(from left to right) Chris van der Kuyl, Chroma Ventures' principal and Fraser Edmond, Brokers Insights' CEO and co-founder
Fast-growth commercial insurance technology startup Broker Insights has doubled revenue to £2.25 million in its second year of trading (year to 31st January 2021). Founded by former Aviva senior executives Fraser Edmond and Iain Crole, the company has also doubled its platform gross written premiums (GWP), the insurance industry yardstick, to £1 billion.
Broker Insights is the first independent, searchable platform connecting insurers and brokers in the UK. Seven leading insurers - Zurich, AXA, Hiscox, Markel, Ecclesiastical, QBE and RSA - are signed up to the platform, along with over 150 brokers. Broker Insights is backed by Chroma Ventures, the investment arm of Chris van der Kuyl and Paddy Burns' 4J Studios. Chroma Ventures channels flexible capital into a range of early-stage and established businesses with high-growth potential.
Fraser Edmond, CEO and co-founder of Broker Insights, said: "We have experienced accelerated adoption of the platform in the UK over the last twelve months as the industry has seen the benefits of this new digital route of engagement between insurers and brokers. The platform is unlocking value for insurers and brokers by reducing costs and increasing trading effectiveness."
Headcount has increased from17 to 30 over the last twelve months, with roles added in software development, data science and the commercial team. In April, Kevin Ord was hired as COO to help guide the business as it prepares for what CEO Fraser Edmond describes as "rapid scaling" and North American expansion in 2022. Kevin has a track record in transforming and growing technology organisations, having previously held positions in equity-backed companies in the software, ecommerce and digital marketing sectors.
The company, headquartered at Water's Edge in Dundee, 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, increase the distribution and sales of insurance products, and drive down costs.
Chris van der Kuyl of Chroma Ventures and Broker Insights chairman 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."
Broker Insights also moved into profitability during the year and repaid the early-stage support and loans received from Scottish EDGE and Scottish Investment Bank. The company was a Scottish EDGE winner in 2018.
About Broker Insights
Brokers Insights was founded in 2018 by leaders in the commercial insurance industry and is backed by Chroma Ventures, the investment arm of Chris van der Kuyl and Paddy Burns' 4J Studios. Broker Insights' leading data and distribution SaaS 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 with over 150 brokers across 358 offices who hold £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 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, Team17, TVSquared, and the property development company Chroma Developments.