Broker Insights chief executive Fraser Edmond revealed figures to Insurance Times about how Broker Insights has grown since its launch last October
Broker Insights, the start-up founded by ex-Aviva directors Fraser Edmond and Iain Crole, now has over £250m of policies on its platform.
The platform, which went live in October 2018, allows insurers to search for specific types of risk it wants to write against a range of search criteria, from a pool of data submitted free of charge by brokers.
Edmond told Insurance Times that since going live, 35 different individual brokers have allowed their data to be added to the platform. This includes Coversure, consisting of 93 separate broker offices, meaning insurers can actually search through policies from around 140 different broker offices across the country.
Edmond said: “Insurers only have certain sales and underwriting resources and typically they are lucky if they can serve 10% of the market at any one time.
“That therefore means there are a huge number of brokers in the market being underserved. They may have loads of really nice business that the insurer would love to write, but they just don’t see it and don’t get to them.
“However, if you can efficiently search in a platform you can find exactly what you’re looking for. It levels the playing field for the smaller sized brokers in terms of insurer attention.”
AXA, Ageas, Ecclesiastical, Hiscox, QBE and Zurich are all currently signed up to the search the Broker Insights database for broker business.
There are now 110,000 policies on the platform, the most expensive at £800,000 and the cheapest at a couple of hundred pounds.
However, Edmond wants to have 100 individual brokers on the platform by October 2018 with £500m worth of policies available for insurers to search through. In three years’ time, he wants £1.5bn of policies on the platform, accounting for 10% of the UK commercial insurance market.
Broker Insights has benefited from the tech expertise of investors Chris van der Kuyl and Paddy Burns – the programmers behind worldwide hit game Minecraft. Van der Kuyl and Edmond spoke to Insurance Times about how the cross-sector partnership had worked to drive Broker Insights’ rapid growth.
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