Evening Telegraph (First Edition)
Business is booming for top data firm
DUNDEE data firm Broker Insights will see £6 billion worth of insurance premiums uploaded through its unique platform just six years after launching.
Broker Insights is a data and distribution platform connecting UK insurance brokers and insurance companies to one another through its ground-breaking Vision platform.
The company only launched in 2018 and since then has seen £5.5bn of gross written premium (GWP) uploaded through it. By the end of the year, the company’s founders expect to hit the £6bn mark.
They also now employ 60 staff and have expanded recently to the USA.
Set up by Aviva employees Fraser Edmond and Iain Crole, the firm quickly gained traction.
Within a year there were more than £250 million of policies on the platform. This doubled to £500m in 2020 and doubled again to £1bn in 2021.
All going to plan, £6bn in premiums will be put through Vision by the end of December.
Fraser Edmond, co-founder and president, said: “Our focus from day one was on empowering the commercial insurance industry through data.
“We knew 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.”
Companies use Broker Insight’s analytics tools to explore, simulate and act on insights and make better placement decisions and interact with insurers to boost efficiency and earnings.
And Broker Insights’ research shows there is around £18bn of GWP in the UK commercial insurance sector. Peter Scott, CEO of Broker Insights, added: “The key to our success has been listening to our customers.
“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 decisionmaking across the insurance value chain.”