Broker Insights, an insurtech company that uses automation to connect insurers and regional brokers, has raised over £6m to fund its expansion to the US market.
The Dundee, Scotland-headquartered startup said it will also use the cash to double its current headcount of 35, with the majority of new jobs located in Scotland.
Venture capital firm Mercia led the Series A funding round while Chroma Ventures, which first backed Broker Insights in a 2018 Seed funding round, provided follow up investment.
It also secured capital from a “group of private UK and US investors”. Deloitte Corporate Finance advised the insurtech on the funding round.
Broker Insights will also use the funding to develop its platform, which connects over 160 insurance brokers with insurers such as AXA, Zurich, RSA and Hiscox. It claims to serve 12% of the UK’s commercial insurance market and provides “real-time data” to insurers on a company’s insurance requirements.
Hugo Lough of Mercia said that the platform means brokers don’t have to travel 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,” Lough said.
Broker Insights was founded in 2018 by former Aviva senior executives Fraser Edmond and Iain Crole.
“We have the opportunity to become a mainstream digital marketplace for insurers and brokers,” said Edmond, who is also CEO of Broker Insights. We are removing significant friction and cost in connecting brokers and insurers, and the potential market for this is here in the UK and next in the US. We have traction, proven demand, and this funding allows us to accelerate our growth.”
According to a research note business intelligence firm Research & Markets, the UK insurtech industry is “thriving” with AI platform revenues within insurance forecasted to grow by 23% to $3.4bn between 2019 and 2024.
Other notable UK insurtechs include Marshmallow, Zego and Bought By Many.
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