‍How AI is reshaping the broker space

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Artificial intelligence (AI) is transforming industries across the board, including insurance. From underwriting and policy analysis to claims processing and customer service, the impact of AI is undeniable. But what does this mean for insurance brokerages?

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At ITC Vegas 2024, BrokerTech Ventures (BTV) led the broker-focused conversation as the headline sponsor of the ITC Brokers program. Among the standout sessions was a discussion featuring industry experts Garrett Droege, Senior Vice President and Director of Innovation at IMA Financial Group, Inc., and Garrett Koehn, Chief Innovation Officer and President of ProExec CRC Insurance Services. 

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Insights from their session provide a compelling look at how AI is revolutionizing the brokerage space, enhancing efficiency, and driving competitive advantages, while also raising important questions about accuracy, ethics, and the role of human expertise.

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AI’s growing role in insurance brokerages

AI is already being integrated into various aspects of the insurance process. In brokerage operations, AI-powered tools help brokers analyze vast amounts of data to provide better policy recommendations and improve customer interactions.

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As Droege noted, “The impact of AI is vast, and we’re only scratching the surface.” Some of the most exciting developments include:

• Automated underwriting – AI can analyze customer data in real-time to assess risk and determine policy eligibility.
• Claims processing – Machine learning algorithms detect fraud, expedite claims, and improve overall customer satisfaction.
• Policy recommendations – AI-driven analytics help brokers match clients with policies based on historical data and predictive modeling.

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Balancing AI’s benefits with challenges

While AI offers numerous advantages, it also brings challenges. One of the biggest concerns in the industry is the balance between AI-driven automation and human expertise. Many in the brokerage space worry about over-reliance on AI and whether it can truly match the decision-making of experienced brokers.

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“There’s always a debate on whether to build AI solutions in-house or buy them,” said Koehn. “And beyond that, we need to consider accuracy—how does AI compare to a broker’s judgment? And what happens when AI gets it wrong?” 

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Other challenges include:

• Data privacy and security. With AI analyzing vast amounts of personal and financial data, making sure brokers are in compliance with regulations is critical.
• Bias in algorithms. AI models are only as good as the data they are trained on. If the data contains biases, AI can reinforce existing disparities.
• The need for human oversight. AI should complement human decision-making rather than replace it. Brokers must continue to provide personalized advice and ensure AI-driven recommendations align with client needs.

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Real-world AI applications in insurance

According to Droege and Koehn, several companies are already leveraging AI to transform insurance brokerage operations. Some notable examples include:

• PowerBroker – Uses AI to streamline the policy application process, reducing paperwork and improving efficiency.
• Qumis – Focuses on AI-driven risk assessment, helping brokers identify potential issues before underwriting a policy.
• Comulate – Enhances broker decision-making with AI-driven analytics while ensuring human oversight remains integral.
• Sixfold – Specializes in fraud detection, using AI to analyze claims data and flag suspicious activities.

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The key takeaway from these companies is that AI should be seen as an enhancement rather than a replacement for brokers. As Koehn put it, “AI isn’t about taking jobs away—it’s about making brokers more effective and efficient.”

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Looking ahead, AI’s role in insurance brokerage is only expected to grow. Emerging technologies like natural language processing (NLP) and deep learning will further refine AI-driven insights, making insurance more personalized and accessible.

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The impact of AI on insurance education

Beyond brokerage firms, AI is also transforming insurance education. Institutions like Drake University are preparing the next generation of professionals with AI-focused programs that blend technical expertise with ethical considerations.

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“AI has the potential to reshape how we teach future insurance professionals, offering real-time simulations and data-driven learning experiences,” says Chris Porter, Director of the AI program at Drake University.

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Porter emphasizes that Drake’s AI curriculum is designed not just to teach technical skills but to cultivate critical thinking. “The goal is to equip students with an understanding of how AI tools work, when they should be applied, and where they should be applied—insurance being one of those key areas,” he explains. “The program places a strong emphasis on the ethical, legal, and societal implications of AI, ensuring students are thoughtful about what is reasonable to automate.”

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Beyond coursework, Drake integrates real-world applications into its AI education. “We provide students with a lot of project-based work that’s open-ended, so they can problem-solve and figure out how to do things on their own,” Porter says. Students work with anonymized client data to build predictive models and make recommendations, gaining hands-on experience with industry-relevant AI applications.

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The future of AI in insurance

AI is undoubtedly changing the landscape of insurance brokerage. While it presents challenges, its benefits—such as increased efficiency, better risk assessment, and improved customer service—make it a powerful tool for the industry.

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As AI continues to evolve, brokers must embrace technology while maintaining the human expertise that makes the industry thrive. As Droege and Koehn summed it up in their discussion, the future of insurance is not AI versus humans—it’s AI and humans working together to provide smarter, more effective solutions for clients.

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How Anil Pillai’s personal journey led to an AI-driven platform that empowers employees, reduces costs for employers, and transforms the insurance landscape.

In 2010, Anil Pillai faced a moment that would change the trajectory of his career. His father, who is his rock, was visiting from India, required medical care during his stay. What was intended to be a six-week trip was cut short to four weeks due to the overwhelming costs of healthcare. Pillai, then a technology executive, was struck by a stark reality: "If I was struggling with these costs, how were millions of Americans managing?" That moment ignited a mission to make healthcare more affordable for everyone—a mission that became HealthLucid.

Tackling the Healthcare Affordability Crisis

HealthLucid was built to address a fundamental issue: the soaring cost of healthcare. "The statistics are staggering," Pillai explains. "Healthcare costs [in the U.S.] are outpacing both salary growth and inflation, consuming nearly $5 trillion annually—more than the GDP of every country except the U.S. and China. And yet, the quality of healthcare in the U.S. lags behind most Organization for Economic Cooperation and Development (OECD) nations. This is the elephant in the room."

Recognizing that financial incentives drive every stakeholder’s actions, HealthLucid focuses on empowering employees, employers, and insurance agencies with AI-driven solutions. "Making healthcare affordable is truly our raison d'être," says Pillai.

Evolving with AI and Behavioral Economics

HealthLucid has undergone multiple pivots, refining its approach to address the complex nature of healthcare decision-making. "We’ve rebuilt our platform from scratch to be AI-first, integrating conversational AI and custom agents that guide employees through their benefits journey," Pillai explains. The company has been working with the creators of Microsoft Autogen, a leading AI agentic framework, to enhance its capabilities.

At the core of HealthLucid’s offerings are two flagship products that leverages behavioral economics and gamification:

• Benefit-Max: An AI-powered open enrollment decision platform where everyone wins. Employees select the optimal medical plan, save up to $15,000 a year and get on a path towards significant retirement savings (potentially several million dollar(s)). Companies get cost-conscious employees and can save up to $4,000 per employee. Insurance agencies significantly boost voluntary benefit sales and differentiate to win new groups. 

• Benefit-Buddy: A year-round digital companion that assists employees in maximizing savings, using preventive care, and making smarter financial decisions to get the most out of their benefits.

Pillai emphasizes that HR and benefit brokers make a profound impact in an employee’s long term financial stability 

Impact on the Insurance Space

HealthLucid’s AI-first approach has gained notable traction in the industry. "We’re currently working on securing a partnership with the #6 insurance agency in the country," Pillai reveals. The company has also had the honor of presenting at Health 2.0 and HealthDataPalooza, prestigious healthcare conferences that reinforce its thought leadership.

The adoption of HealthLucid’s solutions is reshaping how employees and employers approach healthcare benefits. "With Benefit-Max, employees can save up to $15,000 per year, setting themselves on a path toward financial security in retirement," says Pillai. "Employers, in turn, can reduce healthcare costs by as much as $4,000 per employee, while insurance agencies see increased revenue from voluntary benefits."

The Benefit-Buddy tool ensures employees not only understand their benefits but also actively utilize them to improve financial and health outcomes. "It’s about ensuring employees get the most out of every dollar spent," Pillai explains.

The BTV Accelerator Experience

HealthLucid joined the BrokerTech Ventures (BTV) accelerator in 2021, an experience that Pillai describes as transformative. "Bending healthcare costs is no trivial task," he says. "But when you follow the money, everything starts to make sense."

Since joining BTV, HealthLucid has refined its platform to create value for the entire demand side: employees, employers, and insurance agencies. "This insight truly came from the insurance agencies!" Pillai acknowledges. The company has also transitioned to a conversational, agent-driven experience that enhances open enrollment and year-round benefits utilization. "Doing so helps companies save on premiums while insurance agencies gain more revenue and differentiate themselves."

The Future of Employee Benefits and Insurtech

Looking ahead, Pillai envisions a broader scope for insurtech beyond traditional healthcare. "Employee insurance needs are expanding to include home, auto, and other financial protection areas. The future lies in a holistic approach that ensures individuals and families have comprehensive coverage."

This vision is unlocked when every employee has their own Benefits Copilot, powered by conversational AI—the ultimate catalyst for smarter choices, deeper personalization, and transformative results across the benefits landscape:

• Enhancing Benefit-Max to be the most powerful open enrollment decision platform available.
• Strengthening Benefit-Buddy to optimize year-round benefits utilization.
• Scaling strategic partnerships to increase market reach and impact.

"We are committed to revolutionizing how people engage with their benefits—saving them money, time, and stress while setting them up for long-term financial stability," Pillai affirms.

If you are interested in learning more about HealthLucid, visit healthlucid.com. 

You can also email Anil Pillai at anilpillai@healthlucid.com or call 415.966.9696.  

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The Global Rapid Accelerator Heads to Munich July 14-17, 2025

This summer, the most promising insurtech startups from across the globe will gather in Munich for a unique opportunity to connect with insurance leaders, investors, and innovation scouts. Hosted in partnership with InsurTech Israel and InsurTech Hub Munich, the Global Rapid Accelerator (GRA) is more than a traditional startup program—it’s a fast-moving platform for international collaboration, validation, and real-world outcomes.

“The Global Rapid Accelerator is a fast-paced, outcome-driven program designed to connect innovative insurtech startups from around the world with leading insurance companies and investors,” says Kobi Bendelak, CEO of InsurTech Israel and the architect behind the program. “It emphasizes real-world business development and pilot opportunities, enabling startups to scale and validate their solutions in a meaningful and collaborative environment.”

Born From a Global Need

Now in its third year, the GRA was created with a specific mission: to bridge the gap between emerging technology and the evolving needs of the insurance industry—especially in geographies that have historically lacked access to global innovation platforms.

“We recognized that promising solutions were often being developed in regions outside of the traditional insurtech hubs—regions like India, Africa, and South and Central America,” Bendelak explains. “Over the last three years, the program has expanded to include participants from across these underserved geographies, offering them a global stage and direct access to insurance leaders.”

It’s that global stage—and the compressed format—that sets the Global Rapid Accelerator apart. While many accelerators span months, the GRA delivers its value in just four days.

“Unlike traditional accelerators that take place over several months, the GRA delivers concentrated value in just four days,” says Bendelak. “It focuses on intensive, curated meetings between startups and corporate partners, leading to faster validation, decision-making, and often, post-program collaboration.”

This speed and efficiency are by design. The team behind the GRA believes that true value isn’t created by how long a program lasts, but by how impactful the connections are.

A Global Cohort Tackling Regional Challenges

This year’s program will feature 10–12 startups representing diverse sectors, including AI, climate risk, cyber, embedded insurance, and digital health. Startups are arriving from North America, Europe, Latin America, Africa, Israel, and South and Southeast Asia, offering a remarkably international lens on insurtech innovation.

Bendelak notes several key themes emerging from this year’s cohort:

“We’re seeing a strong emphasis on generative AI for underwriting and claims, climate resilience and parametric solutions, distribution innovation through embedded models, and tools for improving cyber readiness and customer engagement.”

These aren’t just buzzwords—they’re technology responses to some of the most pressing challenges in today’s insurance landscape, many of which are deeply rooted in regional needs. According to Bendelak, this gives insurers a powerful opportunity:

“Many of these solutions are deeply tied to regional challenges, offering insurers a chance to explore innovation with a global lens.”

Strategic Partnerships Power the Experience

The GRA thrives on collaboration. In 2023, the program was hosted in Des Moines, Iowa, in partnership with BrokerTech Ventures and the Global Insurance Accelerator—a move that introduced startups to key players in the U.S. market.

This year, the program shifts to Europe, where InsurTech Hub Munich will take the hosting lead, providing local expertise and a strong European network.

“We’ve had a long-standing relationship with both InsurTech Hub Munich and BrokerTech Ventures,” Bendelak says. “InsurTech Hub Munich brings deep access and expertise within the European ecosystem, while BrokerTech Ventures continues to represent a strong connection to the U.S. market. Their engagement ensures our global perspective is maintained.”

“These partnerships not only elevate the quality of the experience for the startups,” he adds, “but also provide tremendous value to our global insurance and innovation community.”

From Introduction to Implementation

While many innovation events end with a handshake and a business card, the GRA is built to extend well beyond the initial meeting.

“Through a combination of curated one-on-one meetings, ecosystem events, and ongoing follow-up support, we focus not just on introductions but on outcomes,” Bendelak says. “Many participating startups secure pilot programs or commercial engagements, and we stay involved beyond the program to nurture these opportunities into lasting partnerships.”

For Bendelak and his team, the measure of success is clear—and refreshingly practical.

“We track measurable business outcomes such as partnerships launched, POCs signed, and capital raised,” he explains. “For the broader insurance ecosystem, success is defined by the access to high-quality, vetted innovation from around the world, and the ability to co-create or adopt solutions that might otherwise remain undiscovered.”

And the program isn’t just about serving startups. It’s designed to create strategic advantages for corporate partners and investors as well.

“An additional goal is to provide meaningful value to our partners—whether through thought leadership visibility, innovation scouting, or deep involvement in shaping the future of insurance.”

Looking Ahead

As the GRA heads to Munich, one thing is clear: the future of insurance innovation is global—and it’s moving fast. With a structure built for efficiency, a pipeline filled with high-potential startups, and a network of committed partners, the Global Rapid Accelerator is redefining what it means to connect innovation with impact.

Those interested in participating as a mentor in this year’s Global Rapid Accelerator can reach out directly to Kobi Bendelak at kobi.bendelak@outlook.com. 

Q&A

1. What is the Global Rapid Accelerator Program?
The Global Rapid Accelerator (GRA) is a fast-paced, outcome-driven program designed to connect innovative insurtech startups from around the world with leading insurance companies and investors. The program emphasizes real-world business development and pilot opportunities, enabling startups to scale and validate their solutions in a meaningful and collaborative environment.

2. What inspired the creation of the Global Rapid Accelerator Program, and how has it evolved over the last three years?
The GRA was created to bridge the gap between emerging insurtech startups and the evolving needs of the insurance industry. We recognized that promising solutions were often being developed in regions outside of the traditional global insurtech hubs—regions like India, Africa, and South and Central America. Over the last three years, the program has expanded to include participants from across these underserved geographies, offering them a global stage and direct access to insurance leaders.

3. What makes this accelerator "rapid" and how does that set it apart from more traditional insurtech programs?
Unlike traditional accelerators that take place over several months, the GRA delivers concentrated value in just four days. It focuses on intensive, curated meetings between startups and corporate partners, leading to faster validation, decision-making, and often, post-program collaboration.

4. What are the goals for this year's program?
This year’s program is about building bridges between global insurance stakeholders and highly promising startups from regions that typically remain under the radar due to geographic and market constraints. Our aim is to:

• Provide a launchpad for startups from overlooked markets
• Help insurers discover new technologies with unique regional insights
• Deliver tangible value to program partners through deal flow, co-development, and thought leadership exposure
• Create long-lasting relationships that extend beyond the event

5. How many startups are participating this year and from what regions/sectors?
We anticipate 10–12 selected startups from diverse sectors including AI, climate risk, cyber, embedded insurance, and digital health. Startups are coming from North America, Europe, Latin America, Africa, Israel, and South and Southeast Asia.

6. Are there any themes or technologies you're seeing emerge among this year's cohort?
Yes—key themes include generative AI for underwriting and claims, climate resilience and parametric solutions, distribution innovation through embedded models, and tools for improving cyber readiness and customer engagement. Many of these solutions are deeply tied to regional challenges, offering insurers a chance to explore innovation with a global lens.

7. What role do your partners—InsurTech Munich and BrokerTech Ventures—play in the program, and how did these collaborations evolve?
We’ve had a long-standing relationship with both InsurTech Munich and BrokerTech Ventures. Last year, the program was hosted in Des Moines, Iowa, in partnership with BrokerTechVentures and Global Insurance Accelerator, where their support was instrumental in shaping and producing a high-quality experience.
This year, we chose to bring the program to Europe, in collaboration with InsurTech Munich, which brings deep access and expertise within the European ecosystem. BrokerTechVentures continues to represent a strong connection to the U.S. market, and their engagement in the overall design and delivery of the program ensures our global perspective is maintained. These partnerships not only elevate the quality of the experience for the startups but also provide tremendous value to our global insurance and innovation community.

8. How does the Global Rapid Accelerator foster long-term collaborations between startups and insurance incumbents?
Through a combination of curated one-on-one meetings, ecosystem events, and ongoing follow-up support, we focus not just on introductions but on outcomes. Many participating startups secure pilot programs or commercial engagements, and we stay involved beyond the program to nurture these opportunities into lasting partnerships.

9. How do you measure the success of the accelerator—for both startups and the larger insurance ecosystem?
We track measurable business outcomes such as partnerships launched, POCs signed, and capital raised. For the broader insurance ecosystem, success is defined by the access to high-quality, vetted innovation from around the world, and the ability to co-create or adopt solutions that might otherwise remain undiscovered. An additional goal is to provide meaningful value to our partners—whether through thought leadership visibility, innovation scouting, or deep involvement in shaping the future of insurance.

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As it looks to 2025 and beyond, the 6-year-old insurtech accelerator is building out its network of partner businesses and starting new events.

Article originally published in Leaders Edge Magazine

A major problem for venture capital accelerators is sorting the wheat from the chaff in backing young businesses: between two-thirds and 90% of startups ultimately fail, according to sources including the Harvard Business Review and Forbes.

However, the story is different for BrokerTech Ventures (BTV): of the 58 companies in the broker-led insurtech accelerator’s five cohorts from 2020 to 2024, 95% are still in business and their valuation has doubled on average, to a collective $1.1 billion. BTV attributes this success to an exacting selection process that features multiple rounds of rankings, ratings, and finalist interviews.

The Des Moines, Iowa-based company will host its sixth cohort in 2025, bringing the total number of companies that have gone through the accelerator to 68. Each insurtech receives $50,000 in seed funding in the form of a simple agreement for future equity, along with guidance from BTV’s team of brokers, wholesalers, and carriers.

For Mike Victorson, BTV’s co-CEO and CEO of M3 Insurance, 2025 is also an opportunity to focus on what he believes is the core value proposition of BTV and its accelerator: the collaboration it fosters between the industry participants and the startups through gatherings like BTV Mania, the annual meeting inaugurating each cohort.

Having that opportunity to meet with brokers, wholesalers, and carriers during BTV Mania often helps the cohort companies develop and refine their product offerings, Victorson explains: “[Startups] come into this accelerator thinking they’re going to solve for A, and they leave solving for B or for C, because of working with our firms. The magic…is the real hands-on work that happens between insurance brokers, insurance companies, and these startup entities.”

As part of the effort to add opportunities for the collaboration Victorson describes, BTV in January 2025 launched the first All Partner Summit.

“Our ownership group has been gathering once a year since the inception of BrokerTech Ventures. A year ago, we made the decision that we needed to broaden our gathering from just the owners to all of our partners,” Victorson explains. “And so, this January, we had somewhere between 70 and 80 people gather in [Arizona] to talk about the industry and the challenges that both brokers and carriers were facing in navigating what’s next in the world of insurtech.”

BTV also plans to launch a new industry event in August of this year, entitled BrokerTech Connect: Chicago. The gathering is planned as a “more intimate” version of InsureTech Connect to enable participants to focus on “broker-specific technology solutions, how they interact with our insurance company partners, and then ultimately, how they can impact the buying and client experience,” according to Victorson. BTV hopes to host between 150 and 200 attendees.

Accelerating Into The Future

BTV’s latest cohort also offers insight into trends in the insurtech startup space. Unsurprisingly, Victorson notes an increased focus on generative artificial intelligence (AI) and next-generation “AI agents”—in particular, on tools that can automate much of the back-end work brokers today handle manually. This could include jobs like translating a submission into an actual quote, comparing different policies from different insurers, or feeding data into the appropriate place in an agency management system so agents can spend more time on winning business instead of rote data entry, says Victorson.

Overall, Victorson has high hopes for this accelerator cohort and for the insurtech space as a whole.

“It’s an exciting time for the industry to think about where value is created and how value is shared with clients,” he says. “The industry seems like it’s on the cusp of releasing human capital and energy to serve customers in our industry, because energy is going to be created, and time is going to be freed up by what insurtech is going to mean for our respective operations. It’s going to help us be bigger, faster, stronger.”

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An Interview with BTV Accelerator Executive Director John Jackovin

Article originally published in Leaders Edge Magazine

The BrokerTech Ventures 2025 Accelerator startups are putting artificial intelligence to work in new ways, rethinking back-office processes from telephony support to employee offboarding, says Accelerator Executive Director John Jackovin.

Talking to Leader’s Edge on the eve of the multiday, in-person BTV Mania, Jackovin shares insights on new areas of startup focus, investment trends, and what BTV startups and partners have to look forward to when they gather this week.  

Read the Transcript

Disclaimer: Podcast transcriptions are computer generated, please excuse errors. For the most accurate version of the conversation, please refer to audio.

John Jackovin: You had these inflated values for companies that hadn’t done anything yet. I think the correction that happened – and I’d call it a correction between 22 and 23, you started seeing maybe more logical valuations based on where they are.

Sandy Laycox: Welcome to the Leader’s Edge podcast. I’m Sandy Laycox, Editor in Chief of Leaders Edge. In this podcast sponsored by BrokerTech Ventures, I talk with John Jackovin, Executive director of the BrokerTech Ventures Accelerator. Having recently welcomed the 2025 cohort into the accelerator, John gives us a sense of the technology and focus areas of this new group.

John Jackovin: It’s really interesting every year you start seeing these patterns emerge. About two years ago we started seeing AI become pretty pervasive when it comes to startups. We go back to 2020, we started seeing a lot of like back office stuff, then that fell off, there was a lot of like employee benefits, companies offering unique ways to engage and incentivize employees. That has dropped off. With what happened with OpenAI, ChatGPT, Claude, Gemini, Deep Seek, all of these AI platforms that have come out, we’re starting to see companies rethink back office technology, leveraging AI to make things more efficient. Where before it was a lot of manual intervention, how AI can streamline some things.

Believe it or not, we have a very AI focused cohort this year — not necessarily everybody working in the same area, working in different areas and using AI differently. Whether it’s kind of an AI robotic process automation mashup to those that are using AI to automate telephony support. People call in and being able to retrieve information about policies and deductibles.

How much companies co pays are. It’s just really interesting how and where the startups are fitting in when it comes to AI. Overarching theme would be artificial intelligence for 2025.

Sandy Laycox: Yes, all the way. Well that’s definitely not unexpected, but really interesting to see how the trends and shifts in both the insurance marketplace and in the broker workplace translate into what you all are seeing in your accelerator. Very exciting to hear. I’m sure there’ll be many folks interested to see these technologies and how they can come into play in the back office. Any standouts in particular? Any particular focus areas that are unique to you this year?

John Jackovin: One that really resonates, I remember being introduced to them probably a few months before the applications were open. It was a thing that I had never really heard before or even gave much consideration to, but it was a company that focuses on employee offboarding. If you think of the life cycle of an employee with a company, there’s a lot of focus on hiring and onboarding and getting them up and running and then employee benefits to keep them. There’s the — except for a select few people — well, I guess everybody’s eventually going to be offboarded in some capacity. They’re focused on that.

When you give your two weeks’ notice to the point in time where you’re not technically engaged with that company, how do you make that process as simple and streamlined and beneficial for that former employee as possible? Including extending health care, which everybody thinks of COBRA from a healthcare extension. But there’s ways to maybe give a better plan to the employee at less cost, but also less cost to the employer.

It’s really interesting because there is a certain cohort of former employees that become employees again — where they were at a company, then they go, they do something else and they come back.
How do you engage that employee or former employee so that their experience not only during their tenure with you was good, but also then as they transition to a new job? It’s again one that I hadn’t heard of before. We hadn’t seen in the last five cohorts. One that definitely stuck out in my mind.

Sandy Laycox: Then we get into BTV Mania, which is currently happening on site in Des Moines. John shares the history of the event, which gathers together startups and the BTV partners, including retail brokers, wholesalers and carriers, for multiple days of brainstorming and collaboration.

John Jackovin: Yeah, what is BTV Mania? It was an idea that we came up with probably three or four years ago. It’s tough to remember exactly, but it was on because the first couple years we had to deal with the pandemic, right? We learned a lot, we were forced to try different things. What we realized is that having this really high concentration of meetings, engagement, social events, networking over the course of a few days was really important to foster that relationship a little bit deeper than what can traditionally happen when we’re forced to do everything virtually.
It’s a few days that’s kicking off essentially now where we bring all of our partners together with all of our startups. Like I said, it is a very high concentration, start in the morning and late in the evening of meetings, roundtable discussions, networking, social events.

All things to foster a deeper relationship between our partners and our startups. What’s really cool is that we have built in some time for our partners to get together and discuss topics and things that they’re going through, which is very unique and hard to coordinate — 25 companies coming together and talking about specific topics.
It really ends up being super beneficial for the startups who are looking to implement and to drive as many proofs to concept, pilots, customer engagements. Also really helpful on our partner side because obviously they get a deeper dive into the startup mindset, but also have this opportunity to engage with their fellow partners to talk through some of the topics that they may not be able to do or talk through outside of BTV Mania. We call it BTV Mania because it is a pretty crazy time for all of us. It has proven to be probably the best bang for your buck when it comes to just engagement between partners and startups.

Sandy Laycox: Yeah, I mean it sounds like just a safe space to really talk through the technology and the challenges and make some progress for the industry.

John Jackovin: Yeah, most definitely.

Sandy Laycox: Yeah. You guys have been doing this for a few years now. Any lessons learned in the past or things that you’re focused on this year that you want to see come out of it?

