Dundee-based Broker Insights, an InsurTech firm specialising in commercial insurance, has officially launched its Vision platform in the United States.
With this expansion, Broker Insights aims to increase its footprint and influence in the global insurance market by supporting brokers across all 50 US states, according to InsurTech Insights.
The move comes after extensive research and development efforts by Broker Insights to tailor its offerings to meet the needs of American brokers.
The company analysed close to $1bn in gross written premiums (GWP) during the adaptation process, ensuring the platform’s features align with the unique demands of the US commercial insurance landscape.
Founded in 2018 by Fraser Edmond and Iain Crole, former Aviva executives, Broker Insights is supported by investors including Mercia Ventures and Chroma Ventures.
Led by CEO Peter Scott, the company has made its mark in the UK commercial insurance sector, managing over £5.5bn in GWP.
Broker Insights currently holds more than one-third of the UK’s commercial insurance market and is on track to reach £6bn in GWP by the end of this year.
The firm provides a digital platform that allows brokers to optimise their connections with insurers and gain valuable business insights.
Known as Vision, the platform helps brokers identify which insurance carriers and providers are best suited for each client and brokerage.
In the words of co-founder Edmond, many brokers only actively use “approximately half of their insurance carriers and wholesale providers,” making it challenging to ensure the best options for clients. Vision aims to address this gap, providing brokers with a tool to enhance carrier partnerships and streamline their offerings.
In addition to enabling broker-insurer collaborations, the offering grants Broker Insights’ UK partners access to cross-market insights and opportunities, enhancing their ability to operate on an international scale.
The deployment in the US bolsters Broker Insights’ mission to provide comprehensive industry insights and cement its position as a trusted data-driven leader in the global insurance landscape.
Mercia Ventures’ Hugo Lough remarked on the launch, “Broker Insights is transforming the commercial insurance market. Since we first invested in 2021, it has achieved a four-fold increase in the amount of gross written premiums it handles, and now has the largest dataset of its type in the UK. Launching in the US is the logical next step for the company and is in line with its plans to become the knowledge centre of the industry and a global leader in its field.”
The US launch marks a milestone in Broker Insights’ strategy to scale its workforce and reach, with further plans to continue expanding internationally.
Currently employing 60 people, the company’s growing team underscores its commitment to innovation in the commercial insurance sector.
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