Fueling the Tech-Enabled Broker
Dan Keough, Chairman & CEO, Holmes Murphy, and Co-CEO, BrokerTech Ventures (BTV)
Susan Hatten, Chief Marketing Officer, Holmes Murphy, and Chief Operating Officer, BTV
Being tech-enabled is all about integrating the use of technology into the client value chain for an enhanced client experience. This allows for a more organized and seamless exchange of information, ultimately creating greater insights for brokers and better pricing of risk on the underwriting side. Being tech-enabled solves for the question around how technology can help us better advocate for our clients. Tech enablement, interwoven with the power of human relationships, is the roadmap to the future of our industry. Commingling technology into the client experience allows us as brokers and carriers to identify risks sooner and drive down costs faster.
Through our work with BrokerTech Ventures (BTV), we have accelerated the trajectory of companies beyond their targeted business plans. What I mean by this is that through the collaborative and convening nature of our BTV community, we’re able to weave together top insights from 15 of the nation’s top super-regional brokerage firms, 14 premiere insurance carriers and wholesalers, and influential investors. This combination creates a powerful and meaningful feedback loop to our startups as they evaluate their value proposition and adoption, and eventual launch into the marketplace.
I will say, though, innovation adoption is still a challenge for the industry. The insurance industry is rooted in history and tradition. and technology still has to prove that it is the better way. If proven, adopters will follow. That’s precisely what we’re driving forward and leading through BTV — industry transformation.
In your opinion, what does the insurance industry look like 5 – 10 years from now?
Today, insurance is a very siloed and closed system — metaphorically speaking as relates to technology. Tech-enabled solutions should be easily exchanged with other tech-enabled solutions. If done so, you create maximum efficiency for the user, buyer, and end client. I see the future as a place where we are in a more open-exchange environment, creating greater efficiencies and a heightened experience for all. With this, the end-winners are our clients who are working to identify risks, while also cutting down costs.