John Jackovin: One of the things that we tried last year that turned out to be really beneficial is something that I mentioned just previously. But historically we had done all of these engagements between startups and partners and they would get together. Last year we had the benefit because we had actually accepted two fewer startups than in previous years. We had this hour and 15 minutes that weren’t sure how we were going to fill. Some of the feedback that we had gotten from previous events was it sure would be nice for us as a group to get together and talk through topics and trends and issues and these sorts of things.

We created this at the end of the day, like 3:00 or around 4, 4:15, 4:30 — you can’t get too late in the day otherwise people zone. Ultimately we bring everybody together. All of our partners together and we crowdsource topics. Then we have leaders within the partner group kind of lead the conversation around these topics.

We got the best feedback — just to be able to just have that kind of, as you mentioned, safe space where they’re able to talk through these topics. Everybody kind of lives in their own silo, right, within an organization, and they hear the same thing from the same people.
Now they have this opportunity to kind of break free from that and get other perspectives — whether it’s broker to carrier or wholesaler, carrier to broker, broker to broker, or carrier to carrier. It just provides this really unique opportunity which has been beneficial. This year we’re going to continue that, which is great.
We’re also doing something that I’ve coined “Pre-TV Mania” because it happens before BTV Mania. One of the things that I’ve been struggling with over the last few years is: how do we keep engagement between our partners and our startups?

We don’t have a lot of time and we can’t create individual events that are these one-off events because it’s time, it’s capital, it’s these sorts of things.
We’re like, well, everybody gets in the day before BTV Mania. What could we do to maybe bring back some of our alumni startups? For these people that are there on the 8th of April when it’s happening — how do we create that engagement between those startups and those partners? Things change with startups. They change very frequently and very fast. How do we do that?

We came up with this idea of the day before BTV Mania. Bringing together our partners that are in town already for BTV Mania with our startups who really want that continued engagement. We’re trying that. It’s an experiment this year and we hope that it provides an opportunity for continued engagement between our partners and those startups, but also partners that weren’t involved when certain startups went through. I mean if you think about it, back in 2020 we had seven brokers and that has changed dramatically between 2020 and 2025.

Sandy Laycox: Finally, John shares his perspective on overall Insurtech trends, including investment trends and areas of focus for startups.

John Jackovin: Investment in this space — and I think investment overall — has been crazy the last — if you just take in kind of time box 2020 to 2025 it’s been absolutely absurd. You had 2020 to 2022 where the valuations of companies were just skyrocketing which is crazy. Quite honestly, there was a lot of capital being put in for conceptual ideas. I think that honestly that — my take on it — ultimately hurts everybody because you raise $20 million on $120 million post-money valuation or something like that and you have a product but maybe you don’t have product-market fit. They expect you to do a lot with that $20 million. If you’re already behind where they conceptually in their head think you should be, it takes a long time, it takes a lot of money to catch up. You had these inflated values for companies that hadn’t done anything yet. I think the correction that happened — and I’d call it a correction between 22 and 23 — you started seeing maybe more logical valuations based on where they are.

You also started seeing VCs really focus on revenue and how they were burning capital versus, hey, you have $10 million in the bank, you need to be — this needs to last you for 18 months — so you can do the math on how much you need to burn every month, which is not a great way of approaching it. But more how do you get to revenue, how do you get to profitability, those sorts of things.
I think we’re in a good spot when it comes to insurance and Insurtech funding. You’re starting to see some exits happen, which is a good thing I would say.

Kind of an overarching theme that I’m seeing is a reduction in repetitive tasks. Sometimes it’s hard because there’s a lot of manual intervention and things that happen in insurance and moving data from here to here to here and then back — that happens. I think what you’re going to start seeing is a focus on eliminating repetitive non-value-added tasks. I think it’s going to have a huge impact. That could be just daily tasks that people do, the way that data flows from carriers to brokers and brokers to carriers.
I think you’re going to start seeing ways to make insurance a much more efficient ecosystem, as opposed to a bunch of disparate companies that are just focused solely on themselves and come together and focus more on the ecosystem. I think there’s huge benefits from efficiency, there’s cost benefits, and ultimately that just flows down to the customer and their engagement and perception with insurance.

Sandy Laycox: That was John Jacobin, executive director of the BTV accelerator, talking to us on the eve of BTV Mania. I hope you enjoyed our conversation. For more podcasts with BTV and a whole host of others, go to leadersedge.com or subscribe wherever you listen to podcasts.

Des Moines, IA – April 2, 2025 – BrokerTech Ventures (BTV), the industry’s first broker-led convening platform and accelerator program, has selected the following nine insurtech startups to take part in its highly intentional accelerator curriculum.‍

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• ‍Adaptional – The fully automated back office for insurance brokerages with manual data and operations processes. 
• Eventual Treasury – Brokers’ revenue operations tool using carrier statement processing, revenue auto-reconciliation, recovery and intelligence.  
• Fulcrum – Secure AI-powered products for insurance brokerages. 
• FurtherAI – Building AI assistants to automate repetitive insurance workflows, boosting efficiency and reducing costs for insurance firms. 
• LightDoc – The fastest way to compare and verify insurance policies. 
• RiskAdvisor – Streamlining workflows, boosting client engagement, and driving revenue by simplifying data use and guiding impactful conversations. 
• SquareRisk, Inc. – A one-stop shop for retail brokers to discover, quote, and bind specialty MGA products. 
• Stitch Studio – Enabling insurers, brokers, and agencies to embed AI agents into their workflows while maintaining full control of their data.  
• When – A trusted partner that reduces high-cost claims for employers while providing tools and support to former employees during a job transition. 

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“We are thrilled, that in our 6^th year of the BTV Accelerator, we continue to see some of the most forward-thinking insurtechs in the industry,” said John Jackovin, executive director of the BTV Accelerator. “This year’s cohort brings a unique mix of talent, perspectives, and solutions that we believe will enable our partners to identify risks sooner and drive down costs faster.” 

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The accelerator cohort kicks off April 9 and 10, 2025, with BTV Mania held in Des Moines, Iowa. During the program, the startups will meet with all of BTV's owners and partners to discuss partnerships designed to advance their offering and accelerate their progress. Additionally, they receive $50,000 in seed funding and gain immediate access to BTV’s multi-billion-dollar distribution platform to deploy the technologies.

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On top of this news, BTV is excited to announce a new industry conference – BrokerTech Connect: Chicago in August, 2025. BrokerTech Connect: Chicago is an exclusive, invitation only conference built by insurance innovators for insurance innovators in the broker, carrier and wholesaler space. The conference is designed to bring together an extremely niche audience comprised of the biggest decision-makers in the industry to identify the future of insurtech innovation. 

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“BrokerTech Connect: Chicago represents the next evolution of our commitment to driving meaningful innovation in insurance,” said Dan Keough, co-CEO of BTV and Chairman and CEO of Holmes Murphy. “By standing up our own event, we’re creating a space specifically designed for brokers, carriers and insurtechs to connect, collaborate, and move ideas from theory to action. Chicago is a hub for insurance and technology, making it the perfect setting for a conference that prioritizes actionable insights, real-world solutions, and the future of our industry.”

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‍Building a diverse workforce gives you a competitive edge

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When insurance companies make Diversity, Equity, and Inclusion (DEI) a priority, they create workplaces where everyone feels valued and respected. This, in turn, leads to better ideas, happier employees, and stronger relationships with clients. It’s clear: DEI isn’t just the right thing to do; it’s also good for business.

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Here, we discuss DEI with two leaders who are driving DEI efforts at their companies:

• Nola Cartmill, Chief Diversity Officer at Holmes Murphy in Des Moines, one of BTV’s founding partners.
• Carlos Herrera, Vice President of Diversity, Equity & Inclusion at Ryan Specialty, a trading partner in the Chicagoland area.

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Cartmill and Herrera are passionate about making DEI a core part of their business, and show us how embracing diversity can lead to growth, innovation, and long-term success.

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Why DEI is important

At Holmes Murphy, DEI is all about creating an environment where people—whether they’re employees, clients, or community members—feel respected and free to be themselves.  It’s also part of the foundation of the company’s culture and purpose. “People do their best work when they feel like they belong,” she says. “When you remove the stress of feeling out of place, people are more productive, creative, and innovative,” says Cartmill.

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At Ryan Specialty, Herrera says inclusion is key to the firm’s values. “It’s at the heart of who we are,” he says. “When we foster an inclusive environment, employees are happier, work harder, and the whole company benefits.” Herrera believes diversity is the key to staying innovative and competitive. “If your team is too homogenous, it’s harder to come up with fresh ideas. You need people who understand different perspectives to keep up with what clients and trading partners need and want.”

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Having a culture that embraces diversity also helps companies attract and keep top talent. “Millennials and Gen Z care a lot about working for companies that share their values,” says Cartmill. “The world is getting more diverse, and understanding different cultures is key to building strong relationships with clients.”

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DEI is the secret to innovation

Diversity isn’t just about meeting quotas—it’s about creating an environment where different perspectives can come together to solve problems. “When you have a mix of people from different backgrounds, you get more creative ideas,” says Herrera. “If you’re not embracing that, you risk not benefiting from a full spectrum of perspectives and developing a more optimal solution.”

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Herrera also stresses the importance of leadership in making DEI work. “Leaders who create an environment where people feel comfortable taking risks and sharing ideas are the ones who spark innovation,” he says.

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Cartmill adds that it’s not enough to just hire a diverse team—you have to make sure everyone feels included and comfortable sharing their thoughts. “When people feel safe enough to speak up and contribute, that’s when the magic happens,” she says.

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At Holmes Murphy, Cartmill has seen how embracing diversity leads to smart business decisions. “For example, we’ve been able to use an employee’s bilingual skills to support our clients in a way that would have typically required outsourcing. That’s a win for everyone,” she says.

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How do you know DEI is working?

Both Cartmill and Herrera agree that tracking the impact of DEI efforts is important. For Herrera, it comes down to three things:

1. Understanding: Employees need to know what DEI is and how it affects them.
2. Feedback: Gathering input from employees in a variety of ways helps companies understand how the initiatives are being received.
3. Metrics: Tracking things like hiring trends, promotions, and retention rates ensures that companies are making progress and can adjust their approach if needed.

At Holmes Murphy, Cartmill uses a mix of qualitative and quantitative methods to gauge progress. “We primarily rely on employee surveys and participation in DEI-related events,” she says. “For example, we use a four-question inclusion index to track how employees feel about our DEI efforts over time.” Informal feedback from employees and clients also gives them a real-time pulse on how things are going.

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Tracking data, like diversity in hiring, is another key part of measuring success. “If we’re not as diverse as we’d like to be, we dig into the numbers,” Cartmill explains. “Are we not getting enough diverse applicants, or is there something in the hiring process that’s causing us to miss out on talent?” This helps the company adjust its strategy as needed.

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Overcoming challenges

Making DEI work in a company can be tough. According to Herrera, one challenge is simply helping people understand DEI. “Not everyone knows what DEI is all about, and some people may not see its value,” he says. “It’s important to make sure everyone is on the same page and understands why these efforts matter.”

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Herrera adds that many diversity demographics—especially gender, racial and ethnic diversity—remains a major challenge in the insurance industry. “There’s still work to be done in terms of getting more women in leadership roles and increasing racial diversity,” he says. “A big part of the challenge is that people tend to prefer job candidates who are like them. That’s why it’s important to expand your networking and encourage hiring managers to look beyond their usual circles.”

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One of the biggest challenges is overcoming resistance to change. “In a successful company, it’s easy to think, ‘If it ain’t broke, don’t fix it,’” according to Cartmill. “But to stay relevant, you have to be open to new ideas.” She believes leadership support is crucial in overcoming this resistance. “When senior leaders are all-in on DEI, it sets the tone for the whole company.” 

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Cartmill also stresses the importance of empowering employees to take ownership of DEI initiatives, such as through Employee Resource Groups (ERGs), which give people a space to share ideas and collaborate.

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Creating a culture where people feel safe to ask questions and challenge ideas is also key. “Good leaders foster an environment where it’s okay to make mistakes and learn from them,” Herrera says. “That’s the kind of environment where both DEI and innovation can really thrive.”

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Advice for using DEI to stay competitive

Both Cartmill and Herrera have practical advice for companies that want to use DEI to drive innovation and stay ahead in the industry. 

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Here are a few things Cartmill recommends:

• Look beyond the trends. Focus on what DEI means for your company, rather than just following what’s popular in the moment. “Identify the gaps in perspectives and bring in diverse talent to fill those gaps,” she says.
• Plan for the future. “With 50 percent of the current insurance workforce set to retire over the next 15 years, there is an incredible opportunity to recruit individuals from diverse backgrounds to bring fresh perspectives and innovative ideas,” she says.
• Provide culturally sensitive services. The world is becoming more diverse, and understanding different client needs will help you stay competitive. “We have plans to train client-facing employees on cultural competency, and not to assume everyone in the room shares core values and beliefs,” she says. “This helps clients from diverse backgrounds feel valued, respected and understood.”

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Herrera adds:

• Identify DEI champions. “These are the people who understand your company’s DEI commitments and can help push them forward,” he says. 
• Make DEI a priority. “Make sure leadership is on board and committed to the efforts,” he says. “It’s not just about talking the talk—it’s about walking the walk.”
• Commit 100 percent. “You must be dedicated to this work to move forward,” he says. “This means dedicated staff must be working on DEI.” 

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Both agree that DEI isn’t just a nice-to-have—it’s essential for staying competitive and driving innovation in the long term.

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Overall, DEI is not just a moral choice. It’s a smart business move. Companies that prioritize diversity, equity, and inclusion will stay ahead of the curve, attract top talent, and foster innovation. By making DEI a core part of the company culture, insurance companies can not only better serve their clients but also build a stronger, more sustainable future.

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‍How today’s startups are changing the game

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Insurtech used to be all about disrupting the insurance industry with shiny new technology. But a lot has changed over the past decade. Today’s insurtechs are more than tech geeks with big ideas—they are savvy problem-solvers with a deep understanding of the insurance world. These startups are proving that innovation and industry expertise go hand in hand.

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Here, two industry experts share insights on how the insurtech landscape has evolved, what the future holds, and how startups are now working to create lasting value:

• Kacie Conroy, Vice President of Information Technology at M3 Insurance
• Pavan Goteti, Vice President of Innovation and Business Process Management at EMC Insurance Companies

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What key shifts have you noticed in insurtech?

Conroy: "To sum it up in a few words, the shift is about making 'boring' processes sexy. Internal operations that were once overlooked are now recognized for their potential to streamline workflows and improve customer service. The new trend is making behind-the-scenes processes—like invoice reconciliation and policy tracking—more efficient, which leads to faster solutions and a better overall experience for customers. There’s also a greater emphasis on creating unified, seamless solutions rather than fragmented, niche offerings."

Goteti: "While there is always a strong presence of companies from major tech hubs, there is now a noticeable increase in geographic diversity, with applicants representing a wider range of U.S. cities, along with international representation – indicating a broader global reach for both BTV and insurtech innovation. Additionally, artificial intelligence (AI) is gaining traction in core insurance processes like underwriting and claims, with a growing interest in health tech, data analytics, and low-code solutions that support both carriers and brokers.”

Can you share an example of a recent insurtech solution that demonstrates a deep understanding of the insurance market?

Conroy: "Comulate is a great example. They focus on optimizing the carrier-to-broker invoicing process, particularly around invoice reconciliation. This might sound like a niche area, but it's actually a big deal. Most people don’t want to get into the weeds of financial workflows within the broker space, but Comulate saw an opportunity to streamline that process. They understood the pain points and delivered a solution that took a load off our finance teams. It was one of those moments where you think, 'Where have you been my whole life?'

Similarly, Trust Layer tackled the certificate of insurance tracking process, an area that can be cumbersome for many in the industry. With their deep understanding of how the process works, they were able to introduce new efficiencies, making it easier for everyone involved.”

Goteti: “There are so many! From the 2024 BTV cohort, Lightship Neuroscience caught my eye. Their unique solution is using neuroscience to improve road safety, particularly for commercial fleets. By assessing drivers' unique safety challenges and developing personalized training programs, Lightship’s goal is to help reduce accidents and lower insurance costs. I was also impressed with Qumis.ai’s solution aimed at claims adjusters. The platform allows adjusters to access critical policy details and legal insights – streamlining claims processing.”

How does a solid insurance background help insurtech startups?

Conroy: "A solid insurance background is crucial for insurtech startups because it helps bridge the gap between business and tech. The insurtech space is full of opportunities, but to succeed, you need someone who understands the industry to help define the problem and identify where technology can add value. You have to fully grasp the problem in order to position your solution effectively. The challenge is balancing innovation with practicality—no one wants too many tech solutions. It’s about understanding the business needs and ensuring your tech is optimized to address them.”

Goteti: “A solid insurance background provides a significant advantage, enabling them to understand the challenges faced by insurance companies, so they can develop solutions that truly address industry needs. Insurance is a heavily regulated industry, and a strong insurance background helps startups ensure their products comply with current regulations. It also enables startups to effectively communicate with insurers and build trust, which can lead to valuable partnerships and collaborations, resulting in the development of innovative solutions that drive real value.”

What advice would you give to insurtech startups aiming to make a lasting impact in the industry?

Conroy: "My advice is for insurtech startups to spend time with key industry players—brokers, carriers—and really observe how they work. Shadowing people on-site helps uncover where tech can make the biggest impact. It’s about building partnerships between business and technology to improve the client experience. 

At M3, we always make ourselves available to show how our processes work, and in turn, startups share their tech with us for feedback. This kind of collaboration helps refine both our workflows and their products. It’s about being agile, iterative, and open to new ideas—sometimes a deeper understanding of the process leads to bigger opportunities than initially imagined."

Goteti: “In my opinion, the core P&C systems segment is crowded by large solution providers, but an entire ecosystem is thriving around these large solution providers to support and solve for edge cases or specialized components that will continue to provide immense value to the P&C industry overall. Essentially, finding the right problems to solve for holds the key to making a lasting impact on the industry.

If you are following funding patterns, the policy administration segment saw some decline in funding in recent years, but claims-related innovative solutions are holding steady. Some areas that continue to be of interest are climate risk resilience, claims experience, predictive analytics, and process efficiencies. Additionally, I cannot underplay the importance of assembling a team with a deep insurance background, combined with technical expertise and sales acumen, to have the most impact.”

How do you see the insurtech space continuing to evolve over the next 5-10 years?

Conroy: “There is a lot of buzz around Agentic AI, which is essentially robotic process automation (RPA) on steroids. RPA has already helped automate a lot of processes, but Agentic AI takes it further by enabling technology to make more independent decisions, rather than following a strictly linear process. I think this will dominate the space for the next 5 to 10 years. It's still early, but we’ve seen this before—like with the dot-com boom. People speculated on it, but now everything is web-based. I believe there’s something real here, and while there will be lessons learned along the way, I don’t think this trend is going away anytime soon."

Goteti: “I wish I had a crystal ball to predict the future that far out. But lucky for us, we have partners like CB Insights, which constantly monitors insurtech growth, investment trends, and M&A activity. The general outlook for insurtechs for the next few years is looking positive, mostly driven by adoption of AI. Most insurtechs are at the cutting edge of adopting technologies such as generative AI, where the rest of the industry is still catching on.

I also suspect that we will see some strategic partnerships and consolidations within the insurtech space to provide a menu of services that are complementary to one another. And I predict we will see a lot of insurtech activity expanding globally. For example: The Israeli insurtech ecosystem is currently 240 insurtechs strong, and growing.”

<conclusion>

Modern insurtechs are no longer about innovation for its own sake. They’ve grown to understand the intricacies of the insurance world. As Conroy points out, “When an insurtech team truly understands the business and is driven to optimize every aspect, that’s when the magic happens. These solutions go beyond being 'nice to have' — they address real-world problems and create value for everyone involved.”

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Today’s insurtechs are now seen as vital partners, rather than disruptors. Their ability to integrate into the insurance value chain is transforming the industry. Goteti sums it up, “The diversity and sophistication within the insurtech space keeps growing, and I’m eager to see the innovations the 2025 cohort will bring. The future is bright, and the possibilities are endless.”

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‍DONNA.ai transforms raw data into actionable insights

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The insurance industry is built on trust, data, and relationships—but what if technology could enhance all three? That’s the vision behind DONNA.ai, (formerly Aureus Analytics), an insurtech startup leveraging artificial intelligence to help agencies understand and grow their business. 

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DONNA.ai was launched in 2020 with the goal of empowering insurance agents with data-driven insights. "We saw an opportunity to bridge the gap between raw data and actionable intelligence, and that’s exactly what we set out to do,” says Anurag Shah, CEO and co-founder.

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Leveling the playing field

With decades of data analytics experience and successful entrepreneurship, Shah and his team identified a critical gap in the insurance sector. Agencies were collecting massive amounts of data but lacked the tools to translate it into actionable insights.

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"We saw firsthand how agencies were struggling with data overload. That’s when we realized AI could bridge the gap," Shah explains. "The ability to extract meaningful patterns and make predictions is what sets DONNA.ai apart."

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The company offers a sophisticated AI platform designed specifically for independent agencies, helping them compete on a level playing field with larger firms.

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Since they started doing business, DONNA.ai has almost doubled in volume every year. “We started four years back with zero customers,” says Shah. “Today, we process about $7 billion of premium on the platform.”

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Three objectives make up the heart what they do

DONNA.ai was founded with three key objectives aimed at helping independent agents thrive in a competitive insurance landscape:

1. Increase revenue through cross-selling. "Agencies are sitting on a lot of data, but they’re not utilizing it to its full potential," says Shah. "Our platform helps them analyze their book of business, identify cross-selling opportunities, find growth opportunities, and pinpoint new revenue streams within their existing customer base."
2. Improve retention rates. Retaining clients is as crucial as acquiring them, and DONNA.ai's platform aims to improve retention. Shah explains, "It identifies which customers are at risk of non-renewal, which allows agents to proactively reach out and allocate more resources to those accounts, boosting their chances of retaining them."
3. Understand customer sentiment. The most unique feature of DONNA.ai is its AI-driven sentiment analysis. DONNA.ai has built and patented a unique algorithm called SentiMeter.™ It examines the data and creates a sentiment score for each policyholder, without the need for customer satisfaction surveys. It's a powerful technology that allows agents to know exactly which customers are satisfied, who isn't, and where they should focus their resources. 

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"When you are running an insurance agency with thousands of policyholders, you need to know exactly who's happy and who's unhappy,” says Shah. “That’s how SentiMeter sets us apart. It is a competitive differentiator for us. Plus, we are the only the only platform that integrates with all of the top six agency management systems, which also provides a competitive advantage.” 

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Proven results: How agencies are winning with DONNA.ai

DONNA.ai isn’t just another software—it’s transforming how insurance agencies operate. By leveraging AI-driven insights, agencies are increasing revenue, improving retention, and strengthening client relationships.

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 "Agencies are seeing up to a 20% revenue increase simply by leveraging the insights DONNA.ai provides," says Shah. "It pays for itself and delivers measurable ROI."

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Real-World success stories

By delivering data-driven insights in a simple, actionable format, DONNA.ai is helping independent agencies compete and thrive in an evolving industry. Insurance agencies using DONNA.ai have seen significant improvements:

• Retention: +4.5 percentage points
• Total Premium Growth: +15.9%
• Average Premium per Customer: +7.76% (when agencies act on DONNA.ai’s recommendations)
• Total In-Force Policy Count: +10.9%

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For Rob Bowen, owner of Patriotic Insurance Group, DONNA.ai has fundamentally changed how his agency manages client relationships and cross-selling opportunities. "What DONNA.ai does differently is it highlights missing coverages so we can proactively address gaps," Bowen explains. "We use the SentiMeter score to understand which clients may be dissatisfied, figure out why, and take action. It’s made our renewal process much more strategic."

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Bowen’s team also uses the AI-powered assistant to make smarter decisions faster. "I can literally ask DONNA.ai, ‘Give me my lowest commercial clients based on SentiMeter score,’ and get an instant answer. Instead of building and sorting spreadsheets, I have real-time insights at my fingertips. Every agency should be using DONNA.ai. Even if you’re only tapping into 10-15% of its capabilities, it’s a game-changer."

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Chris Paradiso, Owner of Paradiso Insurance, sees DONNA.ai as a critical tool for improving both customer retention and overall agency performance. "At the end of the day, it’s about helping us take better care of our clients," Paradiso says. "But it also opens our eyes to new opportunities within our existing book of business."

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The BTV Advantage

DONNA.ai’s journey accelerated significantly after joining BrokerTech Ventures (BTV) in 2021. Through BTV, DONNA.ai gained credibility and exposure within the insurance ecosystem. The connections and strategic insights helped the company scale faster than it could have alone.

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"It gave us access to industry leaders, mentorship, and, most importantly, a platform to test and refine our product with real-world agency feedback,” says Shah. "BTV didn’t just open doors for us—it helped us build relationships that are now key to our success," Shah emphasizes. "It’s an accelerator in the truest sense, providing startups like ours with the tools and network we need to thrive."

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Data is the new currency

Looking ahead, the company plans to expand its capabilities, integrating even more predictive analytics and automation tools. The company is also planning to move deeper into commercial lines of business. 

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“We work with personal and commercial lines and we are now deepening the predictive capabilities to make it even more specific to various industries,” says Shah. 

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Shah and his team also have a long-term philosophy called invisible analytics. “Today, customers log into our system to use the platform. Our eventual goal is to take all of these insights and push them into existing systems. So, whatever system an agent is using, whether it be CRM or Excel, we want to integrate into that system,” he says. “So, you’ll never have to leave your current system to get all of these insights, which would streamline the process.” 

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As the insurance industry continues to evolve, the role of AI will only grow. "Data is the new currency in insurance, and agencies that leverage it effectively will be the ones that thrive," Shah predicts. "Our mission is to ensure that every independent agency, no matter the size, has access to the same cutting-edge technology as the industry giants."

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If you are interested in learning more about DONNA.ai, visit goDONNA.ai and schedule a demo. 

You can also email:

Anurag Shah at anurag@godonna.ai

Prerana Suvarna at prerana@godonna.ai

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A BrokerTech Ventures 2024 Accelerator startup, Lightship’s aim is to create a safer future using lessons from neuroscience.

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Zechari Tempesta, co-founder of Lightship Neuroscience, didn’t set out to be an insurtech founder. But following a personal tragedy involving road fatalities, Tempesta realized he could help do something about it. According to the Insurance Institute for Highway Safety, in 2022, there were over 42,000 road fatalities in the United States. What if that number could be dramatically reduced? 

