Insurance placement analytics leader Broker Insights to expand in US

Broker Insights, a leading provider of data analytics and market insight for the commercial insurance industry in the United Kingdom, has officially launched its placement optimization proposition for brokers in the United States. Travis Shank has joined Broker Insights as President of US Operations and will lead the company’s expansion.

During the past six years, the Broker Insights Vision™ Decision Intelligence platform has enabled brokers to enhance their placement strategies and increase revenue. The technology, which currently informs decisions by brokers and insurance carriers representing more than one-third of the UK’s commercial gross written premiums, has successfully analyzed 2.5 million commercial insurance policies to date, helping brokers to place 24% more business with preferred carrier partners. The Vision platform is available in all 50 states and has been specifically tailored for the US following extensive broker research and collaboration during which time it analyzed almost $1bn of gross written premiums (GWP).

Broker Insights’ Vision platform analyzes a broker’s book of business and identifies opportunities to take a strategic approach to optimizing broker client placement. It eliminates guesswork, offering recommendations that intermediaries can use to make informed and confident placement decisions based on accurate client data and carrier risk appetites. Broker Insights’ experience indicates brokers can save up to 30% of the time spent by engaging with the right carriers regarding proposals, allowing brokers to focus on client service and commercial development.

“There are thousands of brokers and agents across the US, and we want to help them place business in the most effective and efficient way for them and their clients,” said Fraser Edmond, President and Co-founder. “An average broker only actively uses approximately half of their insurance carriers and wholesale providers, making it extremely challenging to be confident which represents the best option for every client and for the brokerage.”

“We specialize in helping brokers understand what is possible from a placement optimization perspective – including rationalization of carriers to program opportunities. This can be done through a number of our lenses such as commission as well as a supplementary deal overlay alongside other placement considerations. We also make this capability available to broker partners as part of their early-stage diligence when considering potential acquisitions.

“We are pleased to have Travis Shank lead the US team,” Edmond added. “His extensive industry experience and proven track record in scaling businesses will be invaluable as we continue to expand our presence in the US.”

Shank brings more than 15 years of experience in transforming innovative ideas into successful ventures in industries including insurtech, IT Services, healthcare, and consulting. Previously, he held various senior executive roles, including Chief Revenue Officer at Quility Insurance, and as an entrepreneur and early-stage investor.

“Broker Insights’ innovative approach and commitment to transforming the commercial insurance landscape are truly impressive,” said Shank.  “I look forward to working with the team to drive our expansion in the US and deliver exceptional value to our clients at such a pivotal time in its growth journey.”

“Expanding into the US is the natural next step for Broker Insights as we build on our success and strong customer base in the UK, said Peter Scott, CEO of Broker Insights.  “We’re excited to help US brokers unlock new growth opportunities, drive efficiency, and deliver even greater value to their clients, and I’m thrilled to have Travis leading our US expansion.”