Broker Insights raises £6 million
UK-based Broker Insights has raised over £6 million 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.
Founded in 2018, Broker Insights offers a platform that enables insurers to distribute their products more efficiently to regional brokers through automation and collaboration tools. AXA, RSA, Zurich, QBE, Travelers, Markel, Hiscox, and over 160 brokers use the platform according to the company.
The funding will enable further development of the platform and accelerate the company’s UK growth and launch in the US.
“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.” – Fraser Edmond, CEO of Broker Insights.
“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.” – Hugo Lough, Mercia.
“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.” – Chris van der Kuyl, principal of Chroma Ventures and chairman of Broker Insights.