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Enter Lightship Neuroscience. Based on over 15 years of pioneering neuroscience work in Major League Baseball, Tempesta and co-founders Dr. Wesley Clapp, and Dr. Brian Miller, developed an insurtech solution aimed toward creating safer roads, by identifying driver-specific risks and providing tailored safety training outside of the vehicle, with the goal to reduce road fatalities. “We did not set out to be an insurtech company, but the more we asked, ‘Who cares about safety and understands risk enough to do something about it,’ the more we were pointed towards the insurance industry,” said Tempesta. 

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Despite the advanced safety technology that currently exists, automobile fatalities persist. “The lion’s share of driving collisions and claims are due to a small population of high-risk drivers,” Tempesta shared. Lightship addresses the gaps in the current technologies available to commercial fleets in order to not only identify a risk, but to provide tailored training to combat the risk. Lightship’s unique solution is a proactive approach to safety – by identifying each individual driver’s safety challenges, proactively safeguarding risk and improving safety engagement, Lightship creates better, safer commercial drivers. 

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According to a study investigating the source of crashes published by the National Highway Traffic Safety Administration in 2018, over 70% of automobile collisions were caused by poor neurocognitive performance. To address this, Lightship takes a quick baseline of each driver’s individual strengths and weaknesses on a smartphone or tablet then prepares an individualized pathway to safety and success through targeted learning. Everything is administered off of the road and is centered around driver decision-making, hazard recognition, situational awareness, risk perception, and distractibility. The baseline assessment takes 5-15 minutes, is built with road-facing dash camera footage and feels more like an interactive gaming experience, rather than a traditional test. The assessment generates a driver profile that identifies the areas of greatest opportunity for improvement. Then, these priority training areas are used to guide follow-up learning, one-on-one coaching, and behind-the-wheel training to support drivers and mitigate risk. 

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Lightship offers a hyperpersonalized, common-sense approach to driver safety that complements existing solutions and technologies. That said, Lightship still experiences challenges to broad adoption. “Introducing a new technology into an industry rooted in tradition definitely holds its challenges,” Tempesta said. “It took some time, but we have gathered support and identified the right audience.” 

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Since its inception, Lightship has grown via mentorship and pilot opportunities via insurance accelerators including BrokerTech Ventures, the Global Insurance Accelerator, EY’s Nexus Growth Lab, and more. In addition, Lightship has partnered with the University of Iowa to investigate the impact of individual distractibility on driving performance with the goal of creating novel safety interventions to fight distracted driving. 

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The future of Lightship is exciting. Tempesta plans to continue to present The Neuroscience of Safe Driving to safety professionals across the country and partner with fleets, brokers, and managers of group captives to grow the market share of Lightship. They also plan to expand their services to improve driver safety across the commercial spectrum and begin helping younger drivers.

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To learn more about Lightship, interested parties can visit their website or keep up on LinkedIn. To connect with Zechari, feel free to email or connect on LinkedIn. 

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“Driving is still the most dangerous thing that we do everyday,” Tempesta said. Lightship represents a critical step forward in commercial auto safety and insurance innovation. “Help us create a safer future by sharing our story.”

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New partnership aims to drive insurance innovation.

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Des Moines, IA – February 18, 2025 – BrokerTech Ventures (BTV), the industry’s first and largest broker-led convening platform for insurtech innovation, investment, and collaboration, is thrilled to announce its newest partnership with The Hartford – a recognized leader in property and casualty, group benefits, and mutual funds.  

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“The Hartford brings an additional depth of expertise, resources, and market perspectives to our ecosystem,” said Dan Keough, Co-Founder and Co-CEO of BrokerTech Ventures. “Their commitment to innovation and collaboration will allow BTV to continue to empower transformation within the insurance industry.”

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The Hartford’s Leadership in Innovation Expands the Impact of Insurtech Solutions

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The Hartford, a long-recognized leader in innovation, brings additional expertise to the BTV carrier network. The Hartford’s deep expertise in underwriting, claims management, and risk mitigation strategies adds expertise to the already robust cadre of BTV carrier partners, strengthening the BTV platform as a connecting venue for startups, brokers and carriers.   

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“We are thrilled to partner with BrokerTech Ventures. At The Hartford, searching for new ways to help our customers as they pursue their goals and ambitions has driven the innovation and ingenuity that define our more than 200-year history,” said Matt Scott, head of Commercial Lines Innovation and Risk Services at The Hartford. “Through our partnership with BrokerTech ventures, we can collaborate with insurtech startups and industry leaders to continue to develop transformative solutions that help businesses navigate risk and drive sustainable growth. We are excited to bring our expertise in risk management and commercial insurance to this dynamic ecosystem to help shape the future of insurance.” 

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BTV’s Partner and Startup Network

With the addition of The Hartford to the BTV partner network, BTV now encompasses 13 leading broker partners, 12 carrier and wholesaler partners, and a startup portfolio nearing 60 companies with a total investment of nearly $3M. In addition, BTV has made significant investments through the BrokerTech Fund, the first investment fund focused on advancing broker-centric technologies. 

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As a leading driver of insurance innovation, BTV has achieved a 95% continued operating success rate among its startup companies, with total valuations nearing $1.1 billion and an average valuation increase of 2x following participation in the BTV Accelerator. Additionally, BTV startups have collectively raised over $280M and executed nearly 1,000 proof-of-concepts, demonstrating the scale and influence of the BTV network. 

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The inclusion of The Hartford further strengthens BTV’s ability to accelerate innovation by expanding resources and partnership opportunities for startups, brokers, and carriers, enabling BTV to bring insurtech solutions to market more quickly.

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About BrokerTech Ventures

Based in the insurance nucleus of Des Moines, Iowa, BrokerTech Ventures is the first and largest broker-led insurtech ecosystem in the world, convening broker-centric innovation, ideation, investment, and communication to propel the industry forward. Learn more at www.brokertechventures.com, or follow us on X (@BrokerTechVen), LinkedIn, or Facebook.

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About The Hartford

The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com.

The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford’s legal notice.

Benefits and company culture are winning weapons in the war for talent.

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Originally published in Leader's Edge Magazine

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Competition for talent in the insurance industry is fiercer than ever, especially as companies struggle to “sell” the industry to younger generations that often view the business as behind the times. For Amanda Vander Ley, vice president of human resources at Holmes Murphy, one piece of the recruitment and retention puzzle lies in learning how employee expectations have changed since COVID-19—and how employers can meet them.

Vander Ley points to results from the agency’s recent Recruitment and Retention Survey as a starting point. “The key is that while employees and potential talent want fair compensation, they now also want to feel that their overall well-being is important to their employer as well—to include their social/emotional, financial, physical, community, and, of course, mental well-being,” she says.

Chris Henrichs, co-founder and head of partnerships at personalized employee coaching and growth platform provider Boon, concurs. “Retaining employees requires creating a supportive environment…. When employees feel heard and see a clear path to progress, they are more engaged and loyal,” he says. “Employees today truly want a path to advance and thrive.”

As firms look at what benefits they can add to meet well-being needs, Vander Ley emphasizes knowing your employee pool. “What a 25-year-old is looking to experience at Holmes Murphy can be drastically different than that of a 50-year-old,” she explains.

That same personalization is key for Henrichs when it comes to employee support programs. “In addition to resources like therapy and counseling, offering diverse resources like one-on-one coaching, workshops, and manager development ensures employees have a variety of support systems to work through daily stressors, challenges and goals.”

But companies should be cautious that these programs don’t become just a check-the-box exercise—ensuring buy-in from leadership and that these resources are integrated into workplace culture and accessible for all employees are essential to making the programs both effective and sustainable, Henrichs says. “Without these elements, even the best-intentioned initiatives can fail.”

Culture Is King

Benefits are crucial, but they aren’t everything when it comes to employee retention, Vander Ley cautions. Also important is making sure that employees—of every age—have a robust personal connection to their colleagues and to the business as a whole, Henrichs says: “Fostering connection in hybrid work environments is increasingly vital. Building a sense of community through regular team engagement, coaching groups, and peer networks can significantly enhance employee satisfaction and commitment.”

Another example is programs to provide professional training for students in high school and college as well as early career professionals, Vander Ley says. “While ultimately these programs help us develop technically sound professionals for our organization, there is a huge impact on engagement and retention when we create avenues for individuals to create cohorts and relationships early on in their career. Insurance can sometimes be an intimidating industry for individuals to enter when they don’t have any exposure or experience, and through these programs, we are giving them a place to belong, connect, and learn on day one of their career.”

Vander Ley also believes firms can foster that personal connection by investing in diversity, equity, and inclusion initiatives. One example is forming employee resource groups, aligned with specific communities within the organization, such as for employees in a caregiving position as new parents or for aging parents. “The value in helping individuals feel cared for, understood, and connected in community is invaluable,” says Vander Ley.

Finally, culture isn’t just about the employees—it’s about those who lead those staffers.

“We believe that our leaders are one of the greatest influences in an employee’s day-to-day experience,” Vander Ley says. Holmes Murphy approaches this, she notes, by focusing on developing leaders to feel enabled to navigate the modern work environment, and by helping them create safe, inclusive environments that promote honest conversations for collaborative employee development.

As Vander Ley puts it, “While we often leverage our well-being benefits solutions, there is incredible power in strong leader-employee relationships.” Adds Henrichs: “A culture where employees feel safe, informed, and empowered by upskilling managers will attract top talent and reduce turnover.”

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AI powered workflow automations for insurance brokers

When they met as graduate students at the Stanford School of Business, Carl Ziadé and Jean-Pierre Vertil joked that they held the record for the longest walks on campus. Some of their walk-and-talks lasted up to three hours. During these meetings, their friendship set the tone for a business partnership. Today, their insurtech startup, Gaya.ai, is making waves in the industry as a solution for automating and streamlining tedious data-entry tasks for insurance brokers.

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The Gaya co-founders have always enjoyed seeking out problems and brainstorming solutions. The two are connected by their entrepreneurial nature and shared experience. Both are immigrants, Ziadé from Lebanon and Vertil from Haiti. As graduate students, their first collaboration was to set up a way for students in the business school to connect and share cars. 

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One project led to another, and the two pivoted to a new venture, Gayafi, aimed to streamline car loan refinancing through insurance agents. Federal rate hikes in the post-pandemic world led them to rethink their approach, which steered them to an opportunity to create a SaaS solution for an insurance agency. Along with the rise of large language models (LLMs), this sparked the idea for their next big project, Gaya.ai.

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“We were building something else and we stumbled on a major problem plaguing the industry—redundant data entry,” says Ziadé. “Brokers spend 50 percent of their time quoting policies, meaning the process is largely manual. Brokers have been spending their time filling carrier portals manually with the same customer information. They have tried using API-led comparative raters, but are not happy with the price accuracy, carrier coverage, and consistency. They are having to copy and paste up to 250 fields per carrier one by one, five times, to compare five quotes and get back to their clients with the optimal policy.”

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Initially, this was the problem Gaya set out to solve. Instead of the tedious task of copying and pasting one-to-one across carrier portals, Gaya devised a way for agents and brokers to capture all of the necessary details in one go, which they call “super-copy” and then “super-paste”  to each carrier portal to autofill all the necessary details in one click.

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“It is essentially like Google Autofill on steroids,” says Ziadé. “It cuts down on agents’ quoting time by more than 50 percent.”

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The unique value of Gaya.ai

“Gaya allows insurance brokers to extract information from any document (policy declaration page, intake quote sheet, photos of driver’s licenses) or from any web-system, and super paste on any carrier portal,” says Ziadé. He outlines three main ways Gaya sets itself apart from the competition:

• Use case differentiation. “We are insurance specific. When Gaya super copies something, it matches it to a Gaya dictionary that is line-specific. From that, Gaya can go and paste it on other portals that have similar fields. Fields do not have to be exact.  AI can understand the semantic differences and match relevant fields together.”
• Product differentiation. “Agents and brokers can use Gaya to super copy from anywhere and to super paste anywhere. Customers can also opt-in to use different parts of Gaya by employing its public APIs. They can use Gaya’s copy engine to extract information from any unstructured document and send it in a structured way through a webhook/API to their internal system (e.g., CRM). They can also send structured content through an API/ webhook and use Gaya’s paste engine to autofill carriers and raters portals.” 
• Tech differentiation. “We are AI powered. We use LLMs and computer vision to parse complex insurance documents and use extracted info to help brokers fill carrier portals faster.”

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Gaya has already seen success with several agencies, reducing quote time by as much as 80 percent. 

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“We offer a unique value,” says Ziadé. “Horizontal solutions like Magical and Bardeen offer a super copy super paste tool, but they are not at all geared to insurance and are very basic. They are mostly used by recruiters to scrape info out of LinkedIn, for example. Hawklink by Hawksoft can only read what Hawksoft AMS has, and it can't paste on drop-downs, checkboxes, radio buttons, etc., so the experience is sub-par. Then, you have the comparative raters that can be thought of as a competitor as they help reduce repetitive entry on carrier portals. But the coverage in commercial lines is low. In personal lines, brokers are increasingly not satisfied with price accuracy returned by raters, and carriers are pulling out in many states from raters (e.g., Natgen), and many others are not on a rater (e.g., Chubb, Erie).”

This is just the starting point

Gaya.ai has gained significant interest among brokers and investors, with a growing waitlist and early investment from industry players and the potential to revolutionize the insurance industry. 

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“We are just in the beginning stages,” according to Ziadé. “Streamlining quoting is just the beginning of our plans,” he says. “We are ultimately building an AI copilot for insurance brokers. They are advisors. They shouldn’t be spending time on data entry for quoting, and they shouldn’t be clicking on carrier websites to service policies.” 

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He adds, “But for now, we are laser focused on delivering  on the promise. We are doing a phenomenal job now in the personal lines, home and auto insurance with 100+ carriers covered already. Our next step is commercial. We are now in beta for commercial lines and are doing a lot of experiments for a product that will help agents service policies.” 

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“We joined BTV because they are one of the best insurtech accelerators,” says Ziadé. “We started by serving the small shops, and we love working with them, but now we are also ready to go up-market and serve large regional brokers next. We have some great pilots in place with many BTV partners, and we’re excited about the partnerships we will be establishing with other cohort members. Our startup now has 80 strong agencies and 100+ in the waitlist.” 

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Helping brokers better serve clients

Gaya’s journey has been one of learning, adapting, and relentless innovation. They remain committed to disrupting the intersection of technology and insurance. with aspirations to expand into other industries in the future where data entry and repetitive processes exist

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“The insurance industry is great. I like it a lot for one reason: I am an immigrant, and we don’t have a deep insurance market where I come from. Insurance is the lubricant of society and of capitalism. It allows people and businesses to feel comfortable taking risks and dealing with strangers,” says Ziadé. 

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“The agent/ broker is the middle man, the person who makes it happen,” he adds. “We want the agent  to be able to spend less time keying information and doing data entry so they can do the important job of caring for the customer and growing their business.Gaya helps make this happen.”  

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If you are interested in reaching out for more information about Gaya.ai, use the following links:

• Website: gaya.ai
• Email: carl@gaya.ai
• LinkedIn: Carl Ziade
• LinkedIn Company Page: Gaya.ai

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Delivering better workers comp claims analysis by adding data-driven benchmarking and risk mitigation

By Lori Widmer

Originally published in Rough Notes Magazine

The standard for mod analysis, according to Todd Thams, founder of Mod Advisor, should not be a PDF delivery of technology-generated reports. And yet, Thams says, until recently that method was the most up-to-date way of compiling workers comp claims analysis.

“I’m a technology guy, and here I am delivering these old PDF reports to our prospects and clients that look like they’re out of Excel 2003,” says Thams, referring to how things operated during his time as an agent. “I was frustrated with the limited tools that existed in the marketplace.”

Then, in 2020, Thams got the idea that eventually became Mod Advisor. He joined BrokerTech Ventures (BTV) and talked with fellow brokers, who were expressing the same level of frustration.

Many sleepless nights and long hours later, Thams, who served as solo founder, developer, marketer, and salesperson, had built what he considers to be the next generation of workers comp analysis software. In 15 months, Thams had assembled a development team and had developed Mod Advisor, which launched in 2021 to BTV partners.

Thams sold his family insurance agency in 2022—an agency that had operated for nearly 90 years—and pursued Mod Advisor full time, implementing what he learned from the BTV partners.

Their feedback, he says, was invaluable. “We learned so much from these great partners on what was really needed, so we went back to the drawing board and started building again, releasing a new version in Q4 of 2023.”

What it does

The entire goal of Mod Advisor, an internet-based application, is to simplify and streamline the analysis process. NCCI bureau reports can be imported through drag-and-drop capabilities, then the data is extracted automatically, and users can generate up to 30 reports from the data. “We’ve built out a solution center that’s workers compensation focused: state compliance, return-to-work programs,” giving brokers the tools to help clients address their workers comp programs.

“We want to look at trends and meaningful data that actually help the conversations,” says Thams. Data for each demographic, department, or job function can be generated quickly and give actionable insight. Thams says the system can show actual loss by body area, easily viewed in a summary report. To extract more information, Thams says, users simply select the summary and it opens to a more detailed report.

Mod Advisor also has an Intelligence tab, which gives users the ability to see every aspect of a particular account—from policy information and premium range to expected versus incurred and where claims are occurring. Brokers can see which accounts are best performing and which are worst performing. “It all lives on one page,” says Thams.

As simple as it seems to operate, the implementation is even simpler. “Many times, we have businesses up and running the same day,” says Thams. “If they would like, we can perform an onboarding call, which typically lasts less than an hour.”

What users say

For broker InterWest Insurance Services, LLC, a critical part of the job is accuracy. “For some clients, particularly in construction, the experience modification rating not only impacts their costs, but affects their ability to bid work,” says Jen Weathersbee, vice president and executive director of InterWest’s Claims & Risk Management Services department. “The calculations are complicated, and the factors fluctuate by year and by jurisdiction, so the ability to project the experience rating factors with accuracy is not only vital but one of the most important services we provide for our clients.”

While working with another platform, Weathersbee says, her company started exploring ways to improve cost and efficiency. At the time, Mod Advisor was “in its infancy, but looked promising.”

Even at such an early stage, Mod Advisor was showing plenty of promise, Weathersbee says. “During our initial conversations, it was evident that Todd developed Mod Advisor to go beyond an experience modification projection platform—he wanted to provide a tool to help guide conversations with clients around the ‘Total Cost of Risk.’”

The opportunity to grow was also there, she says, for both InterWest and Mod Advisor. “Our insights and feedback could be used to develop enhancements to Mod Advisor’s offerings and overall customer experience—resulting in a win-win for everyone involved.”

Having a say in what the product should look like, along with the cost savings the company would gain, were the deciding factors. InterWest adopted Mod Advisor at the end of 2021. Onboarding, she says, was easy; a quick demo was all it took.

Data import is just as easy as is customizing the data. “An additional bonus for us out here in California is that the new rates from the WCIRB [Workers’ Compensation Insurance Rating Bureau] are imported into Mod Advisor much earlier than with our prior platform, so we have little to no disruption in our ability to project modifications using the most current rates; this means our calculations are consistently more accurate,” Weathersbee adds.

Three years later, Weathersbee and InterWest couldn’t be happier. She says moving to Mod Advisor “has resulted in not only significant cost savings but also a vastly improved experience.”

The feedback she and her team provided to Mod Advisor has helped the platform become much more than an experience modification ratings program. “With analytics, reports, and resources, Mod Advisor allows us as insurance advisors and consultants to better use data to talk with our clients about their total cost of risk and help them make informed business decisions,” she says.

She and her team are also providing feedback to BrokerTech Ventures Accelerator members. “After working with Mod Advisor for several months, we learned that they had applied and were accepted to the BrokerTech Ventures (BTV) Accelerator for the class of 2022 cohort. Our firm, InterWest Insurance Services, LLC, is one of the original members of BTV and is actively involved in working with the start-ups in the accelerator so we were able to share our Mod Advisor journey with BTV members.”

That experience is one of getting exactly what the company was hoping to get from their mod platform. More so, Weathersbee says the communication between InterWest and the Mod Advisor team has been a huge bonus. “In our industry, relationships matter. Todd and his team at Mod Advisor treat us like a partner, not just a customer. We look forward to a long and prosperous partnership.”

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Holmes Murphy CEO on selecting partners

By Lauren Johnson

Originally published in Insurance Business Magazine

The concept of coopetition - where companies collaborate with their competitors to achieve mutual benefits - has become more

prevalent across various industries. Dan Keough (pictured), chairman and chief executive officer at Holmes Murphy, is a firm advocate for this approach within the global insurance sector. In his view, embracing coopetition is not only strategic but essential in navigating an increasingly complex and competitive marketplace.

The organization has taken steps to adopt the mindset that competitors can sometimes be beneficial partners, particularly in areas that could have been proprietary to them. Instead of keeping these capabilities in-house, the company chose to share them with other brokers across the country This led to the co-founding and creation of BrokerTech Ventures (BTV) in 2019 – the first broker-led Insurtech Accelerator and innovation community.

“Instead of keeping something that would be proprietary to Holmes Murphy, we just chose the path to partner with other firms who share the same abundance mentality,” Keough told IB.

Keough’s perspective on coopetition goes beyond the typical win-or-lose mentality. He emphasizes that some competitors can push you to improve and learn, whereas others may not share the same values. However, he is clear that this approach does not apply universally.

And, when it comes to determining whether to compete or collaborate, Keough explained that it’s crucial to draw a line between what is pre-competitive and what is competitive. However, there are instances where each company’s leadership must decide whether to keep a resource or capability within the organization – or to share it for broader benefit.

“We have ambitious growth goals for Holmes Murphy, and believe we are a better firm because of our BrokerTech Ventures community and relationships built around co-opetition,” he said.

Keough shared that at the Holmes Murphy level, there are conversations around who to partner with in the pre-competitive space, and the open dialogue allows for alignment to the organization’s overarching goals and values.

“You have to have a sense of who you are and what you stand for from a value set, and this drives your partnership decisions” he said.

How to find strategic partners

The process of identifying strategic partners within the coopetition framework is no small task, especially in the ever-evolving global risk landscape. Holmes Murphy looks at potential partners based on their value sets, approach to business, and geographic differences.

“Those differences actually paint a bigger and fuller picture of the opportunities, challenges, and issues,” he said.

Keough emphasized that it’s not just about choosing partners that align perfectly – but also those whose strengths complement any areas of potential weaknesses throughout the community.

However, while coopetition offers significant advantages, it is not without its risks. Keough acknowledges that managing innovation and growth through collaboration requires careful planning and execution. This shift brings opportunities but also challenges, particularly in the insurance sector, which tends to move slowly in adopting new technologies.

“If you look at the industry and the shift that’s occurring, we’re moving to a tech-enabled industry,” he said. “The insurance industry is not one open to change very quickly. Tech entrepreneurs want to change; they’re very iterative, but we move more slowly in the insurance space.”

Balancing the need for innovation with the realities of the insurance industry’s pace of change is a constant challenge. Keough points to BrokerTech Ventures as a proven and thriving example of how coopetition can drive innovation.

The BTV initiative allows the company to work closely with tech entrepreneurs while maintaining a focus on what is best for their clients and the broader insurance value chain. And, as the global insurance landscape continues to evolve, Keough believes that the coopetition mindset will only become more important. While the industry is generally collaborative, particularly among brokers, there are still areas, particularly in tech, where incumbents resist opening up.

“Our ethos is to serve our clients as we identify risks sooner, and can drive down their costs, faster,” he said. “At the end of the day, we are on a mission to change and better the insurance industry, through collaboration.”

For Keough, coopetition is not just a strategy; it’s a way of thinking that permeates how Holmes Murphy approaches business. By embracing collaboration with competitors, the company aims to stay at the forefront of innovation while maintaining its commitment to delivering the best possible outcomes for its clients.

IMAGE CREDIT: Kobi Bendelak, founder and CEO, InsurTech Israel, and Dan Keough, co-founder and co-CEO, BrokerTech Ventures. Photo by Duane Tinkey

Article Credit: By Sarah Diehn, digital news editor and a staff writer at Business Record.

Read the original article here.

BrokerTech Ventures’ partnership with InsurTech Israel would have only happened during a time like the pandemic when connecting internationally had few barriers, said Dan Keough, BTV co-founder and co-CEO and Holmes Murphy CEO and chairman.

“In the normal world pre-pandemic, you’d be like, who is this crazy gentleman with this crazy idea? … We had several calls with Kobe and [he] finally got to the point where he just said, ‘Dan, you have to trust me.’ So we were like, ‘All right, let’s give it a shot,’” Keough said.

The partnership came early in the history of both organizations. InsurTech Israel founder and CEO Kobi Bendelak started the organization in 2017 following a career as an insurance agent. In a country with a small insurance industry, Bendelak said the insurtech ecosystem has flourished with more than 200 startups in Tel Aviv alone.

InsurTech Israel assists insurtech startups through investment, mentorship and the Israeli Insurtech Accelerator, which launched in 2020 with a framework modeled on BTV’s accelerator.

Its success inspired Bendelak to try duplicating the effect in other regions. The new initiative, the Rapid Global Insurtech Accelerator (RGIA), started last year and is dedicated to bringing ideas to the global insurance market that might otherwise go undiscovered.

“In this cohort we had a startup from North Macedonia,” Bendelak said. “Who knows where North Macedonia is? But this startup is great for the broker. He developed a solution that is very unique for brokers. It will never happen that you will engage with someone in the U.S. or in another part of the world without [this] platform.”

BTV recently hosted the second annual RGIA in Des Moines and has built its international partnerships with Latin America, Ireland and Israel with the mindset that bringing together competitors and ideas from around the world benefits the broader insurance ecosystem, Keough said.

The accelerator’s second cohort included 12 startup founders, who spent three days in Des Moines connecting with and pitching to U.S. insurance professionals.

Bendelak said insurtech startups from around the world look to the U.S. insurance market as a target because of its size and its openness to innovation. Keough said these opportunities are important to boost up the “secret little corner” that is Iowa’s insurance ecosystem and potentially attract new activity.

“Iowa is not on the East Coast or on the West Coast,” Bendelak said. “For people coming from Europe it’s a little bit far, so the best way to convince people to come to Iowa is to bring them here.”

Keough and Bendelak also said the RGIA supplied evidence that the insurance industry faces similar challenges regardless of location, meaning new solutions have potential for a wide reach.

“The solutions we saw were shaped by opportunities presented in different environments, both regulatory and cultural, but with remarkable potential to be tailored and applied to the U.S. market,” Keough said in an email.

