Insurtech company Broker Insights set for US expansion after £6m fundraise
DUNDEE, SCOTLAND / ACCESSWIRE / December 20, 2021 / Broker Insights - the high-growth company whose digital platform is transforming the commercial insurance market - has raised almost $8m (£6m) in a Series A funding round led by Mercia Asset Management. Chroma Ventures, which first backed Broker Insights with seed funding in 2018, made a follow-on investment in this round, alongside a group of private UK and US investors.
The funding will enable further development on Broker Insights' platform and accelerate its UK growth and launch in the US, in line with its plans to become a global leader in its field. The company, which currently employs 35 staff at its headquarters in Dundee, expects to double its headcount in 2022, with the majority of new jobs in Scotland.
Brokers Insights' platform - the first of its type for the commercial insurance market - enables insurers to distribute their products more efficiently to regional brokers through automation and collaboration tools. It also provides real-time data to give them greater insight into companies' insurance requirements.
Broker Insights was founded in 2018 by former Aviva senior executives Fraser Edmond and Iain Crole. Its award-winning platform now connects leading insurers such as AXA, RSA, Zurich, QBE, Travelers, Markel, and Hiscox with over 160 brokers. In the past year the platform has doubled its gross written premiums (GWP), the insurance industry yardstick, to more than £1 billion. Last month, the company was named 'Technology Partner of the Year - Commercial' at the Insurance Times Tech and Innovation Awards.
Fraser Edmond, chief executive of Broker Insights, said: "This investment is an endorsement of our success in building our platform, technology and team. Launched three years ago, we are now serving 12 per cent 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.
"We have the opportunity to become a mainstream digital marketplace for insurers and brokers. 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."
Mercia has invested from its Northern Venture Capital Trust funds (VCTs).
Hugo Lough of Mercia, said: "The commercial insurance market has continued to operate in a very traditional way, with client-facing teams traveling 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.
"The business has grown impressively since launch and we are delighted to be backing Fraser, Iain and the wider team for the next stage of growth. The business has massive potential and we're excited to work with them to seize the opportunity domestically and abroad. "
Chroma Ventures is the investment arm of 4J Studios entrepreneurs Chris van der Kuyl and Paddy Burns.
Chris van der Kuyl, principal of Chroma Ventures and chairman of Broker Insights, said: "Broker Insights has created a unique marketplace for commercial insurance, proven that it works and grown the business at pace. 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.
"The company's performance and progress to date has been exceptional. This growth capital raise now positions them for further growth in the UK and entry into the US".
Deloitte Corporate Finance advised Broker Insights on the fundraising.
Notes to editors:
Fraser Edmond and Chris van der Kuyl are available for interview by request.
About Broker Insights
Brokers Insights was founded in 2018 by former Aviva senior executives Fraser Edmond and Iain Crole. Its leading data and distribution platform delivers more effective and efficient insurer product distribution to brokers through automation, collaboration tools, and real-time data. The award-winning platform connects leading insurers AXA, RSA, Zurich, QBE, Hiscox, Travelers, Markel and Ecclesiastical with over 160 brokers across over 400 offices who hold over £1 billion of business policies across the UK.
About Chroma Ventures
Chroma Ventures was created in 2021 by Paddy Burns and Chris van der Kuyl CBE as a broad-spectrum investment arm. Based in Scotland, but with an international outlook, Chroma Ventures backs companies developing and deploying innovative technology and data-led businesses. Its investment approach will reflect the principals' commitment to investing in great people with great ideas and supporting their growth through long-term collaboration. Chroma Ventures' expanding portfolio includes 4J Studios, Ace Aquatec, ADV Holdings, Blippar, Broker Insights, Parsley Box, Puny Astronaut, Stormcloud Games, Team 17, TVSquared, and the property development company Chroma Developments.
About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of venture, private equity, debt and proprietary capital: the Group's 'Complete Connected Capital'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet. The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£948million of assets under management and, since its IPO in December 2014, has invested c.£116million gross into its direct investment portfolio.
About Deloitte Corporate Finance
Deloitte's Advisory Corporate Finance team provides financial advice and insight at every stage of a transaction, from consideration of strategic options to transaction execution - including advising on fundraises, acquisitions and divestments / disposals, and IPOs. The deal team advising on this raise included Deloitte's FIG Corporate Finance team, a specialist M&A team covering financial services and advising clients across the UK and EMEA, and Deloitte's Scottish Corporate Finance team who focus on transactions and supporting clients in the Scottish market.
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SOURCE: Broker Insights Limited