A Scottish insurance technology company founded by two former Aviva executives has said it is on target to hit the £6 billion mark in written premiums as it approaches its sixth anniversary.
Broker Insights, which employs more than 60 people at its offices in Dundee, said brokers have to date uploaded £5.5bn of gross written premiums to its Vision Enterprise platform. This company expects to reach £6bn by the end of this year.
Backed by Chroma Ventures, the investment vehicle of gaming entrepreneurs Chris van der Kuyl and Paddy Burns, Broker Insights uses market data and analytics to connect major insurers with regional brokers in the commercial insurance sector. The platform is also licensed out to national and global brokers who tailor Vision Enterprise to their needs.
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Companies such as Allianz, Axa, AIG, Hiscox, QBE and RSA are among the major insurers using the platform, along with more than 200 independent brokers.
"The key to our success has been listening to our customers," chief executive Peter Scott said. “Innovation isn’t just about technology; it’s about responding to real, everyday challenges that brokers and insurers face. That’s what we’ve built our platform around.
“From inception, Broker Insights has offered a unique platform that enhances information flow, improves efficiency, and drives better decision-making across the insurance value chain. By connecting brokers, insurers, and [managing general agents] on a single platform, Broker Insights has created a more transparent and collaborative environment, leading to enhanced productivity and better outcomes for all parties.”
Founded by Fraser Edmond and Iain Crole, the company is looking to launch its platform into the US commercial market as part of its international growth strategy. Mr Edmond, the company's president, is said to be in "active conversations" with a number of brokers in the US.
By its reckoning Brokers Insights is currently providing data analytics covering more than a third of the estimated £18bn UK commercial insurance market, and is also growing its European dataset.
“Our focus from day one was on empowering the commercial insurance industry through data,” Mr Edmond said. “We knew that if we could help brokers and insurers make more informed decisions, the entire industry would benefit.
“What started as a solution for independent, regional brokers to understand their business better and connect with our panel of leading UK insurers is now also being licensed to large national and global brokers, who select their own markets and tailor Vision Enterprise to their needs.”
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The company is enhancing its platform with the rollout of its AI and machine learning-enabled Propensity Lens. This tool helps insurers assess the likelihood of winning and renewing opportunities by aligning their risk appetite with broker customer data with the aim of improving quote rates, reducing declines, and increasing efficiency across sales and underwriting.
Chroma Ventures was set up in 2021 to consolidate the investment portfolio of Mr Burns and Mr van der Kuyl, the co-founders of games developer 4J Studios. The pair have been at the heart of Scotland's gaming industry for more than 25 years, while Chroma focuses on investment in data-led businesses and those deploying innovative technology.
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