Keough and Bendelak shared in interviews and emailed statements why global connections are important to the insurance industry and their outlook for insurtech in Iowa and abroad. Their responses have been lightly edited for clarity and length.

What is the value of BTV and InsurTech Israel’s partnership for each organization?

Keough: The work in BrokerTech Ventures is really from a client’s perspective. I had a client that used to say, “I haven’t met anyone that wants to pay more in premium.” So our job is to help our clients understand the risk and drive down their cost, and we think that technology has a great opportunity to bring change in the value chain. We believe establishing these partnerships with InsurTech Israel and Kobe, now the Rapid Global Insurtech Accelerator, is just an extension of trying to find those solutions that can make a difference.

Bendelak: I think we have two main things in common that create that really great relationship. First, I am a broker in my previous background, so we are sharing the same character. The second thing is that BrokerTech Ventures are pioneers and entrepreneurs. You can see that all over. We are sharing the same character, the same idea, the same vision, and I think because of that it’s a great success. It’s business, but even more than that, we [have] become good friends.

Both BTV and InsurTech Israel have built other global partnerships. What are the greatest effects or changes for the industry that have resulted from these partnerships?

Keough: The beauty of insurance is that it is both very large and very, very small. While it operates on an enormous scale, it remains a close-knit community that is fundamentally relationship focused. Our relationships with insurtech leaders in Ireland, Latin America and Israel have allowed us to harness the collective community of the industry on a global scale.  

Global partnerships also open the door to international trends, solutions and opportunities that may not have otherwise been on our radar. Just as important, these collaborations create pathways for our startups to access mentorship, guidance and market entry points abroad – giving them a critical “soft landing” as they navigate global expansion. Perhaps the greatest change we’ve seen is the growing international reaches of insurtech. Solutions developed in one corner of the globe may have the potential to address opportunities in another. Our global relationships make it easier to accelerate the exchange of these ideas.

Bendelak: Most people think that the changes over the years are coming from our relationships. The relationships are part of that, but it’s also the situation that the insurance industry and the insurance companies right now are seeing that insurtech is something that is part of their life. Five years ago, insurtech was the new kids in town. What’s happened because of our activities is the insurance companies understood that we are not going to challenge them or make them disappear. We are part of the ecosystem. We are part of the industry. The most important thing that we are seeing now is that the insurance industry, the insurance carriers see insurtech as part of their industry. It’s good because it means that we are part of the world.

What do you think has driven the growth of Israel’s insurtech industry?

Bendelak: Israel is a startup nation, it’s a kind of culture for us like the Americans. The Americans are pioneers and entrepreneurs. That’s the American culture. That’s the same in Israel.

Keough: The pathway of young individuals in Israel is after high school, they have a mandatory time in the military service, and in Israel, the military is really technology. When they graduate from their service, then they go onto college, and you have very smart individuals that have a technology background. They want to use this technology in all these different industries. Insurance is just one of many industries that have benefited from the technologies that have come out of Israel. I think they bring that technology-first mindset, that entrepreneurial mindset. Certainly with our infrastructure here we have big established insurance companies and an established ecosystem. But bringing the entrepreneurial side of it back into big companies that have to reimagine how to access their data and leverage their data and use these new technologies to make their businesses more efficient and effective, that’s what provides this new and old and this combination, which is really exciting for Des Moines.

Kobi, you said insurtech has become your passion and mission. What effect do you think insurtech will have on the insurance industry?

Bendelak: I can say that in the coming five, six years from now, the insurance industry will be the insurtech industry. If you say insurance, you will say insurtech. Even the big companies like State Farm, Allstate, Progressive will be insurtech, meaning they will not be startups, but they will be technology companies and very advanced. We are going to sell different products from today. Insurance will be insurtech and we want to influence that, we want to support that.

What do you think is the next level of innovation for the insurance field?

Keough: The insurance industry is undergoing rapid change — and as such, insurance innovation is also evolving. We have entered a new chapter of insurtech where the focus has shifted from disruption to integration. Early on in the insurtech revolution, we saw startups aiming to dismantle traditional frameworks – disintermediating brokers or completely bypassing legacy systems. What we’ve learned is that the most successful insurtechs are those that enhance and support the existing ecosystem, rather than trying to replace it. What we are seeing now are solutions that drive operational efficiencies, streamline data ingestion, and improve data management – areas where incremental advancements can lead to industry-wide improvements. Insurtech startups that are willing to collaborate with carriers and brokers on needs, that create tools that fit within current frameworks, and that are adaptable for evolving frameworks, are helping the industry move forward in a way that’s both significant and sustainable. AI is, and will continue to be, a transformative player within the insurance industry. Large language models are already reshaping how we approach information-based processes, communications, and in some cases, how we make decisions.

Bendelak: From the insurtech side, I think we will keep doing the same, putting a lot of effort into pushing the startup to be relevant to the insurance industry. From the insurance side, I think the AI revolution that has already started is a great opportunity for us and it’s a path for us to be recognized as part of the insurance industry in the world. The insurance industry is a huge economy. Insurance is moving the economy forward, and if the insurtechs are part of that giant economy, that means a lot.

Global insurtech startups pitch in Iowa

The 12 insurtech startup founders selected for this year’s Rapid Global Insurtech Accelerator spent some of their time in Des Moines pitching their ideas to investors and the local insurance community. Below is a list of the startups and their founders and photos from the pitch event at Gravitate Coworking.

U.S. and Iowa insurance professionals at Gravitate Coworking for the Rapid Global Insurtech Accelerator pitch event.

• Previsico, Jonathan Jackson, United Kingdom
• Dreifach.ai, Thorben Schlätzer, Germany
• Emotion Logic, Amir Liberman, Israel
• Inaza, Niall Crowley, Ireland
• Peak, Kristof Csanyi, Hungary
• Your Centinel, Soton Rosanwo, U.S.
• AstroTeq, Itamar Zabari, Poland
• Dumaco, Miguel Capitan, Brazil
• Exante, Aidan Breen and Chris Lee, Ireland
• FinqUp, Dime Galapchev, Macedonia
• Insillion, Raja Raman, India

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‍How BTV partners are leading the charge

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As we approach 2025, the insurance industry is in the midst of a technological shift. Emerging technologies, changing business models and evolving industry dynamics are changing the industry. Players throughout the insurance ecosystem are finding themselves not just participants, but leaders in this transformation. 

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Here, two insurance leaders share their predictions for the industry, how their companies are preparing for the changes, plus advice and insights on new technologies, regulatory changes, and the future of the insurtech landscape in 2025:

• Ric Stoakes is CEO of UNICO Group, a brokerage firm based out of Lincoln, Nebraska
• Bijesh Jacob is the Executive Vice President and Head of Digital at Jencap Group, one of the largest insurance wholesalers in the U.S.

AI will reshape how brokers operate 

"Generative AI and Language Learning Models (LLMs) will significantly impact brokers in 2025," says Stoakes. "While many agencies are already utilizing generative AI in its infancy stages for things like composing communications or creating marketing materials, I believe it will become essential in agency tech stacks, particularly for document analysis."

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According to Stoakes, "Insurance is a very document-centric industry, and for years, the challenge has been analyzing documents such as policies or endorsements and summarizing their contents. What perils do they cover? How much coverage is provided? Are there any gaps in coverage? Any exclusions?"

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AI-driven document processing solutions will become commonplace in the industry in 2025, predicts Stoakes. "In 2024, we saw a host of insurtechs come to market with document processing solutions based on LLMs, trained specifically on insurance documents. I think 2025 is the year we see these technologies adopted and operationalized at scale within agencies,” he says.

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Stoakes points to several promising startups that are already making strides in this area. "In BTV's 2024 cohort alone, we have three startups focused specifically in this space: BluePond, Powerbroker AI, and Qumis," he shared. "Several BTV partner agencies are already running pilots with these AI solutions and experiencing great results. So, I think 2025 will be the year when agencies begin to scale these solutions for real business impact."

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AI and digital tools will transform how wholesalers do business

“AI in underwriting is where it’s at, especially for determining which policies to underwrite,” says Jacob. He adds that LLMs represent a paradigm shift in how AI is applied in the insurance industry, noting that traditional machine learning focused solely on data, while LLMs allow for the integration of both data and text. This shift, he believes, is transforming how insurance companies approach underwriting. "It’s no longer just about data—it's about understanding the complex terms, clauses and conditions together,” he says.

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According to Jacob, the focus is shifting from IT departments to business units. "With LLMs, it’s no longer just an IT-driven process,” he adds. “The business is now looking at how to leverage these models for better decision-making.”

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"Our leadership truly believes in digital transformation,” explains Jacob. “Jencap is on the cutting edge, and our goal is to use emerging technologies to better serve agents and brokers. The only way to do that efficiently is through digital. We are reducing our reliance on paper-based processes, and we’re committed to making sure everything we do is more efficient. That’s only possible with digital tools."

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Preparing for changing customer expectations and regulatory environments

As the insurance market evolves, Stoakes and his team at UNICO Group are making strategic investments to stay ahead of the curve. "We're focusing on two key areas: improving client-facing technology and using data analytics,” he says. 

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By investing in new platforms to enhance collaboration, Stoakes believes the company can streamline interactions with customers and improve overall service. "We're investing in new platforms to enhance collaboration and streamline interactions with customers," he says. "At the same time, we're leveraging data analytics for better insights and predictive modeling. This helps us offer more tailored solutions and anticipate market trends."

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According to Stoakes, staying ahead of technological changes is essential to remaining a trusted partner in the evolving insurance market. "By staying ahead of tech changes, we aim to continually improve our services and remain a trusted partner for our clients in the changing insurance market."

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At Jencap Group, Jacob sees increasing complexity in the regulatory environment, particularly in the wake of climate change and evolving risk models. From an IT perspective, he explains, "The burden has increased, but not in terms of more work—it's the complexity. Regulations are no longer linear; they’re multidimensional." 

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According to Jacob, insurers now face conditional, rather than straightforward, compliance pathways. "It's almost like a flowchart where every decision changes the regulatory rules that we need to follow. That’s the complexity we’re dealing with now."

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He notes that these shifts in regulatory requirements not only affect IT systems but also have significant business implications. "It creates conflicts because businesses now have to navigate a more complicated set of rules, especially when dealing with climate-related risks, security and compliance," he adds.

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Advice for insurtech startups 

Stoakes has some practical advice for insurtech startups. "My advice is to thoroughly understand the broker’s role in the industry," he stated. "It's crucial for meaningful partnerships."

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Stoakes also highlighted the importance of addressing real-world challenges. "Identify broker challenges and offer tech solutions that add real value to our operations and client service," he suggests. "And, of course, prioritize simplicity. We need easy-to-implement solutions that integrate smoothly into our workflows without a steep learning curve."

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Jacob stresses that insurtechs need to focus on integration with existing legacy systems. "For Jencap and similar organizations, we can’t adopt a new platform that works in isolation. It has to fit within the existing ecosystem," he notes. “Insurtechs must learn to collaborate with traditional software vendors. They must be part of a broader ecosystem, not just a standalone tool,” he says.

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Insurtechs should also focus on raising capital, says Jacob. “In the last 4-5 years, capital has been a challenge. Insurtechs have to deliver on the promises they've made, with a lot less testing and prototyping," he says. “While there have been notable developments, such as automated underwriting in companies like Lemonade, there is still a long way to go. Other than automated underwriting, I haven’t seen anything that’s truly groundbreaking yet."

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BTV simplifies the decision-making process

In the crowded world of insurtech, Jacob finds great value in BrokerTech Ventures (BTV) for simplifying the decision-making process. "I was at ITC last year, and the place was almost impossible to navigate," he recalls. "With BTV, they distill everything down to what makes the most sense for us to look at. It’s simple but essential." He believes that, without BTV's guidance, Jencap would have struggled to focus on the most relevant technologies. "If we just relied on ITC and other conferences, I don’t think we’d be as successful. BTV helps us avoid overextending and keeps us on the right path."

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As we approach 2025, the insurance industry stands at the crossroads. Generative AI, data analytics, and AI-powered document processing solutions will reshape how brokers and wholesalers operate. For insurtech startups, the future is bright—but only for those who take the time to understand the challenges brokers and wholesalers face and offer solutions that truly make a difference. 

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DES MOINES, Iowa, Nov. 14, 2024 /PRNewswire/ -- BrokerTech Ventures (BTV), the first and largest broker-led insurtech innovation ecosystem, announces a strategic partnership with Instech.IE, an Ireland-based insurance innovation leader. This relationship continues BTV's mission to propel the insurance industry forward through collaboration and knowledge sharing, ultimately providing insurtech companies on both sides of the Atlantic with resources and support to access new markets, foster innovation, and drive growth.

Through this collaboration, Irish insurtechs aiming to enter the U.S. market will have access to BTV's network of industry experts and knowledge of the industry, while U.S.-based companies seeking European expansion will benefit from Instech.IE's established connections and insights within Ireland and Europe.

"We are thrilled to announce our relationship with Instech.IE. At BrokerTech Ventures, we're committed to advancing insurtech opportunities and innovation," said Dan Keough, Holmes Murphy Chairman & CEO and BrokerTech Ventures Co-Founder and Co-CEO. "Our relationship with Instech.IE creates a valuable pipeline for startups to reach new markets, allowing them to thrive and grow by tapping into the expertise and networks unique to each region. We believe that global collaboration will continue to spur insurtech innovation, helping us identify risks sooner and drive down costs faster."

In addition to providing startups a soft landing in both Europe and North America, the partnership will involve a platform for knowledge exchange, where BTV and Instech.IE will jointly share learnings, strategies, and innovation case studies relevant to both the U.S. and European insurance landscapes.

"This relationship with BrokerTech Ventures reflects our dedication to supporting Irish companies as they navigate global expansion," said Gary Leyden, Instech.IE CEO. "At the same time, we're excited to introduce U.S. insurtechs to the unique opportunities Ireland offers as a gateway to Europe. Together, we're not just opening doors—we're creating a pathway for sustained, impactful growth."

The partnership with Instech.IE strengthens the global reach of BTV as its third global relationship. BTV also has formal and informal relationships with Insurtech Israel and the LATAM Insurtech Accelerator, enabling a global pipeline of innovation.

About Instech.IE
InsTech.ie was founded on a clear mission; to position Ireland as a global centre for insurance innovation, where industry incumbents and start-ups can come together to collaborate and create the next generation of insurance solutions.

About BrokerTech Ventures
Based in the insurance nucleus of Des Moines, Iowa, BrokerTech Ventures (BTV) is the first broker-led convening platform and accelerator program focused on delivering innovation to the insurance broker industry. Founded in 2019, BTV provides a venue for the best minds in insurance and technology to collaborate and bring to market leading-edge ideas and solutions. BTV invests in the research and testing for each of the chosen startups, provides access to veteran industry mentors, and helps scale the technology to market through broker distribution channels. Learn more at www.brokertechventures.com, or follow us on Twitter (@BrokerTechVen), LinkedIn, or Facebook.

Contact: Emily Schultz
emily@brokertechventures.com

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Heffernan’s strategic approach to technology solutions

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Technology is transforming the insurance industry and changing the way brokers and insurance companies operate. From streamlining administrative tasks to enhancing the customer experience, the right technology is key to staying competitive.

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Insurance brokerages and companies acquire technology through three primary strategies: buy, build, or partner. Each has its advantages and challenges:

1. Buying: Purchasing a license for existing technology (software, hardware, etc.) from a vendor. This is usually faster but may lack customization and flexibility.
2. Building: Developing the technology in-house and tailor it for your needs. This offers the most control and tailor-fit solutions, but it's time-consuming and requires expertise.
3. Partnering: Collaborating with another company or expert to co-develop the technology. This allows shared expertise and resources, balancing control and speed, though it requires effective coordination.

Each approach has trade-offs in terms of cost, speed, customization, and control.

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When it comes to acquiring technology, Kate Grasman, Chief Information Officer of Heffernan Insurance Brokers, has a strategic approach that has been perfected by years of expertise. “I buy a lot of technology, and I like to partner, particularly with insurtechs through BTV,” she says. Heffernan has been a part of BrokerTech Ventures (BTV) since 2020. 

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Grasman started her career as a consultant, but she also worked as a product manager for Siebel Systems, which provides her with a unique perspective in managing implementations and technologies. Grasman also worked for Accenture, GE, and Clorox. “I've worked at a lot of big companies, but I was actually a customer of Heffernan. I was so impressed with the service, I wanted to work here,” she adds.

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At Heffernan, Grasman has two customers: internal employees and external clients. “I'm mostly servicing our own employees, delivering solutions they might want or need for their clients or to support their business objectives,” she says. 

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Here, she offers practical guidance on how to make the right choice based on a company’s goals, resources and market conditions.

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When to buy, build, or partner

There can be strategic value to partnering on technology, such as bringing in expertise, sharing risks, and accelerating innovation. There is also value in building a technology for a custom solution. But most of the time, buying technology off-the-shelf is the most advantageous, according to Grasman.

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“I know what it takes to build product and support product building. Believe it or not, building is the easy part. Supporting it once you've built it is the hard part,” she says. “Given that, when you’re in an industry like insurance, building technology typically isn’t a good fit. So, we’re usually buying available software off the shelf or partnering with people who will help build it.”

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Why not build? “I very rarely want to build because of the cost,” says Grasman. “Finding resources to maintain technology actually turns out to be more costly.” Grasman stresses that Heffernan is not a technology company, they are an insurance brokerage. “If I need a technology and there is nothing in the marketplace that is faster and cheaper, I would consider building in order to deliver a competitive advantage. But it’s very rare. In fact, in my two years here, we’ve only built one technology, and our roadmap is filled with 20 technologies that we're putting in place,” she adds. 

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Recently, Heffernan did a custom build of their own version of ChatGPT as a foray into artificial intelligence (AI). While the process ran smoothly, says Grasman, “Going forward, our goal is to buy AI off the shelf from insurtech partners. We recently bought Fulcrum, a technology that leverages AI to do our proposals. We’ve also partnered with insurtech through BTV for policy comparison and policy check. But most technology, we’ve had a good experience with buying. For example, we recently purchased Adaptive, which is a Workday product for our finance team, and we bought DocuSign for contract lifecycle management.”

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When it comes to partnering on technology, Grasman has simple advice. “It’s about aligning technology, the relationship, and the price. You want to solve a business need, of course, but it’s really important to connect with the partner and the team of people you're going to work with,” she says. “Also, it’s key to get pricing out of the way upfront. It can be the most beautiful technology, but if it's too expensive, I'll walk away right then and there. There’s no need to waste anyone’s time if the price is too high.” 

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Develop a decision-making framework

To adopt the right technology and avoid common pitfalls that come with acquiring innovation, Grasman offers up the following advice: “First and foremost, make sure the solutions you're delivering are what the people in your business want. Because you can have the best technology in the world, but if no one adopts it, it’s not going to work,” she says. “Number two, I think it's really important to continue to survey the landscape, really stay close to insurtechs and BTV to learn about the trends.”

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Grasman also advises insurance brokerages to do their homework upfront. “Develop what I call a business aligned architecture,” she says. “This means you determine the foundational systems that you need in place. So, what are your systems of record, systems of engagement and systems of insight? These are all important components of a business’s data infrastructure. Then, you can determine how can you use technology to really build on those systems to deliver what the business needs to run smoothly.”

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Assessing risks and benefits

At Heffernan, Grasman and her team complete a competitive analysis before purchasing technology. “When someone comes forward with a need, the first thing we do is research the technology online. I can usually find three or four technology vendors that could satisfy the need,” she says. “Insurtech is definitely at the top of that list. Then, I reach out to my network for recommendations. Next, I will complete an assessment of the technologies that will work and submit a Request for Quotation (RFQ). After that, I demo the technology with my business partners, select the two we are most interested in, and complete a scorecard for price, features, and functions. Overall, it’s a quite a structured process.” 

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When it’s time to determine if the technology will work, Grasman and her team move on to next steps: 

• Test and learns. “These are basically quick pilots to evaluate if there’s a possibility with the technology,” says Grasman. “Test and learns are small and targeted. We get a few business partners and the IT department together to see if the technology will work or if we can shape what it can do. We aren’t burdening the organization, rather, we want to learn quickly and fail fast. We probably do five tests and learns a year. If we know this technology is a go, we’ll take it to a formal pilot.”
• Formal pilots. “This can be anywhere from five to 20 people in our organization,” says Grasman. “We partner with our operations department and Leticia Trevino, our Chief Operating Officer, to navigate the technology more thoroughly. Usually, formal pilots have gone through a test and learn, or we’ve seen it in the marketplace and we know it’s going to go over well and contribute to our business.”

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How she sees insurtech evolving

When it comes to emerging technologies, Grasman believes AI is the most impactful development of the last several years. “I've been doing this for over 30 years, and I’ve seen so much change. Of course, the internet and the intranet were huge game changers. Technology outsourcing and big data were also huge developments. AI is the next wave.”

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“Given where technology is going, the emphasis will be on buying and partnering for most industry verticals,” according to Grasman. “We're not tech companies that build technology. We aren’t engineers and coders. It’s important to remember we’re in the business of insurance.”

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For accessing new insurtech solutions, Grasman recommends BTV. “I have found that the BTV individuals and partners provide such a great way to innovate for our industry, she says. “I highly recommend it for anyone who's interested in growing their brokerage or insurance company. They’ve created so much momentum within the industry.”

By Lori Widmer, The Rough Notes Company

Original article published by RoughNotes and available here.

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“Our mission is to reinvent insurance with a model that takes us from risk reaction to risk prevention.”

­Anthony Marshi

Co-founder and CEO

1Fort

“Insurance wasn’t built for a tech-driven world,” says Anthony Marshi. “It’s a reactive model that’s been unchanged for 600 years, and that model no longer works in a now incredibly fast-paced risk environment.”

Marshi is co-founder and CEO of 1Fort, a two-year-old company that combines insurance products with AI-driven risk mitigation services to help businesses get ahead of risks and actively prevent loss. That in itself is new in an industry that was built on a model of response and remediation.

“Our mission is to reinvent insurance with a model that takes us from risk reaction to risk prevention,” he explains.

Marshi, along with his 1Fort co-founder, Toby Hung, saw that the rapid changes in technology that were driving losses higher meant that clients and their insurance companies were running to catch up. The increased use of technology means that cyber losses have been increasing in frequency and severity. While security tactics are implemented, cybercriminals are becoming experts at finding weaknesses and breaching systems.

Such uncertainty, says Marshi, makes technology exposures increasingly unpredictable. It also leads to larger, more painful losses. That’s where he and Hung believe that loss mitigation needs to change. While insurance is vital, necessary protection, prevention should be at the forefront of that mitigation. “Traditional insurance, with its reactive approach, no longer does the trick for threats that are growing exponentially,” Marshi says.

He explains that system downtime equals business interruption and loss of revenue. “Our vision is that companies need now more than just a reactive insurance policy. They need a partner that helps them stay ahead of fast-moving risks, and that’s exactly where we come in.”

1Fort’s solution, he says, leverages AI’s capabilities to help companies assess and prevent loss. The company partners with insurance brokerages using the 1Fort platform to manage clients and attain instant quotes from top carriers.

The brokers, he says, invite their clients to the 1Fort portal where clients will complete their digital insurance application. Clients then connect their own cloud-based apps to the 1Fort portal, a process that Marshi says can take up to a few weeks. At that point, 1Fort is managing their policies and claims from the portal.

It’s also managing their exposures, he says. When they connect their cloud-based apps to 1Fort, Marshi says, the AI-based 1Fort risk management portal will then generate “actionable insights” on their risk exposures, allowing them to see in real time what issues they need to address. “They get access to our risk management software throughout the policy period.”

Clients, he says, can regain control of losses, improve their insurability, and gain peace of mind. That in turn can help clients save on premium costs. “The goal is to help companies assess and prevent risks so that they never need to use their insurance,” Marshi says.

What users say

For Garrett Droege, senior vice president, director of innovation, and digital risk practice leader for IMA Financial Group, preventing technology-related losses is vital. Droege says his company works with leading technology companies, and IMA’s role is to understand their risks and help them mitigate them. “Something we often encounter with emerging tech company clients is their lack of strong cyber security hygiene.”

That includes cyber insurance protection. “We spend a lot of time educating them on what they need to do prior to applying for coverage but have never had an efficient way to help guide clients on the specifics,” Droege explains.

1Fort solved that issue for IMA. “1Fort has been a great solution for our clients that have either never had cyber insurance and need help getting their house in order, or they’ve had a major cyber incident in the past and attracting carrier options is proving problematic,” Droege says.

While Droege and company evaluate new platforms and tools regularly to help clients improve insurability and premium costs, 1Fort was an easy choice. “The implementation timeline was very short. We went from evaluation to proof-of-concept to implementation in a couple of weeks.”

Throughout the process, Droege says 1Fort was, and remains, actively involved. “They have done group onboardings, as well as on-demand 1-on-1s, whenever we have requested them. Additionally, they are available for client consultations. We’ve even had clients engage them for consulting services beyond the initial cyber security evaluations.”

It was the perfect choice, in Droege’s opinion. “There aren’t many solutions out there that can help clients in the way that 1Fort can. There are numerous tools that offer cyber scanning services. Many of these tools are common for underwriters to use to evaluate applicants. But they don’t offer the same roadmap that 1Fort does.

“1Fort basically gives companies a score on how they look today and, critically, gives them the path forward on improving that score,” he adds. “Once a company has reached a sufficient cyber security posture, they can easily help deliver the applications to various insurance carriers and aggregate the results of the marketing effort.”

Going off script

While 1Fort works best for cyber risks, Marshi says the platform’s capabilities extend well into employment practices liability and fiduciary liability, because let’s not forget that a lot of the technology that companies use to manage their employees and finances are cloud-based tools. 1Fort, he explains, can easily gather the risk data from those systems to understand the full scope of a company’s exposure, and “what they can do to actually reduce risk.”

Droege says with cyber risks being one of the top loss areas in nearly every industry, “companies are looking to their brokers to help them manage this risk and locate the best possible cyber insurance. Having tools like 1Fort available helps our clients be more educated, proactive and insurable.”

That’s music to Marshi’s ears. “We’re flipping the mode on its head. We enable companies to anticipate and manage risks before they become problems.” In that way, he says, 1Fort is facing down the need for modernization in the insurance industry. “We’re really closing the gap by offering proactive tools that not only help businesses avoid risks, but also turn insurance into a strategic advantage.”

