A commercial insurance technology start-up is eyeing an expansion into the US, following doubling its year-on-year revenue to £2.25m.
The company, founded by former Aviva senior executives Fraser Edmond and Iain Crole, also doubled its platform's gross written premiums to £1bn.
Broker Insights is backed by the investment arm of Chris van der Kuyl and Paddy Burn’s Chroma Ventures, following their success with 4J Studios.
It is the first independent, searchable platform connecting insurers and brokers in the UK.
Seven insurers - Zurich, AXA, Hiscox, Markel, Ecclesiastical, QBE and RSA - are signed up to the platform, along with more than 150 brokers.
Headquartered in Water’s Edge in Dundee, the company has increased its headcount from 17 to 30 during the last 12 months, with new roles in software development, data science and the commercial team.
In April, Kevin Ord was hired as chief operating officer to help prepare the business for its North American expansion in 2022.
It 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, increases the distribution and sales of insurance products, and aims to drive down costs.
Chris van der Kuyl, chairman at Broker Insights, commented: "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."
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