its headcount at its Dundee headquarters in 2022.
Brokers Insights’ platform leverages automation and collaboration tools to enable insurers to distribute their products ‘more efficiently’ to regional brokers.
It is claimed to connect insurers such as AXA, RSA, Zurich, QBE, Travelers, Markel, and Hiscox with more than 160 brokers.
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By GlobalDataFounded in 2018, it also claims to provide ‘real-time’ data to give them insight into insurance requirements of firms.
Broker Insights chief executive Fraser Edmond said: “Launched three years ago, we are now serving 12% of the UK commercial insurance market; we have established that our platform delivers results for our customers and is attracting significant and growing demand from brokers and insurers alike.”
Mercia investment manager Hugo Lough said: “The commercial insurance market has continued to operate in a very traditional way, with client-facing teams travelling around the UK to build relationships with brokers.
“By bringing them together online to do business, Broker Insights offers the opportunity to remove friction and cost, and improve the experience for all concerned.”
Brokers Insights noted that it has doubled its gross written premiums (GWP), to over £1bn in the past year.
Chroma Ventures principal and Broker Insights chairman Chris van der Kuyl said: “This Series A round positions the company for expansion and we are creating a global leader in the digital transformation of the commercial insurance market.”