The author

Lori Widmer is a Philadelphia-based writer and editor who specializes in insurance and risk management. BrokerTech Spotlight offers a look at insurtech offerings from startups that have partnered with BrokerTech Ventures (BTV), a convening platform for brokers, carriers and wholesalers, and tech firms, and includes insight from other BTV member owners.

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‍Announces Opening of 2025 BTV Accelerator Applications

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Des Moines, IA — October 31, 2024 — BrokerTech Ventures (BTV), the world’s largest broker-led accelerator and Insurtech community, announced today the addition of Leavitt Group as a partner. Leavitt Group, one of the nation’s largest privately held insurance brokers headquartered in Cedar City, Utah, joins 13 brokers and 14 carriers, wholesalers, and community partners to strengthen the vast BTV distribution network.

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“Joining BrokerTech Ventures marks an exciting step forward for The Leavitt Group as we continue to innovate and strengthen our commitment to the evolving insurance landscape,” said Eric Leavitt, CEO of The Leavitt Group. “We look forward to collaborating with BTV and its network of forward-thinking industry leaders to drive meaningful change and deliver enhanced value for our clients and partners.”

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Celebrating its fifth anniversary in 2024, BTV also announced the opening of applications for the 2025 BTV Accelerator. With over $500,000 available in seed funding for each accelerator cohort, the BTV Accelerator has experienced remarkable success in its five years of operation. Significant milestones include: 

• 95% Startup Operating Success
• 58 BTV Accelerator Portfolio Companies
• $1.1 Billion in Collective (Implied) Valuation
• Over 1,000 Proof of Concepts

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“The BTV Accelerator continues to be a dynamic force for innovation in insurtech,” says John Jackovin, Executive Director of the BTV Accelerator. “Our focus on cultivating a robust network and providing resources has helped our startups scale faster and achieve impactful results in the market.”

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Applications for the 2025 BTV Accelerator are open until December 20, 2024, with participant selections planned for early 2025. Insurtech solutions are sourced globally, and BTV’s partnerships with Insurtech Israel, Insurtech Ireland, and Insurtech Latin America reinforce its international reach.

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“When we created BrokerTech Ventures in 2019, our mission was to cast a wide net in Insurtech exploration – with our primary focus being to help our clients identify risks sooner, and drive down costs faster,” says Dan Keough, Chairman & CEO of Holmes Murphy and Co-CEO of BrokerTech Ventures. “We believe that the broker sits squarely in a position of influence, to propel innovation and technology forward within the insurance value chain”

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About BrokerTech Ventures

BrokerTech Ventures is the first and largest broker-led insurtech ecosystem in the world, convening broker-centric innovation, ideation, investment, and communication to propel the industry forward. Learn more at www.brokertechventures.com, or follow us on X (@BrokerTechVen), LinkedIn, or Facebook.

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For media inquiries or further information on BTV’s impact in the insurtech space, please contact Emily Schultz, BTV Managing Director, at emily@brokertechventures.com.

BTV 2024 Accelerator insurtech startup creates seamless communication between carriers, brokers and end-customers

When they started their careers as software engineers, Zack Khan and Peter Dun were building complex forms for companies like Robinhood and Nextdoor. Their combined experience propelled them to leave their jobs to co-found Feathery. Today, they have found their niche, providing the most powerful form and workflow builder for insurance brokers and carriers. 

“We had experience working for form-heavy companies with a lot of data intake,” says Khan. “We started Feathery based on the challenge of building complex forms. There’s no other industry as complex as insurance, as far as data intake. There's data loss and translation, and especially for complex risk, there's just so much intake of data. That’s what got us excited about insurance. Over time, we’ve really doubled down on insurance as our core industry. We’ve learned so much about the industry and we’ve worked with so many incredible partners.”

Since its start in 2021, Feathery has already seen incredible growth. The company achieved a fivefold increase in growth in 2023, reached profitability earlier this year, and is on track for five to six times growth in 2024.

Building a network for all insurance stakeholders

According to Khan, the vision at Feathery is to power all data intake points within the insurance industry across all lines of business, with Feathery at the frontend to collect and process data for any process (e.g. quoting, claims) and route it to the right systems. “By building a network of all insurance stakeholders on the Feathery platform, we can solve the age-old problem of seamless communication between carriers, brokers and end-customers,” he says. 

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• For carriers, Feathery helps with unstructured data analysis so that they can return quotes to brokers and agents faster and more efficiently, which means more revenue. “Our system also enables them to use even more data for underwriting to more effectively evaluate risk,” says Khan. “Feathery also helps carriers process claims more efficiently with less internal resources.”

• For brokers, Feathery helps provide clients with personalized recommendations with less manual work. “For quoting, brokers can provide customers with more comprehensive options,” according to Khan. “For comparative policy analysis, brokers can help ensure their customers know their best options, leading to better customer service and less work required to serve each customer.”

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The BTV accelerator provides roadmap and focus
When Khan and Dun started working with the BTV accelerator program, it provided them with more momentum to move their business forward. “The exciting part was just being able to just meet directly, one-on-one with the biggest brokers in the country and some large carriers as well. BTV Mania, in particular, is like no other program. It has been so valuable. We've developed so many customer relationships from it, but also received incredible feedback. It’s really changed our roadmap and provided us with focus, helped us understand where the gaps are in our product and where people are looking for solutions. The team connects you with all these people and says ‘have fun’ and off you go. You see them at every conference, you connect with them and they help you actively navigate. It's just a great program.”

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Feathery is in the implementation stages with several insurance companies, including MassMutual, Secura and The Baldwin Group. Here are a few of the projects Feathery has led: 

• MassMutual built a digital experience for producers to automate license checks and submit customer information for commercial benefits. Feathery automatically updates MassMutual’s CRM (Salesforce) and returns an automated response on whether the producer is licensed to  sell that policy, speeding up time-to-quote dramatically and automating a previously manual process.
• The Baldwin Group uses Feathery to generate comparative policy proposals much faster.  Feathery analyzes carrier quote PDFs and Applied Epic data to generate branded reports for clients comparing different policy options, premium variances, coverage differences etc.  Baldwin is also leveraging Feathery for quoting automation, using Feathery’s browser extension to read ACORD PDFs and autofill quoting portals to dramatically speed up time-to-quote. 
• A leading cyber carrier built a quoting workflow that automatically reads incoming emails in the shared inbox, extracts data from attachments and outputs an Excel rating spreadsheet with the extracted data. This rater now includes more fields to help them better underwrite risk. 

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If you are interested in reaching out for more information about Feathery, use the following links:

• Website: Feathery 
• Email: zack@feathery.io
• LinkedIn: Zack Khan
• LinkedIn Company Page: Feathery
• YouTube: Feathery
• Blog signup: Feathery

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As Feathery continues to make waves in the insurtech space, their journey highlights the impact of innovation in transforming the insurance industry. Their ability to power data intake and streamline workflow helps carriers and brokers tackle today’s challenges with state-of-the-art solutions.

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Austin, TX., October 15, 2024 – The Risk & Insurance Education Alliance, in collaboration with BrokerTech Ventures (BTV), is proud to introduce its latest educational initiative, the Introduction to Insurance for Insurtech Professionals module. First announced in June 2024, the program is a self-paced course designed to equip Insurtech professionals with foundational insurance knowledge to improve communications and collaborations within the rapidly evolving insurance and technology sectors.

As the insurtech sector continues to push the boundaries of innovation, there is an increasing need for professionals within this space to understand the complexities of the insurance value chain. The Introduction to Insurance for Insurtech Professionals module aims to bridge this knowledge gap, empowering participants with a thorough understanding of insurance concepts, terminologies, regulations and the technological impacts shaping the industry.

Read more.

‍As BTV celebrates its 5th anniversary, we look back to our accomplishments to-date

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As BrokerTech Ventures (BTV) marks its five-year anniversary, we are proud to release our inaugural Community Impact Report, celebrating the collective achievements of our partners and startups that are driving innovation within insurance. This milestone report highlights the strategic partnerships with insurance carriers, wholesalers, and brokers, insurtech startups and investors, to allow us to create a measurable impact on the insurtech ecosystem. 

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Since our inception, BrokerTech Ventures has grown to include 23 carrier, wholesaler, and broker partners. In addition, we have grown to five towers of operation including the Accelerator, Early-stage Investments, Capital, Innovation, and Marketing & Communications. Through a unique model that engages carriers, wholesalers, brokers, startups, and investors, BTV has been able to highlight new technology solutions and broaden innovative thinking to address industry challenges in key areas such as underwriting, distribution, policy management, and operational efficiencies. To date, BTV has worked with 58 accelerator companies, raised a capital fund of over $34M, and deployed over $6M in capital via accelerator, early-stage, and capital investments.  

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Our Accelerator remains a vital mechanism to our success. Having propelled 58 insurtech companies through the program, we have seen a 95% operational success rate, with a collective valuation of our startups of over $1B. Following participation in the BTV accelerator, startups, on average, saw a doubling of their valuation. In addition, startups attributed nearly 1,000 proof of concept and nearly 200 client engagements to their accelerator engagement. 

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A key focus of the report is our commitment to growing our global reach. Our partnerships with international insurtech organizations such as Insurtech Israel, instech.ie, and Lloyds Labs have allowed us to tap into global innovation ecosystems, facilitating cross-border collaborations and bringing diverse solutions to the U.S. insurance space. In addition, BTV has partnered with the Risk & Insurance Education Alliance to release the “Introduction to Insurance for Insurtech Professionals” continuing education for insurtech startups. 

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As we reflect on these past five years, we look forward to continuing to lead the way in insurtech innovation. With an eye toward the future, BrokerTech Ventures remains committed to creating even greater value for our partners and further advancing the insurance industry through bold initiatives and impactful collaborations.

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In addition to reflecting on our past, we are keeping our eye on the future as we open up our accelerator applications for our 2025 cohort on November 1. We encourage innovative, broker-centered insurtech startups to apply and join us in shaping the future of the insurance industry. To apply, please visit this link on November 1 to December 15, 2024. To enter your name in a list to be notified when the applications are live, please fill out this form. 

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To learn more about BTV’s last five years, we invite you to explore the full Community Impact Report here.

Companies, in Partnership with InsurTech Israel, Host Second Annual Global Event at Holmes Murphy Headquarters

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Des Moines, IA – October 9, 2024 — Holmes Murphy and BrokerTech Ventures are excited to announce they will be cohosting the second annual Rapid Global Insurtech Accelerator (RGIA) in partnership with InsurTech Israel. The RGIA will bring 14 insurtech startup founders from across the globe — representing six of our seven continents — to Holmes Murphy’s headquarters in Des Moines, Iowa, November 11-14, 2024. 

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Kobi Bendelak, CEO and Founder of InsurTech Israel, created the premiere program in 2023 and hosted the inaugural event in his home country of Tel Aviv, Israel. Bendelak says this year, they chose to hold the event in Des Moines as the ideal U.S. location not only because the city is an insurance and financial services hub in the country but also due to Holmes Murphy's headquarters and extensive operations in the city and state. 

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“I’m consistently in awe of the incredible work Des Moines and the greater state of Iowa have done in the insurtech space,” said Bendelak. “Couple that with our connection between Holmes Murphy, BrokerTech Ventures, and InsurTech Israel, and it’s amazing how we’re able to further strengthen ecosystem ties and build relationships in the global insurance industry. Our relationship with these companies and the state of Iowa is a testament to the power of collaboration, transcending personal, business, and international dimensions.”

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The foundation and purpose of the RGIA is to build upon the global insurtech ecosystem and not only provide mentorship and business support to accepted global insurtech founders, but also to open the door for the global insurtech founders to experience how business is done in the U.S. marketplace. 

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The startups coming to Des Moines from Africa, Australia, Ireland, Latin America, and beyond will be bringing a diverse range of commercial solutions and technologies with them. As Iowa remains at the forefront of insurtech and the insurance industry, the state, region, and city of Des Moines have been instrumental in bringing this event to life. 

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“I am inspired by the commitment of our friends and business partners in the Central Iowa insurance community, as well as the state of Iowa, to help InsurTech Israel bring together the best minds in insurance and technology and bring to market trailblazing solutions,” said Bendelak. “Their efforts to drive innovation in the global industry further cements Iowa’s position as a powerhouse for insurance technology.”

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“With both Holmes Murphy’s and BrokerTech Ventures’ headquarters in Des Moines, our collaboration and partnership with the RGIA is a natural fit,” said Dan Keough, Holmes Murphy Chairman and CEO and BrokerTech Ventures Co-Founder and Co-CEO. “Our goal will always be to bring to market solutions that help our clients identify risks sooner so they can drive down costs faster. We believe insurtechs all over the world have technologies that can help us do that, and we are committed to elevating and supporting them for the greater benefit of all stakeholders.”

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If you are interested in learning more about the Rapid Global Insurtech Accelerator event, please reach out to Susan Hatten, Holmes Murphy Chief Marketing Officer and BrokerTech Ventures Chief Operating Officer, at shatten@holmesmurphy.com. 

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About Holmes Murphy

“Caring for Your Unique Potential is Our Soul Purpose.” That statement is the core of how we do business. We ask the tough questions, avoid the easy path, believe fully in caring for the unique challenges of our clients, impact the industry through innovation, and leverage our greatest assets — the hearts and minds of our people — to advocate on behalf of our clients. That’s our approach to risk management and benefits consulting, and it’s worked for us since our inception in 1932. As an independent brokerage, we serve clients in every industry and of almost every size, with the ultimate goal of providing exceptional service and caring for our clients’ unique potential. We are also the co-founder and co-owner of BrokerTech Ventures, the industry’s first broker-led convening platform and accelerator. For more information, visit www.holmesmurphy.com. You can also follow us on Twitter.com (@holmesmurphyins) or on Facebook, LinkedIn, or Instagram.

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About BrokerTech Ventures

Based in the insurance nucleus of Des Moines, Iowa, BrokerTech Ventures (BTV) is the first broker-led convening platform and accelerator program focused on delivering innovation to the insurance broker industry. Founded in 2019, BTV provides a venue for the best minds in insurance and technology to collaborate and bring to market leading-edge ideas and solutions. BTV invests in the research and testing for each of the chosen startups, provides access to veteran industry mentors, and helps scale the technology to market through broker distribution channels. Learn more at www.brokertechventures.com, or follow us on Twitter (@BrokerTechVen), LinkedIn, or Facebook.

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About InsurTech Israel

InsurTech Israel stands at the forefront of the Israeli Insurtech landscape, pioneering innovation across four core domains. Our multifaceted approach encompasses: Investment - We fuel the growth of Israeli InsurTech startups by providing crucial investment backing. Accelerator program - Our highly successful Israeli Insurtech accelerator forms global partnerships, propelling Israeli startups to new heights. Business Development Hub - We are dedicated to fostering collaboration between Israeli startups, insurance companies, and venture capitalists from around the world. Global Outreach - Through our media division, we orchestrate global roadshows, delegations, and conferences, effectively spotlighting the Israeli InsurTech ecosystem. Learn more at https://insurtechil.com/ or follow us on LinkedIn.

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‍How brokerages and insurtech are shaping the future of healthcare

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A growing demand for new, brand name medications is a major contributor to the high cost of health care. According to the American Health Insurance Association (AHIP), prescription drugs make up around 22% of commercial health plan premiums. In 2023, overall pharmaceutical expenditures in the U.S. grew 13.6 percent compared to 2022, for a total of $722.5 billion.

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Understandably, pharmacy costs are a chief concern for employers who want to offer their employees a robust benefit package while containing costs. That’s why industry leaders are collaborating with specialty consulting firms and insurtech companies to explore strategies and creative solutions to improve patient outcomes and reduce costs.

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Here, two leaders discuss their role in innovating pharmaceutical care, and how insurtech and specialized consultants are playing a future-forward role:

• Connie Perry, PharmD, Managing Director of Ethica Pharmacy Advisors
• Brand Newland, PharmD, MBA, CEO and Cofounder of Goldfinch Health

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Ethica Pharmacy Advisors: Leveraging technology to optimize benefits for employers

Ethica Pharmacy Advisors is a pharmacy consulting firm housed under the umbrella of M3 Insurance, a privately owned, independent insurance broker. Recognizing the need for specialized expertise for pharmacy benefits, M3 created Ethica Pharmacy Advisors in 2024 to help employer groups manage drug costs.

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“There’s a lot of concern about pharmacy benefit managers (PBMs) being opaque, focused on revenue, driving up costs, and overall, having misaligned incentives, which leads to unaffordability,” says Perry. “So, someone with diabetes can no longer afford their insulin, for example. There’s so much negativity to it. We aim to provide transparent and strategic advice.”

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Ethica works with primarily self-insured groups of any size, says Perry, adding that their sweet spot is small- to mid-sized employers. In order to optimize pharmacy benefits for employers, Ethica conducts a thorough review of PBM contracts and the structure of pharmacy coverage, helping clients understand areas for improvement and potential cost savings. 

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“We're intermixing the value of technology on the contract integrity side with clinical oversight,” she adds. “We distinguish ourselves from competitors who may still rely on manually processing data.” 

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Ethica’s platform is able to identify and categorize pharmacy claims, such as brand, generic, or specialty drugs, and assess PBM pricing strategies or tactics. “This enables precise repricing that inclusions actual claim exclusions without relying on assumptions, helping to eliminate tactics used by PBMs to obscure discounts and rebates,” say Perry. 

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The goal of Ethica Pharmacy Advisors is not only to reduce prescription drug spending but also to improve the care and management of chronic diseases, adds Perry. “This approach may sometimes increase prescription costs by ensuring patients receive the right medications and adhere to their treatments. However, these efforts can lead to significant savings on the medical side by preventing long-term complications and reducing emergency room visits, although these savings are harder to measure directly.”

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Goldfinch Health: How The Billion Pill Pledge uses tech to tackle the opioid crisis

Over the past two decades, a significant long-term complication of prescription drug use has been opioid addiction. Prescribed as safe and non-addictive for chronic pain management in the late 1990s and early 2000s, we now know that long-term use of opioids carries a high risk of addiction, dependence, and overdose.

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To combat opioid use after surgery, Brand Newland co-founded Goldfinch Health in 2018. As a 2020 BTV Accelerator participant, Goldfinch spearheaded The Billion Pill Pledge, an initiative that aims to erase 1 billion unnecessary prescription opioid pills from homes and communities.

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Newland, a PharmD who holds a certification in pain management, was inspired by personal experiences with the pitfalls of surgery and a lack of proactive solutions to the opioid crisis. “The frequency was staggering. It seemed everyone has a connection or a story to tell.”

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The pledge addresses the alarming statistics showing that even a single opioid prescription in a household can increase the risk of overdose by 60%. Two prescriptions can raise the risk by 600%. 

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“There are 3 billion leftover opioids each year after surgery in the U.S. The drugs are dangerous not only for the person who had the surgery or procedure, they are also a danger to the people around them,” says Newland. 

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The pledge began as a concept in 2020, gaining momentum with the opioid settlements in 2022. The program partners with states such as Iowa, Nebraska, Tennessee, and South Carolina, helping healthcare providers reduce opioid prescriptions through training and implementation of evidence-based, non-opioid pain management strategies.

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Goldfinch's approach includes tech-enabled healthcare services with nurse navigators supporting patients before and after surgery, aiming to reduce opioid use and improve recovery outcomes. Their approach addresses personalized pain management, education, implementation, support to providers, and proper disposal of opioid prescriptions. 

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In addition to working with employers and brokers, Goldfinch also leverages funds from opioid settlements to implement programs in multiple states, helping healthcare providers update their pain management practices. “The goal is to create sustainable changes in opioid prescribing and pain management, with employers and brokers playing a critical role in sustaining these practices once settlement funds run out,” says Newland. 

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“We’re seeing 60% fewer opioid pills, 92% fewer opioid refills, and we’re also decreasing readmissions,” says Newland. “So, patients go home with fewer opioids and they do better, not worse. But that's a little counterintuitive in the U.S., because it's been so ingrained over the last 25 years that opioids are state-of-the-art health care. It’s simply not true.”

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Goldfinch’s message resonates strongly with a certain segment of employers, especially public entities, school districts, manufacturing, and labor unions. “Sadly, many of these people can think immediately of someone who has been impacted by opioids,” says Newland. “They want to prevent it from happening to someone else.” 

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Goldfinch continues to sell their program through brokers and consultants around the country. According to Newland, “Much of the time, we're working with brokers we met through BTV, who has been so impactful to our cause.”

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Overall, companies like Ethica and Goldfinch Health demonstrate how innovation in pharmaceutical care by brokerages and insurtech is crucial in addressing the needs of modern health care. Their ability to embrace cutting-edge technology and adopt creative solutions have the potential to significantly enhance access to appropriate medications, decrease costs, improve outcomes, and streamline healthcare.

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By Lori Widmer, The Rough Notes Company

Original article published by RoughNotes and available here.

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It is no secret that the insurance industry is drowning in data. With over $859.9 billion in written premiums in the P-C market in 2023 (NAIC data), there’s a lot of time spent digging through paperwork. An Accenture study found that 40% of underwriters’ time is spent on non-core, administrative activities.

This kind of inefficiency is costing organizations plenty; Accenture figures place the loss of efficiency between $17 billion and $32 billion annually. Yet, organizations need to analyze loss runs, applications and other forms and documents in order to serve customers and compete in a tight market.

That’s where Sai Raman says his company can make a difference. Raman, founder and CEO of CogniSure, has employed cognitive AI—artificial intelligence that can emulate perception, learning, reasoning, and interacting. CogniSure’s AI platform can convert “100-page loss runs into something that an underwriter or broker can make sense of within minutes without somebody manually keying,” says Raman. “That’s what we do.”

He gives an example of a transportation account. There could be a CAB report, loss run, and driver schedule. Typically, he says, underwriters must look between schedules and loss runs to determine which drivers are having more claims.

There is a lot of time spent parsing data between various reports. What CogniSure does, Raman says, is “not just parsing out the data from a document, but stitching the data to make sense.”

Once the data is analyzed, it can be delivered to agency management systems, risk management systems, or any systems that carriers or brokers want, says Raman.

Applying tech solutions

That’s a big change, says Raman, who has spent much of his 27-year insurance industry career working on technology solutions to solve business problems. He started with a common issue: “I wanted to do a coverage gaps analysis in the policy” for the personal lines arena. That’s where he ran upon his first challenge. The only way to look at what coverage gaps existed, he says, was to read the policy documents.

With policy documents being in PDF format, Raman says he and his team figured out how to extract data from such documents. Once that milestone was achieved, Raman says he moved on to commercial lines. “Personal lines coverage gaps is a smaller problem compared to commercial lines with the loss runs and schedules. So, we pivoted toward commercial lines,” he says.

As part of the BrokerTech Ventures (BTV) Accelerator Program, Raman says he and his team got valuable insights and were able to hone their focus in the commercial lines market. “Talking to different brokers, we found out that more than the coverage gaps, these were bigger problems,” he recalls. “We were able to transition into solving the broker-centric problems with documents.”

CogniSure was formed in 2019. The platform officially launched in 2021. In the few years after launch and during the pandemic, Raman says he and his team worked within the BrokerTech Ventures Accelerator Program, “kind of refining our product market fit, working with a lot of BTV brokers during the 2020 COVID time.”

The time was well spent awaiting the reopening and resumption of businesses globally. “It was a great decision for us,” Raman says.

Now with over 15 customers and growing, Raman says the company is not resting. “We have expanded. In addition to P-C, we also have an employee benefits” solution to address the issues of self-funded accounts in the medical health benefits space.

“Employers are taking risks with self-funded plans,” he adds. “They need to know what’s happening in those plans.” Automating their documents works the same way that automating other insurance lines does—CogniSure can compile and analyze the data, reducing time, errors, and costs.

What users say

For Taruja Deshmukh, insurtech solutions manager for New Jersey-based broker Conner Strong & Buckelew, that kind of efficiency in her company’s employee benefits department was essential. “The data analytics team within our Employee Benefits group was spending a significant amount of time manually pulling unstructured loss data from various sources and preparing that data for further analysis in monthly reports provided to our clients with self-funded programs,” Deshmukh says.

“We needed a way to introduce automation to make this process more efficient, especially as the number of clients with self-funded programs was trending upwards,” she adds.

Tammy Brown, training and technology leader for Conner Strong, says, at first, the company tried working with an existing partner to solve the issue. “We attempted, unsuccessfully, to have an existing data warehouse partner build a functionality to create our monthly reports,” says Brown. “However, the process did not meet our expectations regarding scope and reporting flexibility.”

After considering other options, they settled on CogniSure. “Once we engaged CogniSure, it was evident their solution allowed for a greater repository of data allowing for real-time custom report generation,” Brown says.

It was an easy choice, says Desh-mukh. “Sai’s team had initially built a loss run insights platform for P-C, so we knew the underlying technology was already there.”

Deshmukh and her team worked with the CogniSure team to develop the employee benefits platform to handle the company’s loss data. “In doing so, we were able to develop a platform that cut down significantly on the amount of time the team spent on preparing client reports—from numerous hours to a matter of minutes to get the reports populated.”

The result has been exactly what Brown and Deshmukh had hoped for. Deshmukh says their data team is now able to spend more time on the higher-value functions, “assessing the data and delivering actionable insights to clients.

“The platform also provided a dynamic dashboard to better understand plan activity and cost-drivers and make data-informed decisions about employee benefit plan designs, including cost-saving opportunities.”

Deshmukh says that her team worked closely with CogniSure’s development team. “Over the course of several months we did a deep dive educating the CogniSure team on the current process, identifying data elements within employee benefit loss data materials and training the applicable carrier documents.”

It was a process made easier, says Brown, thanks to the willingness of the CogniSure team to work with them on the details of their processes. “Their team very quickly learned the nuances of our business both on the employee benefits and P-C side,” Brown says.

The end result is a process that Deshmukh says is a true collaboration. “Through the entire process, the CogniSure team was a great partner—their team was very flexible in adapting to our needs and committed to making a product that was beneficial to our team and the industry. And this applies to any work since then that we’ve done with their team.”

Conner Strong also gained in other ways. “Engaging CogniSure allowed our very talented data analytics team to focus on true analytic projects,” says Brown. “Prior to their engagement, much time was spent manually entering data into a spreadsheet with limited time to develop strategic solutions.

“We are now able to attract and retain talent that best utilizes their skills and abilities,” she adds. “Our clients have benefited from the high-end data support our teams can now provide.”

CogniSure has continued to lend support to the Conner Strong team. Deshmukh says she has used the CogniSure team’s expertise in other areas. “While we utilized a platform in our P-C claims group that supported automatic data feeds for a considerable amount of loss data, we still faced challenges with a manual process of converting loss runs that were not supported by automatic data feeds.”

