UK Brokerage Insurtech Eyes U.S. Expansion After $7.9M Capital Raise

December 20, 2021

A commercial insurance brokerage technology company that is up and running in the UK is targeting the U.S. after raising more than $7.9 million in a Series A funding round.

Broker Insights, which is based in Scotland, raised the funding from Mercia, Chroma Ventures and a group of private UK and U.S. investors.

Brokers Insights’ platform enables insurers to efficiently distribute their products to regional brokers through automation and collaboration tools. The system automatically matches a broker’s book of business with its insurers. It also provides real-time data to give brokers insight into companies’ insurance requirements.

The company said its platform now connects insurers including AXA, RSA, Zurich, QBE, Travelers, Markel and Hiscox with more than 160 brokers. In the past year the platform has doubled its gross written premium to more than $1.3 billion., according to its announcement.

The funding boost will enable further development of its platform and accelerate its UK growth and its launch in the U.S., the company said.

Broker Insights was founded in 2018 by former Aviva senior executives Fraser Edmond and Iain Crole.

Deloitte Corporate Finance advised Broker Insights on the fundraising.

Topics USA Agencies InsurTech Tech Funding

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