Two former Aviva workers have launched a technology start-up that aims to modernise the commercial insurance market.
Broker Insights plans to use data analytics to cut costs and improve distribution for insurers and brokers. Fraser Edmond, a former broker distribution director at Aviva, Iain Crole, previously head of broker sales in the UK at Aviva, and Sandy Cairnie, a Dundee-based entrepreneur with interests in IT and the drinks sector, are behind the venture.
They have received investment from Chris van der Kuyl and Paddy Burns, who are behind 4J Studios, which converts the computer game Minecraft for use on consoles such as the Xbox and Playstation. Broker Insights will be based in the Water’s Edge office building that Mr Van der Kuyl and Mr Burns are opening in Dundee.
Mr Edmond, chief executive, hopes 100 brokers will sign up to the company’s software platform over the next year and believes there is potential to take the idea to export markets. He believes the system will allow brokers more easily to access products and services for clients while improving the distribution reach of the insurers.
Mr Edmond said: “We are deploying broker data in a way that will transform commercial insurance distribution and trading. There is a huge opportunity to make an impact by helping to modernise a very traditional marketplace by focusing on data analytics, user experience and bringing the UK’s insurers and brokers much closer together so they can trade better.
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“In addition to driving business for our insurer partners and brokers, this also benefits the end customer which is a win-win. We see scope for the model being replicated in other territories and have built international expansion into our strategy and product roadmap from day one.”
Mr Van der Kuyl will become the chairman of Broker Insights while Mr Burns will be a non-executive director.