CogniSure to the rescue. “By bringing in the CogniSure team on this problem, they were able to provide a product that helped fill a gap in our existing solution by creating an automated data conversion process for us to easily take loss runs in any format and convert it to a specific template to upload into our claims analytics platform,” Deshmukh says.  

Even with customization, Raman says onboarding can happen within three to six months. Since the insurance-specific algorithms are already built in, he says customizing doesn’t create much of a delay in delivery of the product. “A carrier can go live within three to six months if they want specific requirements. Most of the cases, within three months [a customer] can go live.”

For Conner Strong’s tech team, their collaboration with CogniSure is something that has delivered quite a lot of value. “The CogniSure team is creative and forward thinking,” says Brown. “They understand the dynamic nature of our business. We have benefited tremendously from our partnership with them.”

The author

Lori Widmer is a Philadelphia-based writer and editor who specializes in insurance and risk management.

BrokerTech Spotlight offers a look at insurtech offerings from startups that have partnered with BrokerTech Ventures (BTV), a convening platform for brokers, carriers and wholesalers, and tech firms, and includes insight from other BTV member owners.

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‍How BTV leaders collaborate with competitors to benefit consumers

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The concept of "coopetition"—a blend of competition and cooperation—has gained traction in various industries, from tech giants like Google and Microsoft to large retailers like Amazon and Walmart. With coopetition, competitors may share supply chains, logistics, technology, or infrastructure to reduce costs and improve efficiency.

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The insurance industry is also gaining traction from coopetition. Several partners at BrokerTech Ventures (BTV), who are regional competitors, consistently work together to share best practices, experiences and other insights to help drive innovation. In the pre-competitive space, brokers, carriers, and wholesalers work collaboratively to leverage strengths and resources to create and improve industry standards. The end goal, ultimately, is to benefit consumers.

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Here, four insurance industry leaders discuss the concept of coopetition and its influence on innovation at BTV:

• Dan Keough, Chairman and Chief Executive Officer at Holmes Murphy and Co-CEO/Co-Founder at BrokerTech Ventures
• Mike Victorson, Chief Executive Officer at M3 Insurance and Co-CEO/Co-Founder at BrokerTech Ventures
• Wendi Bukowitz, VP, Director of Strategic Innovation at The Cincinnati Insurance Companies‍
• Tom Parsons, Head of Digital Strategy at Amwins

What is coopetition and how does it benefit innovation?

Keough: “Coopetition is a joint philosophy around the idea of bridging collaboration and competition to mutually benefit your company, industry, individuals, or stakeholders. The coopetition model of BTV is about bringing together like-minded and like-valued brokers, insurance companies, and wholesalers to share, provide insights, and propel the advancement of insurtech innovation forward through a collaborative movement.”

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Victorson: “When competitors who usually participate in competition are now working in cooperation to make something better, it allows you to take an outside-in lens. I think it works best when you start with the customer and work backwards to determine how they consume and interact with the industry. This can result in new ways of doing business. With voice-of-customer endeavors, our industry is often guilty of building proprietary solutions grounded in competition. It forces the consumer to interact with an individual way of doing business that is connected to legacy types of systems or customers. Coopetition can ultimately benefit an entire industry if we’re willing to take the abundance type of thinking and mentality we talk about at BTV.” 

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Bukowitz: “Coopetition is when competitors collaborate in a pre-competitive space. I believe that collaborating in this way is necessary to create the conditions for transformational innovation. I don't think it's required for incremental innovation at all, but I do think that coopetition has the potential to fundamentally shift the basis of competition across the board. Does it create a new playing field? Does it change the contours of the existing playing field? I don't know how dramatic the change is, but it moves for everyone who's competing at the same time. Gaining an advantage on the new field is a function of each of our companies harnessing our unique capabilities to compete.”

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Parsons: “Coopetition creates innovation by enabling the exchange of ideas, resources, and capabilities among competitors. Working together helps reduce costs and risks by sharing the expenses and uncertainties of developing new products or services. It can also increase the scale and scope of the market by creating inter-operability and compatibility standards that make the products or services more accessible and attractive to customers. This type of collaboration also helps us enhance the quality and diversity of our offerings by combining the best features and capabilities of each partner. We foster learning and creativity by exchanging ideas and feedback with other experts and innovators.” 

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How do you balance trust and confidentiality with collaboration and sharing experiences in an innovative lens?

Keough: “When we founded BTV, our foundational infrastructure was based upon Simon Sinek's book, ‘The Infinite Game.’ The idea is that a rising tide lifts all boats—and yes, there are rivals—but they are worthy. We have a great degree of trust in each other and in our intentions to move our industry forward for the better. Within the pre-competitive space, we also see an opportunity for brokers and carriers to share and learn from one another, which is incredibly valuable.”

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Victorson: “Often, trust and confidentiality naturally take care of themselves. That’s because when competitors get together, they quickly learn that things they believe are proprietary really aren’t, so there are many things you can collaborate on that don’t require trust and confidentiality. In those rare cases where you get into truly proprietary information, you have enough of a relationship with each other that you can have the requisite conversations ahead of time, so that you can get deep into the differentiators that require trust and confidentiality.”

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Bukowitz: “It's about how you create trust. Next year will be our fifth year with BTV. Being in the same room and at the same table with brokers, other carriers and wholesalers has created this feeling of trust. When I think about balancing trust and confidentiality, what's interesting to me is that it's not really that hard, because we share so many common challenges having to do with people, processes and technology.”

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Parsons: “Trust and confidentiality are essential for successful coopetition, as they enable the partners to share sensitive information and resources without compromising their competitive advantage or exposing themselves to opportunism. There are best practices to follow, like establishing clear and mutually agreed-upon goals, expectations, and boundaries. Using contracts, non-disclosure agreements, and intellectual property rights can protect proprietary information and assets of each partner. It’s also important to build trust and rapport through frequent and honest interactions, mutual respect, and recognition of each partner's contributions and achievements.”

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How do you balance competition and cooperation in an organization like BrokerTech Ventures?

Keough: “We talk about what is open game for discussion in the pre-competitive space, which we believe is 85 – 90 percent of the inner workings of each of our firms. The remaining 10 – 15 percent is an organization’s secret sauce or competitive advantage. This is a highly competitive industry, but there is value in strategic partnerships that allow us to innovate and expand offerings while maintaining a competitive edge.”

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Victorson: “Honestly, it takes care of itself. Because we came into BTV as competitors, we really worked on what the concept of coopetition looked like, for example, the cadence and frequency of meetings, the ways we would connect members of our respective firms, the types of projects we would work on. So, a lot of connection and trust has been built early on. I don’t know of a situation where any one of us has stepped over the line. There’s just so much opportunity to build friendship and trust. When you have that in a business setting you can solve a lot of issues. Of course, this is a highly competitive industry. You can still compete with one another. There’s no question that competition sharpens every aspect of your business.”

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Bukowitz: “We don't go to the market without brokers. They are our path to market. We are their path to product. So, the common challenges of people, processes and technology create common ground for cooperation. When we talk about how to create value for our shared customers, we're talking across the value chain. So, it's not so much what we do. It’s the ‘how we do what we do’. It’s our ability to execute. This is what’s unique to each organization because of a company’s culture, strategic priorities and operating capabilities. The way we get things done is different.” 

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Parsons: “I love how BTV members embrace cooperation by adopting a dual mindset that recognizes the benefits and challenges of both modes of interaction. On one hand, members see competition as a positive force driving them to improve their performance, differentiate their offerings, and satisfy their customers. On the other hand, members view cooperation as a strategic opportunity that enables them to access new markets, technologies and capabilities, and to create value exceeding their individual efforts. By aligning their incentives and interests with the overall vision and mission of BTV—to foster innovation and collaboration in the insurance industry—members create a true win-win situation benefiting themselves, the organization, and the industry as a whole.”

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How has the collaboration between competitors in BTV ultimately led to actionable insights for you?

Keough: “We have ‘labs. by BTV community’ that supports the innovation efforts of the employees and individuals who are working hard each and every day to support our clients. It has created a cross-collaboration and information sharing amongst our broker, carrier, and wholesale firms to derive actionable advice and throughput, and to advance insurtech solutions at a much more rapid speed. Certainly, any one of us could go at this alone, but to do so amongst incredibly respected industry peers will only advance our industry faster.”

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Victorson: “It’s one thing to get the ‘what’ from people at a meeting or seminar or cocktail hour. It’s another thing when you have the type of friendship and relationship where they let you into their ‘how.’ When businesses get a chance to learn from each other in terms of how they analyze and assess innovation and how they’ve deployed it to serve the customer, their trading partners, and colleagues, that’s when it has a big impact on your organization.”

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Bukowitz: “For us, it’s a deeper understanding of agency operations which we, as carriers, don't see in our day-to-day interactions. As part of BTV, we get to see when several brokers are interested in pilots with the same startup and we learn that this common problem is a real pain point. This gives us insight into a challenging aspect of their operations that is probably the same for other agencies that we do business with that aren't part of BTV. Then we can explore how we might be able to take the solutions that the BTV brokers are finding, testing and using and share them with agents representing our company. This has led to truly actionable insights for our company. There is this new frontier that BTV is pushing us into where we can collaborate.”

Parsons: “The collaboration within BTV provides us with a ton of actionable insights. BTV offers many opportunities to work closely with our retail agents, helping us better understand their needs and align our investments in technology to provide the best retailer experiences. Listening to our retail partners discuss tangible problems and debate the effectiveness of accelerator start-ups in solving these issues is incredibly practical.”

‍BluePond AI, a BTV 2024 Accelerator Startup, Utilizes Broker CoPilot to Provide GenAI-Backed Policy Checking

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BluePond AI, a BrokerTech Ventures (BTV) 2024 Accelerator insurtech startup, is updating the historically tedious and manual process of Policy Checking by automating the process through the Broker CoPilot system. 

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Directed toward commercial insurance operations for brokers, carriers, and reinsurers, the Broker CoPilot system leverages Generative Artificial Intelligence (GenAI) to provide a full-picture view into both broad commercial policy variables and the intricate details of policy contract language – accurately, less expensively, and providing auditable transparency – in minutes rather than hours. “One of the greatest pain points in the industry is the back-room operations of retail and wholesale brokers, specifically, the laborious task of Policy Checking”, says Rich Stamets, Chief Commercial Officer at BluePond AI. The Broker CoPilot system changes this. 

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Unique Value Proposition

BluePond AI was born from the vision of the founder Pranav Pasricha. After identifying the labor-intensive and error-prone process of Policy Checking, Pasricha assembled a team of insurance professionals with expertise throughout the industry to build a digitally focused solution addressing this pain point. "Our founder assembled an elite group of engineers to tackle this issue, leveraging the latest in LLMs and GenAI," Stamets shares. "The result –- BluePond's Broker CoPilot system."

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BluePond AI was born from the vision of founder Pranav Pasricha. After identifying the labor-intensive and error-prone process of Policy Checking, Pasricha assembled a team of insurance professionals with expertise throughout the industry to build a digitally focused solution addressing this pain point. "Our founder assembled an elite group of engineers to tackle this issue, leveraging the latest in LLMs and GenAI", Stamets shares. "The result is BluePond’s Broker CoPilot system."

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What distinguishes BluePond AI from its competitors is its blend of advanced technology and an exceptionally experienced team. Each member of the leadership team has over 20 years of industry-specific experience, with high-ranking positions in globally recognized companies. "Our technology and our people set BluePond AI apart from the competition", says Stamets. Founder Pasricha’s extensive background includes senior leadership roles at Swiss Re and QBE, alongside multiple successful startups. This deep industry knowledge is complemented by BluePond AI’s cutting-edge technology. While LLMs and GenAI have only been available for the past 12-15 months, the BluePond AI team recognized immediately the value these innovations could provide and began harnessing the new technology to become one of the first to market. 

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"The pain points today for brokers are that they are checking every new business quote against applications or specifications manually. Until Broker CoPilot launched, checking policies manually has been the only method to complete this vital task", Stamets notes. This GenAI-led solution not only enhances operational efficiency but also significantly reduces costs for brokers by providing accurate, auditable policy checks backed by insurance professionals. 

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Success Stories and Impact

BluePond AI has already experienced positive momentum. At BTV Mania, an annual event where BTV partners and startups collaborate on the opportunities to partner with each other, the Broker CoPilot solution garnered interest from retail and wholesale brokers as well as carriers. "From our very first meeting to our last, we received great interest in the Broker CoPilot solution. Retail and wholesale brokers and their carrier counterparts were interested in our GenAI solutions and our service team", recalls Stamets. "We are in the midst of following up, teeing up opportunities for POC and investment discussions", Stamets adds.

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BluePond AI’s journey through the BTV accelerator has been pivotal. "BluePond AI joined the BTV accelerator because there is nothing like it in the industry. There's nowhere else a startup can gain access to some of the best insurance organizations in the U.S. – national retailers, wholesalers, and carriers", explains Stamets. "Given the overwhelmingly positive response we received at BTV Mania, the reality of BTV's value is proving to be greater than our initial hope and expectations", he adds.

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Get in Touch

For more information or to explore potential collaborations, visit BluePond AI’s website at bluepond.ai. You can also reach out directly to Pranav Pasricha, Founder and CEO or Rich Stamets, Chief Commercial Officer. Follow BluePond AI on LinkedIn.

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‍The next generation is primed to meet industry challenges

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Over the next 15 years, half of the current insurance workforce will retire, according to estimates from the Bureau of Labor Statistics. In fact, less than 25 percent of employees in the insurance industry are under 35 years old. As older employees exit the workforce over the next decade, over 400,000 positions will be unfilled nationwide. 

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In addition to changes in the workforce, the insurance landscape is undergoing rapid changes. New technologies are changing the way insurers do business, and the risk profiles of previously understood verticals, such as home and flood insurance, have been drastically altered in the last decade.

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Meanwhile, universities, insurers and brokers are working together to ensure the growth and relevance of the industry. They are creatively preparing students for the field with hands-on experience, internships, and exposure to the latest insurance technologies. Ultimately, their goal is to contribute to a more dynamic, skilled, and future-ready insurance workforce. 

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Here, three professionals answer questions about the future of insurance through various lenses:

• Kevin Croft is an Associate Professor of Practice and Director of the Kelly Center for Insurance Innovation at Drake University in Des Moines, Iowa. 
• Susan Kearney is Associate Director for the Maguire Academy of Insurance and Risk Management at Saint Joseph's University in Philadelphia, PA. 
• Taruja Deshmukh is the Insurtech Solutions Manager at Conner Strong & Buckelew, a top 30 U.S. insurance brokerage and a founding partner of BrokerTech Ventures. 

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How is your organization helping students meet modern challenges within the insurance industry?

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Croft: “Our curriculum is focused on helping students graduate with the nuts and bolts they need to be successful, and the skills employers are expecting. Coursework provides room for case studies, as there is no shortfall of real-world events to discuss in class. We work with area insurers, brokers and carriers to provide meaningful internship programs. We are located in Des Moines, where 75 insurers are headquartered, so there are ample opportunities. In addition to internships, we augment learning by having industry experts join us to discuss real life examples. Insurance is just like any other business, so our program is open to all majors. In addition to actuarial science and risk management, we need people with skills in marketing, law, finance, management, accounting, and the list goes on.”

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Kearney: “Our curriculum is deeply committed to preparing students to meet the modern challenges within the insurance industry. We offer a broad range of opportunities for our students, including scholarships, internships, and co-op experiences, networking with industry professionals, mentorships, student travel, and competitions, and ultimately, career placement with leading employers. In our curriculum, we offer courses on topics such as data analytics, insurtech, cyber, and enterprise risk management. These courses are designed to equip students with the knowledge and skills needed to navigate the rapidly evolving landscape of the industry. As part of the course work, students have the opportunity to work on solving real life industry problems by working with industry partners We have a board with over 50 insurance, reinsurance, and brokers who support our program here, so there is a lot of real-world application and learning. This strong industry connection enables us to bring that expertise into the classroom to enhance practical relevance. We're also aligning with industry designations and certifications. For example, with data analytics, the students can work toward an Associate in Insurance Data Analytics® (AIDA) designation. So, when they graduate, they have this incredible real-world experience and hold (or have parts towards) industry-recognized industry designations that set them apart.”

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Deshmukh: “Conner Strong's training department has developed a robust internship program. Students work with a team to get hands on, day-to-day experience of what it's like to work in the industry, but they also have the opportunity to hear directly from many of our senior leaders about different practices areas and topics, including alternative risk programs, data and technology, and more, to get a holistic understanding of broker operations, emerging trends, and challenges.”

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What kinds of partnerships, programs and hands-on experiences are students experiencing? 

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Croft: “Student interns work alongside insurtech start-up founders. Last year, we had the leaders of BTV and the Global Insurance Accelerator in to discuss how accelerators work. We also bring in investors and carriers that invest in startups, as well as private equity firms. We host “disruption days,” a case competition where we bring in an expert to create a case about something relating to either a disruption or an innovation in the insurance space, and then have the students work on their case presentation and share it the following day. We host the Drake Risk and Opportunity Forum, a professional level conference with a steering group of executives and chief risk officers. We discuss insurance-related topics, such as fraud, the economy, or the impact of climate change, so students have the opportunity to engage with professionals in those fields. There is so much more we could talk about. The program hits on all cylinders, and it’s really an accelerant to someone's career.”

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Kearney: “Aside from internships, we are out there collaborating with the insurtech industry, bringing in insurtech startups to talk about AI-based or blockchain solutions, for example, to give our students a firsthand look at various technologies and how they are being applied in real-world scenarios.  In addition to hosting the InsureTech PHL conference, our students also attend a variety of insurtech and industry conferences to provide networking and exposure on the latest trends and innovations in the industry. Our program is also unique in terms of working with external partners. In our insurance data analytics course, we work with an industry partner to provide us with large sets of anonymized data and a prompt, and our students work in the lab to solve a problem or produce insights. In our digital transformation in insurance course, we have an ongoing relationship with BTV, who provides our students an incredible opportunity to work with and analyze some of the insurtech start-ups competing in BTV’s incubator lab. Students have the unique opportunity to work closely with the start-up founders and present their findings and recommendations to BTV and its partner companies. This approach provides opportunities for the students, BTV, and the insurtech startups, so it’s a triple win. We’ve had great feedback. These students are extremely bright and ready to go when they have completed our program. We’re producing future leaders in the industry.”

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Deshmukh: “Our interns have the opportunity to participate in client meetings, carrier calls, site visits, and so on. They have found the exposure to the inner workings of a broker, including interactions with various teams, carriers and clients, to be invaluable this early in their career journey.  They are able to take what they learn and use that knowledge as a competitive advantage when they enter the workforce, already knowing how to effectively run a meeting, how to respond professionally to a client and how to go about navigating different challenges. Interns are paired with mentors to provide training, feedback, and guidance.  Interns collaborate with carrier partners to provide additional learning opportunities.  We’ve had our interns act as an underwriter and go through the process of rating accounts over a five-year period, hear networking tips and tricks, network with other interns from the area, and attend industry events. 

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How are you preparing students to use AI, and other new technologies, efficiently, appropriately, and ethically?

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Croft: “We embrace the use of AI as long as it's properly identified as a source or as an idea generator. College is a safe place to try new tools and explore ideas. So, what do the tools show in this area of expertise? Do we agree with the AI results? Why or why not? Certainly, technology needs to be augmented by legal, humanity, and neuroscience. We’re really working on this on a holistic basis as opposed to an isolated approach of being a great programmer. So, the curriculum for an AI major includes philosophy, psychology, neuroscience, and ethics classes, in addition to statistics, machine learning, and AI coursework.”

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Kearney: “This whole concept of digitization, even though it's been around for a long time in our industry, will continue to evolve. Through coursework, students are learning about different technologies, including AI. They gain an understanding of the various concepts, such as machine learning, and learn the language used by data scientists and computer engineers who are developing the technology. This knowledge allows them to effectively collaborate with technical teams in their future careers. More importantly, our students are learning through real-life projects how these technologies are being used to solve real industry problems. Overall, we pride ourselves on preparing students to be future leaders.”

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Deshmukh: “We encourage the student interns to utilize AI within the parameters of our company policies, as a tool to assist in daily tasks and research. In our work with BTV and St. Joe's University, where we recently concluded our second year of the student innovation project, students actually work directly with start-ups that apply to the BTV Accelerator program, with many of those start-ups utilizing AI or other emerging technologies as part of their solutions. The students perform various analyses on the start-ups from a financial and operational perspective and they get feedback on the solutions from industry members, including from the BTV broker community. They then use their research and findings to make recommendations back to the start-up with respect to strategy, product application, etc. It's an interesting and engaging way, we've found, to bring awareness to the students to that aspect of the industry and help prepare them for what they'll encounter as they enter the workforce.”

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As the insurance industry continues to navigate the complexities of the modern landscape, insurance companies, brokers and universities will continue to form strategic and creative partnerships. These collaborations are vital to better train the future leaders of the industry, with an emphasis on innovation and out of the box thinking. 

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The Baldwin Group helps brokerages scale up with better technology and improved market reach.

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Over the last several years, The Baldwin Group — an innovative independent insurance distribution company — has seen tremendous growth, organically and inorganically. While The Baldwin Group leads on the organic growth in the brokerage industry, it also pursued the inorganic path of “partnering” with high-quality brokerages. The inorganic growth added diversity to their portfolio, but it also comes with challenges, especially when it comes to integrating technology of many businesses.

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As The Baldwin Group’s Chief Digital & Information Officer, Raj Kalahasthi and his team are responsible for all things technology and security in service of their stakeholders: The Baldwin Group’s clients and colleagues. The technology team deliver platforms that provide risk management insights to clients and aid colleagues with the solutions so they can effectively advise and service clients. The technology team is also responsible for supporting the creation of a unified business through integration of technology across the partnerships. Integration is often an intense period of change and adoption as broker partners join the firm. Kalahasthi describes the approach as having two pillars or cornerstones. 

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“Take a step back and think about what’s critical for our clients,” says Kalahasthi. “There are two pillars, or cornerstones, for success. One is trust, we must earn that every day by providing the right advice and coverage for our clients’ risk needs and being there in the moment of truth in the event should things go sideways. Next is transparency, transparency into what is in the best interest of clients – choices of coverage, pricing, etc. To deliver on these, you need talent and technology. Talent because you need professionals who combine their insurance expertise with that of the clients’ industries to offer the best advice and solutions. Technology is the other crucial component needed to get things done seamlessly, share access to insights, enhance collaboration with experts, and provide the right information at the right time with ease.”

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Here, he discusses the challenges and opportunities associated with combining technology stacks in merger and acquisition (M&A) scenarios within the brokerage industry.

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What are tech stacks and why do they matter?

“Tech stacks are a set of technologies that the end user, such as clients and colleagues, use every day to conduct business. I think of tech stacks in two parts: below and above the surface Above the surface, it’s what we interact with daily, such as email and other collaboration tools, analytical solutions, and all other applications that make a client and colleague journey seamless. 

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Below the surface is the foundation, or the rails, that keep everything running smoothly and on track such as cloud computing, networks, etc. Security mechanisms are built into the entire fabric above and below to protect the firm.

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All these matter in the tech stack; you need the right foundation to scale as you grow, protect against a dynamic threat environment, and the applications will evolve with changing client’s expectations and firm’s strategy.” 

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What is the current state of technology in the brokerage industry?

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The insurance brokerage industry is undergoing a significant transformation driven by technological advancements like Cloud, AI, etc. The firms that combine technology with insurance expertise create a digitally fluent workforce and data-driven culture that will gain outsized advantage in attracting talent, gain revenue, and become more efficient. 

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“Technology is helping improve the scalability of brokerages and expand reach without increasing overhead costs as they grow. This is where ‘below the surface’ or foundational technology comes in, as well as the negotiating power that comes with the technology partners you work with. Overhead costs will not be directly proportional to growth. That’s where the scale helps in terms of market reach and access. Scalability also enables brokerages to have better negotiations with stakeholders, insurance companies, or Insurtech partners. 

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Technology is enabling operational efficiency, through automation of many activities in the client and colleague experience and makes it less painful, if not seamless. You never automate someone out of a role; you automate the things that create friction. You automate to make it easier so the person can focus more on high-value activities versus pushing paper or other time-consuming activities. Once you build the right technology muscle, along with the force of data and AI, your company will start having a competitive advantage.”

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How is technology impacting the trend of M&A in insurance brokerages?

“My background is in the banking industry, and what’s been happening with insurance brokerages is what happened in banking since early 2000s. What used to be tens of thousands of banks has now condensed into a few thousand. Only the top twenty banks have been ruling the roost since the 2008 banking crisis. While we don’t have that same crisis in insurance, we do have the same phenomenon. Mergers and acquisitions are helping brokerages improve scalability, provide better access to technology, and improve market reach.

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When it comes to technology, it’s quite an investment to get to the point where you’re using it to your advantage. You need some sort of scale to invest in all the right things. Mergers and acquisitions help clients get to the right scale so they can invest in technology and expand market reach.”

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What are the motivations behind M&A in the brokerage sector?

“There are many different motivations and objectives, but usually it’s to expand market share and geographic reach. Next, it’s to have access to capabilities — technology or domain expertise — you might take a longer time to build on your own. If you don’t have enough scale, it’s very difficult to make investments in technology, so merging or partnering will help just to keep up to speed. Next, it’s to meet changing client and colleague expectations. Clients need help with more complex risks and more choices, while colleagues want access to experts, markets, and modern technology solutions to serve the clients.

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What kinds of challenges are encountered during the integration process? 

“The biggest challenge is integrating the culture of one company into another and it’s often more complex than integrating technology. 

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Next, when we start looking at technology, each company has their own toolkit or set of choices. Various toolkits don’t work with each other because they are built on their own tech stack, so this can create issues. 

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Third, when all the data resides in multiple silos and is built in different systems, how do you bring it all together? This is important for both public and private firms, but particularly critical for public firms because it affects business operations, reporting requirements, and shareholder agreements. 

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Lastly, there are social constraints. Everyone in the business may know there are important issues to tackle, but because the business owner has a business to run and so many issues to attend to, there is no time for resolving all the challenges that arise during integration. However, if you don’t focus on it, these issues will simmer and inevitably, start blowing up.”

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What strategies does The Baldwin Group use to overcome these challenges?

