The Courier & Advertiser (Fife Edition)
Dundee start-up to disrupt insurance market
– page 9
A new Dundee financial technology company connecting insurers with brokers is to launch its online platform any day now.
Broker Insights believes it will be the first firm in the world to offer a data-led matchmaking service to the commercial insurance market.
Chief executive Fraser Edmond said the initial target market is the UK, but he is also eyeing international possibilities.
Broker Insights aims to achieve turnover of more than £1 million in the 12 months ahead, but this could easily reach £10m or more in the next five years.
Since starting out with just its five directors in December, the firm has already taken on five staff in software development, data science, marketing and commercial roles.
Mr Edmond, who previously spent 25 years with insurer Aviva, said: “There is the potential to grow our workforce significantly in the years ahead. I would love to build a big business in Dundee.”
The 42-year-old said Broker Insights’ recent £75,000 Scottish EDGE award is allowing the firm to move quicker with recruitment plans for its new Dundee headquarters at the Water’s Edge development at City Quay and sales roles across the UK.
Fraser’s fellow directors are Iain Crole and Sandy Cairnie and wellknown entrepreneurs Chris van der Kuyl and Paddy Burns.
The new firm’s platform will allow brokers to get the best insurance deals available for their commercial customers from a wide range of insurers.
Insurers will pay Broker Insights to access the database platform and it is to share some of the fees with the brokers for sharing their data.
Mr Edmond said that Broker Insights has first-mover advantage in the market, and the opportunities at home and abroad are massive.
He said: “In the UK alone, there are around 3,000 independent brokers serving the commercial insurance market which is estimated to be worth around £16 billion in premiums per annum.
“Meanwhile, the same market in the US has 45,000 brokers and £500bn of premiums per annum.”
Fraser said Broker Insights’ business model is unique because it is providing a whole-market view for insurers.
He added: “This view is searchable to a granular level, so insurers can find the right business at the right time with the right broker.
“This unique capability delivers huge efficiency gains to insurer sales and marketing teams, whilst making a broker’s life much easier by delivering relevant products for their customers at the right time.”
Asked why no one had already come up with such a matchmaking platform for the insurance industry, Mr Edmond said: “I can’t say for sure, but I think you’d have to be steeped in the insurance industry, in a leadership position, to pinpoint the opportunity.
“Plus, not everyone is willing to take a chance and leave long, successful careers in the insurance industry to pursue a concept and build a business like we are doing.
“Importantly, for the concept to work, the source must be independent, and hence why no insurer or broker company has attempted it.”
Mr Edmond said Broker Insights has already agreed deals with six insurers, and brokers are to be signed up immediately after the platform goes live.
“The response so far from everyone has been fantastic – what we are doing has real benefits for insurers, brokers and customers.
“We are helping to deliver better capabilities, driving out friction and cost whilst creating more transparency – what’s not to like?”