Searchable insurance platform Broker Insights has secured £6m from a Series A funding round led by Mercia Asset Management.
The financing round also saw participation from Chroma Ventures and a number of undisclosed private UK and US investors.
Founded in 2017, Broker claims it is the first searchable platform connecting insurers and brokers. The firm currently has over 280,000 commercial insurance policies on its platform.
The platform enables insurers to distribute their products more efficiently to regional brokers through automation and collaboration tools. It also gives them real-time data to provide them greater insight into companies’ insurance requirements.
Broker highlighted that its platform now connects insurers such as AXA, Zurich, RSA and Hiscox to name a few with over 160 brokers. The firm claims to have doubled its gross written premiums to more than £1bn in the past year.
According to Broker, it intends to use the new funding to further develop its platform and speed up its growth in the UK and its launch in the US, with the aim to become a global leader. The firm is also hoping to double its headcount in 2022.
Broker Insights CEO Fraser Edmond 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.”
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