“We’re learning all the time and tweaking our playbook, but our main strategy is due diligence and aligning on the cultural aspect of the business from the beginning. From day one, The Baldwin Group partnership and leadership team does a great job on this. 

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Next, it’s all about aligning on what success looks like and what to expect once you’re part of The Baldwin Group. Success is different for each firm, and having it laid out is important. There are some negotiables and some non-negotiables. For example, some of the non-negotiables are related to financial reporting standards, security, and being a public firm — these simply cannot be compromised. 

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Some partners come with a certain toolkit that is really working for them. We learn and deploy those best practices across the firm and make it a two-way street and get better together in the process.

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At The Baldwin Group, we have a special team focused on integrations to execute at a rapid pace, keep the lines of communication open with partners, understand what’s going well, and what needs to be tweaked. This open communication is important because if you don’t do this well from the start, it can take five years, the process can be painful, or worse — you may never get there.”

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Partner-to-partner is the key to success

When it comes to The Baldwin Group’s successful outcomes, Kalahasthi says, “Well, we certainly are not the largest firm, at least not yet, on the market. Despite this, we’re able to attract high-quality, client-focused partnerships even more than our large competitors — in a seller’s market over the last few years. It’s a testament to how we align on the cultural side, and how we can deliver on the technology side. Our merger partners are seeing success and are growing much faster than they were able to grow before they joined The Baldwin Group.”

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According to Kalahasthi, this is all a reflection of how The Baldwin Group delivers on its promise to our partners and becoming better in the process. “I attend conferences with other agencies and brokers and people love our story, what we’re doing, how we’re doing and where we’re headed. Some outright say, ‘We love to partner with you.’ I think the difference is that we’re partnering with these firms instead of acquiring them. It's a marked distinction of how we go to market and how we partner along the way.”

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By Lori Widmer, The Rough Notes Company

Original article published by RoughNotes and available here.‍‍

I would encourage others in our industry to really embrace the changes brought on by emerging technologies. … Get engaged.

Mark Ware
Executive Vice President
IMA Financial Group

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On any construction project, all contractors and subcontractors must provide a certificate of insurance (COI). No matter what size the project is, the COI is a must-have item. In most states, a COI is a prerequisite to earning a general contractor license. City and local governments often require a COI of any contractor working in their jurisdiction.

Even a small project can have concrete, steel, electrical, plumbing, engineers and architects and any number of contractors and trades on the job. With each one needing a COI, managing that process has been an exercise in frustration for many a project lead.

Without the right insurance documentation, projects get delayed and worse; should a contractor’s COI expire or not be in place either before or during a project, that can become a costly claim for the project owner or lead contractor.

A way to solve that particular pain point for contractors and construction industry brokers is exactly what prompted John Fohr to design and launch TrustLayer, an automated insurance verification technology solution that automates certificate management.

TrustLayer’s roots

Founded in 2020, TrustLayer addresses vendor certificates, but can also manage W9s, attestations, ACORD 25 forms, and other contracts. Apart from verifying coverage, TrustLayer gives users the ability to verify in real time a vendor’s insurance validity, check exclusions, and review coverage expiration dates.

When CEO Fohr and his co-founder, Vincenzo Acinapura, TrustLayer’s chief technology officer, decided to develop the TrustLayer product, neither had worked in the insurance industry. Fohr was an investor in a consulting company and Acinapura worked as a software engineer. But it was Fohr’s personal investment interest in construction and real estate that brought the problem to the forefront.

In 2019, Fohr and Acinapura were brainstorming ideas and realized that there was a way to automate the certificate management process and to bring a better layer of oversight to the insurance piece of a construction project. After conversations with friends in the construction industry, Fohr and Acinapura put together their first mockups of TrustLayer.

When they showed them to their friends, Fohr recalls, the response was immediate. “We said ‘Hey, does this sound like this would solve your pain points?’ and they said, ‘Yeah, can we buy this.’”

Early in 2020, Fohr and Acinapura joined BrokerTech Ventures (BTV), which brings together brokers, insurance providers, and startups to advance industry technology. There they tried out their idea on some of the larger insurance brokers in the country. Fast forward three years: “We’re working with most of the large top-100 brokers in the country at this point, and 24 of the largest insurance brokers and carriers in the country actually invested in us,” Fohr says.

Not just invested in, but a number of brokers worked with the company to beta test and give feedback on the development of the infrastructure. It’s one way the company is different from past attempts to build an automated insurance verification system.

The biggest differentiator: TrustLayer is building with the broader insurance industry alongside 60-plus of the top 100 brokers and major carriers. Previous products by other companies were often associated with a specific broker or carrier, which made it unattractive for other brokers to use.

After a decade-plus of digital transformation for the insurance industry, now seems to be the moment when everyone is aligned around the issue of COIs, and TrustLayer is bringing them all to the table.

In the near future, TrustLayer’s functionality is expected to include a way to share and validate coverage digitally. Currently, the company is working with their broker and carrier partners to do just that.

User experience

In fact, the engagement with BTV is how TrustLayer came onto the radar of IMA Financial Group (IMA) and Mark Ware, executive vice president and national director of IMA’s Advanced Industries Specialty. Ware has a dual role of working on the brokerage side of the business at IMA, as well as being a key member of their innovation team that is actively engaged in sourcing, piloting and implementing insurtech platforms. IMA is also a member owner of BTV.

Part of his role is overseeing the relationship with BTV and evaluating the 100 or more applicants that apply each year to be a part of the BTV accelerator program. It was during the BTV selection process for the 2020 cohort that Ware and his colleagues were first introduced to TrustLayer. “Their platform resonated with me right out of the gate, even before I had the opportunity to engage with the TrustLayer team,” says Ware.

What impressed Ware was the need TrustLayer was addressing. “One of the areas that’s always been the bane of the industry for both broker and clients is certificates of insurance.” And here was a platform that digitized the experience and made it simple to track and manage that unwieldy process. He immediately had the certificate compliance team from IMA look at TrustLayer because “it will drive extreme efficiencies for IMA and our clients.”

The simplicity of TrustLayer’s functionality is the selling point, says Ware. “You simply input your client’s contractual insurance requirements for their vendors and subcontractors, and then upload certificates of insurance as they are received into the platform, and it verifies whether or not a vendor’s insurance program meets their contractual obligations. No more manually managing the process with spreadsheets.”

Not only does Ware say that the TrustLayer product delivers as advertised, but he also says it has become a significant advantage in winning and retaining clients. A sizable number of IMA clients are on the platform and it has been transformative for them. The team at IMA demonstrates TrustLayer to clients and its ease of use, how users can see reports and understand which vendors or subcontractors are carrying the right coverage and which are not, unlocking efficiencies and in turn saving costly project delays.

“It’s a significant value add for clients and a time saver for our associates,” Ware adds. “Our certificate compliance unit is selling an additional value-added service, allowing us to take this task off the desk of our clients and saying, ‘We’re going to take this off your hands and we’re going to manage it for you via TrustLayer.’ That makes the process a lot easier.”

Making the management of COIs easier has been a multi-layered benefit for IMA. The overall user experience, says Ware, is getting high marks. “It’s very highly thought of within IMA, as well as with our clients and with the investment community that is supporting insurtech.”

A larger reason for that interest could be TrustLayer’s willingness to work with customers. “They made changes to meet our needs,” says Ware. Onboarding, he says, was made easy thanks to “a proactive team of dedicated professionals and an account manager that understands IMA’s needs and modifies the platform to make sure our needs are met, and always available to help us.”

In return, IMA continues to work with TrustLayer to build the next iteration of automated insurance verification technology, helping pilot an enhancement to insurance carrier real-time connectivity. The entire relationship, Ware believes, is pushing the insurance industry forward and out of the dark ages. “Using TrustLayer has really improved our deliverables and how we interact with our clients, further driving IMA’s value proposition.”

It’s the reason Ware is focused on the insurance industry taking a more proactive approach to technology. “I would encourage others in our industry to really embrace the changes brought on by emerging technologies,” says Ware. “Don’t be afraid to fail. Don’t be afraid to try it. Get engaged.” n

The author

Lori Widmer is a Philadelphia-based writer and editor who specializes in insurance and risk management.

BrokerTech Spotlight offers a look at insurtech offerings from startups that have partnered with BrokerTech Ventures (BTV), a convening platform for brokers, carriers and wholesalers, and tech firms, and includes insight from other BTV member owners.

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The fundamentals of supervised and unsupervised learning

Extracting value out of data is a universal challenge for insurance professionals. Colby Tunick, CEO and co-founder of ReFocus AI, has set out to help insurance brokers and carriers use their data to improve their customer retention by proactively identifying which policyholders are unlikely to renew and preemptively coordinate renewal outreach.

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“As you can imagine, most insurance carriers have mountains of data, and sometimes they’re not quite sure how to use it,” says Tunick. “That’s where we come in.” Tunick further clarified that there are other problems that could be solved using existing data, but retention is their niche.

ReFocus AI, a BrokerTech Ventures (BTV) 2023 accelerator alum, helps insurance agents, brokers and carriers reduce churn rates by using existing policyholder data to detect customers who are likely to leave. Finding these customers before they leave enables businesses to reach out proactively and improve profitability. 

Here, Tunick answers some fundamental questions about how insurance professionals can embrace AI:

Why is everyone talking about AI?

“Everyone’s talking about AI because it’s in the media. But when you look into the history of AI, it’s been around in a similar form since the 1960s. The same algorithms and techniques used to extract value out of datasets have been around 80 years. But AI has been limited by the availability of data and computing power. So, in the 1960s, the standard was maybe one megabyte of data. Now, we’re generating petabytes of data every minute. We also have cloud computing, so we’re able to harness almost unlimited computing to extract patterns and trends. In short, the rise of large available datasets and computing power is what is driving innovation and all of the buzz in the news. Now, we’re able to make use of the data.”

What is the biggest problem with machine learning? 

“There’s a common refrain that more data equals better insights, but that’s counterintuitive because there are so many different ways to do machine learning and so many types of datasets you can use. You have to know the problem you are trying to solve in order to select the right data, the right method and the right way to optimize it for results. 

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A lot of companies are migrating to the cloud and they’re saying, ‘Tell me what we can do with this.’ Then, they’re getting results that they don’t know what to do with or use to drive value. 

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For example, maybe you learn that a percentage of your prospective customers prefer to drive a blue car. That’s a statistically valid insight, but how is that going to drive your customer acquisition strategy forward? Hint: it probably won’t. That’s the problem with machine learning. You have to have a business outcome in mind in order to select the right ingredients to make the cake come out right.”

What is supervised vs. unsupervised learning? 

“Supervised learning is a field of machine learning where you have labels and previously labeled data. You’re able to then show examples of that labeled data to a machine-learning algorithm, and it is able to detect those labels when it sees them. Supervised learning happens when the person tells the machine what the patterns are and labels them. 

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With unsupervised learning, there is no human telling the machine what it should be doing. Therefore, the algorithm must learn to self-discover any naturally occurring pattern in the dataset. Unsupervised learning is good at finding patterns in large groups of datasets that are similar to one another. Unsupervised learning helps overcome the limitations of supervised learning, but it also tends to be less precise and more difficult to do.”

To learn more about the different types of learning, along with helpful visuals, Tunick recommends an article written by his colleague and cofounder of ReFocus AI, Nisar Hundewale, Ph.D., “How Machines Go From Dumb to Smart by Learning.”

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What are the insurance applications of supervised vs. unsupervised AI models? 

“Most companies start with supervised learning. These models are good at providing a binary decision or a categorical classification. If your business problem requires a yes or no answer, it’s supervised learning. Or, if your business problem requires one of five different outcomes, or you’re trying to assign an outcome one of five different ways, that is a great example of supervised learning. For example, is a customer likely to buy? The answer is yes or no. Is a customer who bought two products in the past likely to buy a third, fourth or fifth? The answer is categorical. 

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Unsupervised learning is popular for extracting value from video, audio and large amounts of text. For example, you have people take a photo of their roof, and the AI will determine how old the roof is based on weathering, materials and other factors.

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Other common applications for AI in insurance include identifying fraudulent versus real claims, or assigning the right amount you should offer to settle a claim. These are well-defined problems a lot of companies are doing.”

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What are the challenges of each model?

“With supervised learning, you need a lot of labeled data, so it’s time intensive. Unsupervised learning doesn’t require all the manual data labeling, but it’s not as sophisticated, so it may not lead to a usable outcome (also called convergence).”

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How do you use AI to improve retention?  

“We use structured and unstructured data in a supervised model to predict someone’s likelihood to not renew their current policy. Our client provides us with labeled data (e.g., known historical outcomes) from their CRM of current customers who have renewed, along with current or past customers who have canceled. We then go back 5-20 years and the model is able to tell us — for upcoming customers it hasn’t seen before — are they are similar to the people who did renew or similar to the people who did not? So now, our client can focus their attention on the customers who might not renew and automate the renewal process for the rest.” 

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What are the ethics around supervised and unsupervised AI learning?

“First, it’s important to remember that all data is biased. For example, let’s say our customer sells 80 percent of their business to car washes and 20 percent to restaurants. The data will be biased towards car washes because it has seen more of that data. It’s not good or bad, it’s just biased. For example, in machine learning, you can say the model is more heavily weighted one way or the other based on the distribution of the data (e.g., car washes or restaurants). 

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Second, it’s important to understand data that may be a proxy for information that is unallowable. For example, when selling an insurance policy, using a credit score is unallowable. But sometimes other data, like a zip code, may be a stand-in or proxy for the unallowable information.  

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Third, we have to understand the inherent limits in the data we’re using. Sometimes we want the output of the machine learning model to be the end-all be-all, but perhaps there is other, nuanced information not in the dataset, and therefore what we produce with the data isn’t actually a solution to the business problem. Just because you build it doesn’t mean it will come or it will be useful.”

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The key is to focus your efforts

When it comes to choosing between supervised and unsupervised learning, the one you use depends on the outcome you want. “Think of supervised and unsupervised learning the same way you’d think about the different types of wrenches in your toolbox,” says Tunick. “One isn’t better than the other. What matters more than understanding which model to use is being outcome driven and applying the right technique to get there.”  

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Gabriel, a BTV 2024 Accelerator Startup, Aims to Protect Against Armed Assailants

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In today's uncertain world, safety has become an increasingly pressing concern. In 2023 there were over 650 mass shootings in the U.S. alone – nearly two mass shootings per day – up from 214 in 2014. These statistics make even more apparent the need for proactive armed assailant solutions. Enter Gabriel, a pioneering venture founded and led by Yoni Sherizen, dedicated to halting physical safety threats before they escalate into tragedy.

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A Vision Born from Tragedy

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Gabriel’s mission is clear: to stop mass shootings, workplace violence, and other physical safety threats before they occur. But what inspired Sherizen to embark on this journey? “We started this venture after seeing the impact of a terror attack and noticing the cycle of events that lead to active or ongoing threats and their exponentially greater cost to human life and business.”  Sherizen recounts. Motivated by the desire to disrupt this cycle, Sherizen and his team set out to create an innovative technology solution capable of saving lives on a daily basis.

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The journey from conception to realization was not without its challenges. Sherizen reflects on the decision to enter the insurtech industry, stating, "We decided to enter the insurtech industry after seeing how our tech saved lives in a shooting situation, and yet we were still struggling to gain mass adoption." Recognizing the pivotal role insurers play in incentivizing adoption, Sherizen sought partnership with several industry partners, including BrokerTech Ventures, to align existing carrier support with broker channel to drive widespread education on the ability of Gabriel to save both costs and lives. 

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A Comprehensive Approach to Safety

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What sets Gabriel apart from its competitors lies in its holistic approach to safety management. "Gabriel is not just a detection capability. It's not just mass notification. Gabriel actually helps manage a scenario in order to stop the chaos and bring about a better ending, faster," explains Sherizen. Moreover, its affordability and ease of implementation make it accessible to a broad audience, democratizing safety in an era fraught with uncertainty.

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At the core of Gabriel's offering are its advanced features tailored to address the pain points of its target market. Threat detection, alerting, and real-time connectivity with responders empower swift and effective interventions, mitigating risks and safeguarding lives. "Gabriel offers threat detection, alerting, and response capabilities. Real-time connectivity with responders, along with providing them with situational awareness and two-way communication inside the scene, allows for instant incident response without waiting for help to arrive from the outside," Sherizen emphasizes. From an insurance perspective, the additional risk management and mitigation that Gabriel provides results in more resilient insureds and lower loss ratios. 

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Driving Innovation Forward

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Innovation is not static. Gabriel continuously evolves, leveraging AI-powered threat detection, smart automation, and IoT sensors to enhance risk management and loss control, all within an easily implemented software solution. Using existing cameras whenever possible, Gabriel aims to reduce the cost of adoption and provide a truly affordable solution; however, the path to progress is not without its obstacles. Sherizen acknowledges the challenge of convincing stakeholders to prioritize safety, stating, "Getting human beings to do the right thing, that will protect their lives and businesses before it's too late, remains a persistent hurdle and one that Gabriel confronts with determination.” 

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Sherizen continues to push Gabriel forward toward widespread adoption. “We put together a world-class set of leaders from the intelligence, law enforcement, technology, insurance, and survivor/activist worlds [to build Gabriel]. We then clocked over 100 customers, and most recently one of our insurance partners bound their first policy that had Gabriel automatically included as part of the cover," Sherizen notes. 

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Successes are also prevalent. Gabriel has been implemented by multiple customers where malicious threats were mitigated. Sherizen shares, “In a recent example at a customer site, Gabriel was able to keep a gunman out of the building, direct everyone inside to safety, aid in an immediate and safe arrest, and the business resumed operations within the hour.”  

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Looking ahead, Gabriel's roadmap is clear: expand partnerships, align with regulatory requirements, and forge ahead in its mission to foster safer spaces for all. With virtually every employer in California being compelled by the California Senate Bill 553 Workplace Violence Prevention to enact workplace safety protocols, Gabriel is poised to play a pivotal role in compliance, while simultaneously creating genuinely safer spaces for employees, customers and business owners. 

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An Open Invitation to Collaborate

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To those eager to help Gabriel evolve, Sherizen extends an open invitation. "We are always eager to hear ideas about where we can help protect your precious people." For those seeking more information or interested in collaboration, Gabriel's communication channels await: visit their website, connect via LinkedIn, or reach out via email. Together, let us embrace the future of safety with Gabriel leading the way.

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AUSTIN, Texas, June 3, 2024 /PRNewswire/ -- In an innovative move to bridge the knowledge gap in the rapidly evolving insurance/insurtech landscape, The National Alliance for Insurance Education & Research has partnered with BrokerTech Ventures to develop a foundational, self-paced course titled Introduction to Insurance for Insurtech Professionals. This course is designed to equip insurtech professionals with a solid foundation in insurance principles, fostering better understanding and collaboration within the industry.

BrokerTech Ventures, recognized as the first and largest broker-led insurtech ecosystem globally, brings innovation, ideation, investment, and communication together to drive the insurance industry forward. This partnership leverages BrokerTech Ventures' expansive network and innovative spirit to enhance educational outreach.

"Insurance is one of the greatest industries out there, and education is critical in transferring knowledge to those new to our industry - or those continuing their learning journey. The National Alliance is creating world class educational curriculum, and BrokerTech Ventures is honored to play a role in partnering to develop insurtech and innovation content," shares Dan Keough, Chairman & CEO of Holmes Murphy, Co-CEO of BrokerTech Ventures.

The new course addresses a critical need within the insurtech community. As these professionals push the boundaries of technology and innovation, they often encounter challenges due to a lack of fundamental insurance knowledge. This gap can hinder effective communication and implementation of groundbreaking ideas within traditional insurance frameworks.

"Our new course is meticulously crafted to address these challenges," stated Mitch Dunford, CMO for The National Alliance for Insurance Education & Research. "By providing insurtech professionals with a robust understanding of basic insurance concepts, terminologies, the regulatory landscape, and the impacts of new technologies, we are setting the stage for more impactful innovations and collaborations in the industry."

The "Introduction to Insurance for Insurtech Professionals" is a comprehensive online course tailored specifically for tech professionals looking to deepen their understanding of the insurance sector. The self-paced format ensures flexibility, allowing learners to engage with the content at their convenience and pace.

Course participants will gain insights into the essentials of insurance, enabling them to navigate and contribute to the industry more effectively. The curriculum is designed not only to educate but also to empower professionals to integrate their technological expertise with insurance knowledge, thereby enhancing the overall landscape of the insurance industry.

For those ready to take the leap and bridge the gap between technology and insurance, the "Introduction to Insurance for Insurtech Professionals" course is nearly completed. Click the link to demo the course: http://bit.ly/3V5gB8r

Media Contact:
Jeff Buck
Director of Digital Content
The National Alliance for Insurance Education & Research
378158@email4pr.com
512-349-6141

SOURCE The National Alliance for Insurance Education & Research

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As BrokerTech Ventures (BTV) toasts to five incredible years, we're throwing confetti in the air and popping the champagne! From bold innovations to new partnerships, BTV has transformed the landscape of insurance innovation. Join us on a journey down memory lane as we relive the moments that have made the past half-decade nothing short of extraordinary. Here's to the next five years of trailblazing, dream-chasing, and boundary-breaking!

I've really appreciated our collaboration between Healthee and BTV over the past several years. It was an honor to be in the BTV Accelerator class of 2022. Our collaboration since that point on articles, media opportunities, and more has been impactful for Healthee's growth. We also enjoyed being a part of BTV's BrokerTech Connect 2023 event with Omer Maman, Nina Stanley, and myself joining in the fun (see picture below). Very grateful for our partnership and excited to continue growing together.

- Guy Benjamin, CEO and Co-founder, Healthee

Getting to meet new people outside of areas that I typically work and building upon those relationships to learn new skills and expand my network.

- Jason Losen, Underwriting Manager, AF Group

Dan Keough, CEO of Holmes Murphy, documents his top three memories.

Calling CEO friends in the industry explaining the vision of what we were planning to build when we were starting BTV and inviting them to join us.  The support was incredible and the contributions of each has made BTV so much more.  

The selection process of the first cohort.  Selecting Reghan/Loss Run Pro as our last company.  Brian Hetherington identified we lacked diversity and made the case for Reghan.  She was an exceptional entrepreneur and Loss Run Pro turned out to be a success!  Supporting entrepreneurs is fun!

Traveling to Tel Aviv to meet with InsureTech founders and organizing meetings with our Governor Kim Reynolds and our partners at InsureTech Israel.   Kobi Bendelak has been a true friend and partner and has work diligently to add value to entrepreneurs and the InsureTech community.  

- Dan​​​​ Keough, CPCUChairman & CEO/Shareholder, Holmes Murphy

We often talk about how ‘unlucky’ it was to launch a startup right before COVID-19 changed everything and shut so much down. But, we also have to acknowledge how lucky we are to have had BTV there to help weather the storm. We participated in several incubators and even turned a few down as well. The only one we really felt like was an accelerator was BTV.

- John Greenwood, COO, Goldfinch Health

BTV Mania was like no other business event we've ever attended! Those two days had a fundamental impact on our company's trajectory immediately following has continued for years after.

- Sherisse Hawkins, CEO, Pagedip

So many good memories. Probably, for me, the first BTV Mania post-pandemic was pretty special. It was the first conference back for many people and the energy was pure excitement about in-person collaboration again.

- Garrett Droege, Director of Innovation, IMA Financial Group

The kick off happy hour the year BTV kicked off. It was a joint celebration with the Global Insurance Accelerator.  The energy and excitement was high. The mingling between brokers, carriers, and the insurrech ecosystem was magical and the essence of what BTV would become.

- Ellen Willadsen, Chief Innovation Officer, Holmes Murphy

One of my favorite moments is the official announcement of BTV's formation at ITC in 2019. It felt like standing at the foot of an amazing mountain, with nothing but opportunities ahead. It's incredible to reflect on the past 5 years and see just how far we have come.  Working together with remarkable BTV partners, all equally dedicated to transforming our industry, has been an incredible journey.

- Kacie Conroy, Sr Director of IT, M3 Insurance

Attending the BTV-hosted kick-off reception of ITC Vegas 2023 was a true highlight for me. I had the opportunity to connect and reconnect with those whom I've interacted with as a representative of BrokerTech Ventures for custom content, podcasts, and events. I truly appreciate the relationship BPC has developed with BrokerTech Ventures and I hope it will continue for years to come!

- Alexis Davis, Custom Content Strategy and Production Manager & Account Executive, Business Publications Corporation

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Over the years, I've cherished countless special memories and the deep bonds we've formed with these wonderful people. From our visits to Des Moines with our startups to the shared events in Israel with the BTV team — Dan, Susan, Ellen, John, and Emily — each experience has been truly remarkable. It's hard to single out one moment among so many extraordinary ones.

- Kobi Bendelak, CEO, InsurTech Israel

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The connections we created during BTV Mania where laughter ensued, we cultivated new relationships, and even got some new customers!

- Andy Sharpe, CEO & Co-founder, meshVI

While there have been many very positive items that have happened over the last 5 years, the one that stands out consistently is the strong relationships that have been built with the partners of BTV. The technology issues facing our industry today are daunting and very challenging to handle alone. Our BTV relationship has provided us with the ability to address these issues with 30 other partners which has been very beneficial and rewarding for me and our firm.

- Terrence Tracy, Executive Partner, National Commercial Practice Leader, Conner Strong & Buckelew

There are so many memories over the last five years, it's hard to know where to begin! Several which rise to the top include launching BrokerTech Ventures at ITC Vegas in 2019, creating our signature events of BTV's Happiest Hour and BTV Mania, deploying a partnership with Insurtech Israel and our travels to Tel Aviv, seeing firsthand how BTV is positively impacting our startups and their business growth, and the launch of our BrokerTech Fund in 2023. Above all, the greatest memories are around the relationships and community we are building through BTV. We are making a difference for our industry, and our future looks bright!

- Susan Hatten, CMO, Holmes Murphy; COO, BrokerTech Ventures

There isn't one stand-out moment from the past five years that captures the significance of the BTV experience. It's the sum of investing our time and treasure together — across organizational boundaries — to create a vibrant and vital future for the insurance industry.

- Wendi Bukowitz, Director of Strategic Innovation, The Cincinnati Insurance Companies

Cross industry collaboration where brokers and carriers come together to find solutions to challenges no matter the size or complexity.

- Bob Jenkins, VP, Distribution, Travelers 

Being part of the first cohort of BTV was an incredible experience. Despite the challenges posed by COVID-19 soon after our kick-off, BTV went above and beyond to ensure it remained memorable. Today, some of the BTV Broker partners continue to support us, and we still benefit from the connections we made.

