Broker Insights, a Dundee, Scotland-based firm that connects brokers with insurance companies, has joined British Insurance Brokers' Association (BIBA) as the newest associate member.
The founders of Broker Insights, Fraser Edmond and Iain Crole, worked previously with Aviva as distribution director and regional broker sales head respectively.
The search platform of Broker Insights went live last October and it now claims to host more than 120 regional broker offices, offering anonymized commercial customer risk information to partner insurers.
By becoming an associate member of BIBA, Broker Insights aims to support other members of the association by helping them understand their data.
The insurtech startup, claims to share several commitments outlined by BIBA latest manifesto including commitment to help with changing market practices, supporting small and start-up brokers and maximising new opportunities with insurtech adoption
Broker Insights CEO and co-founder Fraser Edmond said: “This business was founded after years of working as an insurer looking after brokers, listening to what brokers need most and intimately understanding the market challenges.
“By the simple, practical application of technology and use of data we believe we can genuinely level the playing field for regional brokers in terms of access to and attention from leading insurers. We believe we can drive real efficiencies for brokers and insurers alike by better connecting them at the right times for the right clients.
“The pace with which we have signed up leading insurers is testament to the model we have created and the desire of these insurers to better serve regional brokers. We have over 200 active insurer users in the platform, working with over 120 broker offices, and this is increasing every week.”
The solution of Broker Insights will be available to brokers for no cost and it offers regional brokers greater visibility and attention from insurers such as Ageas, AXA, Hiscox, Ecclesiastical, QBE and Zurich along with support in data analytics and information management as part of the service.
BIBA corporate affairs head and BIBA innovation lead Andy Thornley said: “We have worked with Broker Insights on projects to raise awareness about the opportunities that come from insurTech and innovative thinking. Having them as an associate member adds to our thought leadership and direction in this important area.”
Earlier this month, Broker Insights stated that Coversure partnered with the startup and 93 of its offices went live with Broker Insights’ search platform.
The platform will help Coversure offices in pursuing their long-term growth. It aligns with Coversure’s commercial agenda to enable better product choice, efficient cost savings and more attention from leading insurers for their franchises.