Scottish digital giants and longtime collaborators,  Chris van der Kuyl and Paddy Burns have teamed up with two senior brokers to launch a new insurtech firm in Dundee.

Broker Insights is co-founded by Fraser Edmond and Iain Crole, both formerly top executives at Aviva UK, and Sandy Cairnie, a Dundee-based tech entrepreneur, this new venture will be Chaired by Van der Kuyl, with Burns operating as a Non-Executive Director.

Bridging the information gap

Broker Insights aims to use technology to bridge the information gap between brokers and insurers. By enabling customer data to be shared in an effective way on a trusted platform, the firm aims to help brokers access more products and services for their clients while helping insurers increase their distribution reach.

In doing so, they hope to maximise distribution and sales of insurance products through brokers across the UK, driving down costs and boosting the bottom line.

Modernising the market

Broker Insights is currently in advanced talks with a number of leading UK and global insurers and is targeting up to 100 brokers to join the platform over the next twelve months.

Edmond, said “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.”

“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.”

Van der Kuyl, said “These guys bring deep industry sector knowledge, first mover advantage and tonnes of ambition to a market that knows it needs to embrace the application of technology and data analytics to drive efficiencies.”

“We’re very excited about the prospects for the business and I look forward to working closely with the team over the months and years ahead to help ensure they reach their full potential.”

Insurtech explained

Insurtech is a term applied to the new breed of technology-orientated insurance companies that are challenging the market. Much in the same way as Fintech companies are disrupting the Financial Services sector. These new challenger organisations rely heavily on using technology to provide competitive distinction, often targeting a more specific niche than the larger, more established, market incumbents. As technology has lowered the barrier to entry, the emergence of new competition has been seen to drive diversification, disintermediation and innovation within the financial and insurance sector.