- Sai Ramin, Founder & CEO, Cognisure

My favorite BTV memory was BTV Mania! The energy, excitement, and connections with BTV Partners and the rest of the cohort was amazing. What a positive experience!

- Todd Thams, Founder, Mod Advisor

My favorite memories from BTV are over the last year — my first time at BrokerTech Connect, my first BTV Mania — being able to build relationships throughout the industry and having a roster of smart, innovative people I can call to help problem solve is really rewarding.

- Emily Schultz, Managing Director, BrokerTech Ventures

BTV Mania! Every year we bring together smart people from the insurance industry who make each other a whole lot smarter over the period of two days. If you look in the dictionary under "iron sharpening iron," you'll likely find a BTV logo.

- Chris Murphy, VP Commercial Risk & Safety, Holmes Murphy

As we wrap up BTV's first five years, we're left with a heart full of pride and excitement for what's to come. From countless examples of innovation and collaboration, these memories shine bright. We're ready to embrace the future, armed with the same passion and tenacity that brought us here. Here's to the adventures ahead and the limitless possibilities that await BTV. Cheers to the next chapter in our journey!

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Centinel, a BTV 2024 Accelerator Startup, Provides Parametric Coverage for Hard to Insure Scenarios

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In the field of insurance, where uncertainties reign supreme, Centinel aims to provide peace of mind for insureds facing hard to predict yet potentially catastrophic risks. Using parametric triggers to instigate a payment, Centinel provides automated, easy-to-use, and fully transparent coverage for risks including interrupted utilities, natural disasters, infectious diseases, and more. 

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As Founder and CEO, Soton Rosanwo’s passion for disrupting the status quo is palpable, down to the genesis of Centinel. Rosanwo’s vision for Centinel began within a perfect storm: “After a winter storm in 2019 took out power for much of Texas over the course of multiple days, and then a global pandemic raged in 2020, I realized that our relationship with risk is fundamentally changing. From hurricanes to wildfires and beyond, I asked the question, ‘Can we leverage data to make these hard-to-insure risks more coverable?’ The answer is yes, and Centinel was born to do just that.”

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Innovating in the Insurtech Space

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Prior to deciding to build out Centinel, Rosanwo wanted to know if the data supported the need she had identified. “I launched a study with 400 participants across the country to get the answer to two questions: is there demand for coverage for hard-to-insure risks, and is it economically viable to provide that coverage leveraging a parametric approach? The answer to both of those questions was ‘Yes!’”

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With the data on her side, Rosanwo embarked on building the first minimally viable product (MVP) for Centinel’s coverage, focusing on instant payments for extended power outages. In the spring of 2024, Rosanwo joined the BrokerTech Ventures accelerator program to introduce her product to a wide range of insurance brokers, carriers, wholesalers and community partners in order to bring outage coverage to policyholders in need. 

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Rosanwo stresses the transparency and simplicity of the parametric approach. At Centinel, there are “no opaque terms, no hidden exclusions, no claims; just simple contracts with open, fair, and transparent pricing.” In fact, Rosanwo’s vision revolves around empowering both individuals and businesses to face uncertain realities with the certainty of transparent risk coverage in out-of-the-box scenarios. 

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“Existing parametric insurers predominantly serve businesses and primarily focus on weather-related risks in the agricultural sector. Traditional insurers’ constrained ability to address hard-to-insure risks results in subpar customer experiences. Centinel’s lower-cost, highly automated processes and ability to manage risk exposure enables us to effectively cover hard-to-insure risks.” 

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By allowing both an individual or a business to pre-select the amount of risk they’d like covered, it takes the guesswork out of understanding what their payment would be should they incur an event for which they’ve purchased Centinel coverage. This also simultaneously limits the risk exposure for Centinel’s ability to provide the appropriate level of coverage. 

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Overcoming Challenges and Building Milestones

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"Like any startup, Centinel encountered its fair share of challenges along the way," admits Rosanwo. She highlights capacity, distribution, and product development as key areas of concern. "To overcome these challenges, we leaned into networking opportunities and programs like BrokerTech Ventures," she explains. Rosanwo underscores the importance of mentorship and strategic partnerships, especially amongst other founders, in navigating the complexities of the insurance industry.

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While every startup faces challenges, Rosanwo is proud of the milestones Centinel has achieved in the years since commissioning that first study to investigate the need for Centinel. “With the completion of our MVP platform that provides pricing, receives payment, monitors risk, and distributes payouts for power outages across the United States, we have signed three non-disclosure agreements with capacity providers capable of supplying $18M+ in underwriting capital.” In addition, a growing distribution pipeline includes 19 insurance, energy, and financial services companies that are ready to offer Centinel’s coverage to their customers. 

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Looking to the Future

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Rosanwo is not slowing down any time soon. “Next on our roadmap is to take Centinel's power outage coverage fully to market – first serving small-to-medium sized businesses, then residential policyholders, and then enterprises.” From there, Rosanwo intends to move deeper within the interrupted utilities risk category as well as expanding into Centinel’s other priority categories, including natural disasters, infectious diseases, and event cancellations. 

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With the understanding that these hard-to-insure risks are not limited to the United States and North America, Rosanwo continues, “Ultimately, Centinel aims to bring the convenience and efficiency of our parametric solution to people and businesses throughout the world.” 

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Get in Touch

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For those intrigued by Centinel's innovative approach to insurance, reaching out is just a click away:

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• Website: www.yourcentinel.com 
• Email: info@yourcentinel.com
• LinkedIn: Soton Rosanwo
• LinkedIn Company Page: Centinel 
• YouTube: Centinel Overview

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Centinel's journey exemplifies the power of innovation in reshaping traditional industries. As it continues to disrupt the insurtech space, Centinel stands as a testament to the transformative potential of data-driven parametric solutions in addressing contemporary challenges.

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IMA Financial Group leaps into the digital landscape

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The metaverse may seem like a futuristic world in a galaxy far, far away. But IMA Financial Group has landed there and set up shop. They officially dove in two years ago, when they established IMA Web3Labs, the first Metaverse Insurance Research & Development Facility. Web3Labs sets new industry expectations for exploring, testing and bringing to market risk and insurance strategies specific to the metaverse. It is located in Decentraland, a virtual world based on blockchain technology.  

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“We want to be on the scene during what we consider to be the third generation of the internet,” says Paul Washington, Executive Vice President of IMA Financial Group and head of IMA Investments. “We want to absorb and observe real time what’s happening in this new paradigm of the internet, so we can help our customers navigate through it. It's about understanding and adapting to the digital landscapes of tomorrow.” 

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Among his many roles at IMA, Washington manages investments in insurtech companies. Here, he answers our questions about Web3Labs and their journey into the digital frontier.

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What is the metaverse?

“In the same way that the internet is hard to describe, the metaverse is hard to describe. To put it simply, we think the metaverse is the internet of the future. I think of the metaverse like a .com in the early ‘90s. In the metaverse, we'll all have virtual lives, similar to how we all now have social media accounts. Just like your physical self, your virtual self will require resources to thrive; thereby creating value of these resources that will ultimately need protection. Really, we are already living in the metaverse. The tools are simply getting better to bring it all together.”

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Why did you purchase space in the metaverse?

“When I was pitched this opportunity, I struggled conceptually with making an investment in something that’s not tangible. As I researched and explored the opportunity, I began to question the notion of tangibility. There are a lot of things you can purchase that aren’t tangible but have value. But the investment isn’t about a physical asset. Our intent is not to sell our plot in the metaverse. Our intent is to buy the opportunity to observe the metaverse as a vested owner. The investment was modest and it allows us to have some credibility as we navigate the space. It’s not materially different than investing in a website, which most people wouldn’t think twice about doing today.”

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What is Web3Labs?

“Web3Labs is our way of bringing web3 technology into the insurance ecosystem. It’s a sandbox, rather than a defined business unit. It’s a cross-functional platform designed to test, incubate and deploy leading-edge technologies in partnership with our business. This includes using blockchain technology and digital assets to issue insurance policies.”

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Why was the metaverse an important investment for IMA?

“The metaverse represents the future of the internet. Internet 2.0 came with social media and the convergence of online communities and digital identities. Web3 or Internet 3.0 simply expands upon that and brings greater stability, scale, and security. By building an R&D facility in the metaverse, IMA gains early-adopter advantage in understanding the new paradigm of the internet. Understanding how to navigate and do business in Web3 helps IMA better understand risk, consult with our clients and eventually explain to the insurance marketplace how to price said risk. Additionally, IMA has a large client base in web3. By participating in this emerging technology platform, IMA is better suited to serve clients that seek to build business models inside of it.”

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What is IMA hoping to accomplish within the metaverse?

“It’s really quite simple. We want to accelerate our learning and plant a flag, so to speak. We want to explore the metaverse now so these concepts aren’t foreign to us in the future. With this purchase, which was extraordinarily complex, we are now able to understand what it’s like to participate in this new internet. We are also reinforcing our brand as an innovative, progressive company that has an insatiable appetite for innovation. Overall, we want to better understand how to help build products and services for companies looking to build a metaverse strategy within their businesses.”

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What challenges have you experienced thus far?

“As with many emerging technologies, there have been stops and starts along the way. There is a new language that needs to be understood. We had a lot of challenges to overcome. For example, how do you set up digital asset wallets and transact virtual currency in this new economy? How do you hire developers that speak Solidity or other modern programming languages for web3? How do you message to associates the ‘why’ of this business imperative? The intersection of AI and blockchain will be significant. We believe it will only increase the opportunity for the industry in the metaverse.”

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What does this mean for the insurance industry?

“Virtual lives have real risks. In the metaverse, our virtual selves engage in activities, transactions, and interactions that mirror the physical world. From virtual assets to digital liabilities, there's a growing need for insurance coverage tailored to this realm. Traditional insurance models may not suffice in a world where virtual experiences hold tangible value. It really is an exciting new frontier.

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Additionally, the metaverse brings new risks to a company’s risk profile. There is great demand for new insurance products that address these risks and allow for innovation under the protection of risk transfer.”

The metaverse means new opportunities

“The metaverse is simply a continuation of consumer engagement,” adds Washington. “The metaverse is not a thing, it is a point in time where the value we place on digital interactions intersects with the value we place on physical interactions. Instagram is an incredible example of how we believe the metaverse will evolve, from a haphazard library of random photos to a meticulously curated platform where 'likes’ can translate into hard currency.”

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By proactively engaging with this emerging digital landscape, companies like IMA are not only future-proofing their businesses, but also shaping the way we perceive and mitigate risks in a rapidly changing world. 

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By Lori Widmer, The Rough Notes Company

Original article published by RoughNotes and available here.

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For Gabriel Glynn, COSS, chief executive officer of MākuSafe®, of West Des Moines, Iowa, a visit with his father turned into a brand-new way to approach worker safety.

Glynn’s father, a retired safety manager, had spent a career managing the safety efforts for a facility employing around 2,000 workers. Glynn had asked his father to explain what he did for a living. “He said, ‘I wait for something bad to happen, I figure out why it happened, I put a plan in place so that it doesn’t happen again, and I fill out a whole bunch of paperwork as to why it happens. Then I deal with the next bad thing.’ Then he said something really interesting to me: ‘If I get lucky enough, enough bad things happen that I have enough data that I can start to see a pattern, and I can try to get out in front of something.’”

To Glynn, that approach was far too reactive when dealing with people’s safety. It was also a problem he wanted to solve. Glynn, whose entrepreneurial background includes starting technology and service-based companies, decided to contact former customers and have conversations with their safety teams. Their answers were the same: When an incident occurred, the safety people would examine the hows and figure out the whys, then move forward with a revamped safety approach.

“I realized safety is so reactionary, but there has to be a way that we can gather the right kind of data that provides us the clues that somebody is at risk more than another person.”

Enter MākuSafe, a connected worker-wearable technology and safety data analytics solution. The industrial wearable safety technology monitors workers’ environmental exposure, human motion, location conditions, and incident data as well as provides ongoing data that can help safety professionals build a profile into each worker’s movements and physical reaction to work conditions and requirements.

Individual worker data

What sets MākuSafe apart from other wearable technologies, says Glynn, is how it records and measures each worker’s unique experience. He explains why that’s important: “If you and I are on a jobsite, and we’re working ten feet apart from each other, there’s a machine between us. That exhaust is coming off at me, the sound is coming off at you. You’re loading stuff in one side, I’m pulling it out the other side. At the end of a ten-hour shift, what we’ve experienced, even though we were just ten feet apart from each other, is completely unique from each other.”

When employers can see the impact of both environment and motion on each worker, they are better equipped to intervene before injury occurs. “We’re not just drawing general conclusions about work,” says Glynn. That’s more accurate because, Glynn points out, movement varies from person to person. Factors like gender, size, prior injury, and genetic predispositions all impact how a person moves and responds to movement and environment.

MākuSafe provides real-time monitoring and notification, measuring ergonomics, including repetitive motion, musculoskeletal movement and injury potential, and environment, including air quality, air pressure, heat, sound octave, and ambient light.

Another feature: a push-to-talk communication link, which allows workers to record a message up to 15 seconds in length that allows them to alert supervisors within seconds to problems, near accidents, and other on-site observations. The supervisor can then assign and track the resolution of issues through the online platform.

It can also illustrate the results of a more proactive safety program. “At the end of the year, a safety person can stand in front of leadership and say, ‘Yes, we had zero recordable accidents this year. But let me tell you, we found 78 hazards in our facility that were reported to us. We responded and remediated those hazards in less than 24 hours in all cases but two, and here’s why on these other two. And here’s all the documentation, and here are the maintenance records for the things that were fixed or changed.’ It becomes a powerful tool, and the advocacy for the safety team to be able to show what they’re doing from a productivity standpoint when nothing bad is happening.”

What customers say

Joe McGettigan, senior risk control consultant with Conner Strong & Buckelew, an insurance, benefits and risk consulting firm, worked recently with a large logistics company to help them locate a wearable technology solution so that they could monitor ergonomic risks.

The client, a third-party logistics provider, was looking to reduce injuries and better understand what factors were contributing to musculoskeletal disorders within their facilities. They were looking for a technology that could measure the intensity of worker energy outlay, the impact on the worker, and how such movement would impact the worker over time.

But first, the client had to locate the right product. The process of choosing was a little disconcerting. “The companies seem to over-promise on the type and/or precision of the information that they could deliver,” McGettigan says.

Not so with MākuSafe, he says. Their “more pragmatic, more intellectually honest approach in terms of what they were actually measuring and what could be done with the information” appealed to the client, McGettigan says. MākuSafe’s movement analysis was what interested McGettigan’s client. “MākuSafe openly said, ‘We know that something is happening, but we don’t know what is happening, so we need a human to go out and look at the tasks to know exactly what’s going on, and come up with any specific solutions.’ This approach was in line with our general philosophy, so we worked toward a pilot program.”

The client started with selecting which site locations would be part of the pilot program, says McGettigan. “Sites that had historically higher injury rates were chosen for the pilot and subsequent installations.”

Once the pilot sites were chosen, the product was implemented. The onboarding process, says McGettigan, went well. “Once the more complicated information technology issues were worked out at each site, the onboarding experience was actually pretty smooth. MākuSafe personnel did their hardware and software installations while we were ‘installing’ other aspects of the ergonomics program with training. This process developed into a good partnership in addressing ergonomic issues at each of this client’s sites.”

At present, the client is piloting 120 MākuSafe wearables at three locations, focusing on those workers who perform materials-handling tasks. So far, so great. Data obtained by the wearable devices have given the client valuable insight into injury potential.

Supported by the behavior-based safety protocols and customized lifting techniques training implemented by McGettigan’s team, the client’s quarterly injury results showed a 74% decrease in injuries at all pilot sites.

There were other benefits, as well. The company has seen an organizational improvement in safety and technology. Also, the company is able to be more transparent with employees and how the data gathered is used. In fact, Glynn says that companies working with MākuSafe must have the right goals in mind. “We will not move forward with a company if we feel they’re going to use the data in any way that is punitive to the worker.”

For the client to be successful using MākuSafe, McGettigan says it focused on the right outcome. “The main lesson was that this common-sense approach was accurate and worked well getting good results. Strong, regular, consistent follow-up was also a key to success,” says McGettigan.

He also recommends that companies understand their role in the process. “Wearable technologies are only as good as the systems into which they are installed,” says McGettigan. “Having good surveillance data is a good thing, but if the people or the systems aren’t equipped to do something with the information, the effort will fold. Insurers and brokers need to be ready to walk with their clients to support any initiative they seek to install.”

Taruja Deshmukh, vice president of InsurTech Solutions Managers for Conner Strong & Buckelew, says that agents and brokers can help secure a more successful technology experience for clients. “Having an advocate for innovation in safety within all parties—client, broker, and carrier—is instrumental in delivering a successful outcome,” she says. “Especially within the client, having a champion that understands the solution and the boundaries of the technology is critical when it comes to communicating expectations to employees, setting up training, following through on feedback and ultimately applying the information gained.”

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‍Des Moines, IA – March 27, 2024 – BrokerTech Ventures (BTV), the industry’s first broker-led convening platform and accelerator program, has selected the following 10 insurtech startups to take part in its highly intentional accelerator curriculum.

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• BluePond.Ai, Basking Ridge, NJ
• Centinel, Chicago, IL
• Feathery, San Francisco, CA
• Gabriel, Modiin, Israel
• Gaya Technologies, San Francisco, CA
• Handl Health, Culver City, CA
• Lightship Neuroscience, San Diego, CA
• Powerbroker AI, San Francisco, CA
• Qumis, Chicago, IL
• Tailwind, Mercer Island, WA

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“In this, our fifth year of the BTV Accelerator, I am thrilled with the quality of innovation moving through our accelerator, as well as the diversity in founder, team makeup, and geographies represented,” said John Jackovin, executive director of the BTV Accelerator. “With these high-caliber, early, and growth-stage insurtech companies on our roster, we truly believe we will be able to help clients identify risk sooner to drive down costs faster.” 

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The accelerator cohort kicks off April 10 and 11, 2024, with BTV Mania held in Des Moines, Iowa. During the program, the startups will meet with all of BTV's owners and partners to discuss partnerships designed to advance their offering and accelerate their progress. Additionally, they receive $50,000 in seed funding and gain immediate access to BTV’s multi-billion-dollar distribution platform to deploy the technologies.

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On top of this news, BTV is pleased to announce the addition of its newest broker partner, Insurance Office of America, as well as a new community partner, Dowling Capital, to help further represent the company’s insurance industry ecosystem.

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“We could not be more pleased to announce the addition of these new forward-leaning and innovative partners,” said Dan Keough, Holmes Murphy chairman and CEO and BTV co-founder. “We view these partner relationships as integral in terms of our overall strategy in building out BTV. We have intentionally and thoughtfully come together, representing multi-billions of dollars in collective distribution and industry depth of expertise, and we believe that BTV can be the convening platform to provide access into the unknowns, idea-sharing, investing, and distribution for the benefit of all.”

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The addition of these newest partners brings the BTV industry portfolio to 23 of the most sizable, innovative, notable, and respected brokerage firms, insurance companies and wholesalers, and community partners with nationwide and international presence. 

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Lastly, BTV is announcing its 4th year of a strategic collaboration with ITC Vegas, the world’s largest insurance innovation (insurtech) conference and convening platform. BTV has been named as the Headline Sponsor of the ITC Brokers curated program as a part of the ITC Vegas 2024 concept. As in years prior, BTV will fuel and lead out the broker-centric content series the afternoon of Tuesday, October 15, at Mandalay Bay in Las Vegas, Nevada.

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“The ITC Vegas platform brings together the greatest minds around insurtech trends, technologies, and applications,” said Keough. “Our desire to engage in and bring new and innovative ideas and content to this type of platform comes from BTV’s industry position as the convener of broker-centric innovation, ideation, and communication for the global insurance ecosystem. We represent the brokerage community and the voice of the client, and we believe there is significant value in the community the ITC Vegas team has been building since 2016." 

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BTV and ITC Vegas partnered not only in 2020, as they collaborated around the Agency Connect Virtual Conference, which attracted 2,000+ brokers, agents, and broker tech attendees from across the globe, but also in 2021, 2022, and 2023 as BTV led out ITC Vegas’ BrokerTech Connect. 

‍For more information on BTV, please visit www.brokertechventures.com.

Matt Kulangara, CPCU, PMP, CIPP

Chief Information Officer

Woodruff Sawyer

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In the rapidly evolving landscape of insurance, technology has always been a double-edged sword. On one side, it promises efficiency, scalability, and enhanced customer experiences; on the other, it brings fears of obsolescence and replacement. As a Chief Information Officer for an insurance brokerage, I have navigated these waters, wading through the currents of innovation while anchoring to the bedrock of our industry's traditions. Today, I write to you to share a vision that sees Artificial Intelligence (AI) not as a harbinger of displacement but as a tool for augmentation and an opportunity to underscore our brand's strengths.

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The Role of AI in Modern Brokerage

The advent of AI in the insurance brokerage sector has sparked debates, fearing that automation and intelligent systems will replace the nuanced, human-centric role of brokers; however, this perspective overlooks the inherent strengths of AI designed to augment and enhance human capabilities, not supplant them. AI can process vast datasets, uncover patterns, and provide insights far beyond the pace and scope of human analysis, but it lacks the empathetic understanding, ethical reasoning, and relationship-building that are the hallmarks of an experienced broker.

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Utilizing AI, brokers can access real-time data analytics, predictive modeling, and tailored solutions that allow them to serve their clients more effectively. This constructive interaction between human expertise and machine intelligence creates a more responsive, personalized, and efficient service model. For instance, AI-driven chatbots can manage routine inquiries, freeing brokers to focus on complex cases requiring a personal touch. Similarly, machine learning algorithms can help in risk assessment, policy customization, and even identifying new market opportunities, thereby augmenting and bolstering the broker's role rather than diminishing it.

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Innovation Through Brand Strength

For established brokers, the path to innovation does not necessitate reinventing the wheel. Instead, it is about leveraging existing strengths and brand equity to integrate new technologies seamlessly. Our brand's reputation, built on trust, expertise, and a deep understanding of our clients' needs, forms the foundation upon which we can introduce innovative solutions. The key is to align these technological advancements with our core values and the unique selling propositions that have always set us apart.

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Broadly speaking, innovation is best viewed as an enhancement to what brokers do best, rather than a departure from our roots. For example, adopting AI to improve customer service should not detract from the personal relationships brokers have with their clients; instead, it should enhance those relationships by providing brokers with tools to anticipate and meet client needs more proactively. Similarly, leveraging big data for more accurate risk assessments should complement, not replace, the broker's intuitive understanding of a client’s risk profile and the market.

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Furthermore, innovation can also be about how we present our brand and engage with our clients. Digital platforms offer new ways to communicate, educate, and connect, allowing us to strengthen our brand's presence and build deeper relationships. Through targeted content, interactive tools, and personalized digital experiences, we can highlight our expertise and commitment to service, reinforcing the trust clients place in us.

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Collaborative Ecosystems: The Future of Brokerage

The future of insurance brokerage lies in creating collaborative ecosystems where technology companies, startups, and traditional brokers work together. This collaborative approach benefits all parties: startups gain insights from established players with deep market knowledge, while traditional firms access cutting-edge technologies and innovative thinking from the agile newcomers.

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In this ecosystem, AI and other technologies become the common ground for collaboration, driving efficiency and innovation while preserving the human touch that is crucial in our industry. By working together, we can develop solutions that are not only technologically advanced but also deeply attuned to the needs and expectations of our clients.

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A Vision Forward

As we stand at the crossroads of tradition and innovation, the future of brokerage is not about choosing between human expertise and technological advancement but about how we integrate the two to better serve our clients. AI, with its vast potential, is a tool that —  when used wisely — can significantly enhance the broker's role, providing them with insights, efficiencies, and capabilities that were previously unimaginable.

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For those of us in established brokerages, innovation is not about discarding what has made us successful but about building on those strengths. It is about using technology to amplify our brand, deepen client relationships, and reinforce the trust that is the cornerstone of our industry.

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As we move forward, let us embrace the opportunities that AI and other technologies present, not with trepidation but with the confidence that comes from knowing that these tools can make us better at what we do best. Together, in this vibrant ecosystem of startups and established firms, we can shape a future where technology enhances human expertise, leading to a more responsive, personalized, and efficient brokerage industry.

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How EMC is embracing technology solutions

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Over the last several years, EMC Insurance Companies (EMC) has undergone a digital transformation, redefining what is possible and embracing technology in order to enable a new and better way of doing business.

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“It is an ongoing journey,” says Pavan Goteti, vice president of innovation and business process management at EMC. “Businesses that do not innovate are at risk of falling behind,” he says. “We are on a digital and business transformation journey to keep pace with what our agents and customers want and expect, but we are doing so in thoughtful way that allows us to continue to provide an empathetic and human approach in line with our company values and mission.”

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The digital and business transformation at EMC includes optimizing processes for greater efficiency, improving access to data, and delivering better agent and customer experiences. 

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According to Goteti, EMC has implemented nearly twenty new systems in the last three years, with many more planned. A few of those include:

• Guidewire Cloud. “We are one of the earlier adopters,” says Goteti. “The platform has enabled us to provide new product features, new coverages, coverage expansions and fewer coverage sub-limits. With each renewal cycle, EMC is getting closer to providing agents with a more consistent, user-friendly experience via our agent portal,” adds Goteti.  
• A state-of-the-art business process management platform. This is a centralized repository for enterprise business processes and workflows. This platform facilitates simple and comprehensive process modeling and analysis, enabling rapid publication and collaboration among employees. 
• An agency distribution management platform. “To keep pace with rapid digitization, we are transitioning to cloud-based SaaS solutions,” says Goteti. “The first phase has enabled us to streamline onboarding for agencies and agents, enter new prospects, create and maintain agency demographics and support compliance management.”

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Prioritizing innovation is part of the culture

Goteti says innovation is a company-wide effort at EMC. “Leaders, stakeholders, team members and insurance professionals work together to adopt new technologies and encourage a culture of innovation,” says Goteti. “When team members with different skills, diverse backgrounds and experiences come together, they generate new ideas and solve problems in creative ways.”

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Here are a few of their tactics:  

• Promote experimentation and critical thinking. Employees are provided opportunities to learn and develop skills in emerging tech. For example, according to Goteti, when ChatGPT started gaining mainstream attention in 2022, EMC provided various opportunities for team members to learn, experiment and embrace.
• Give team members opportunities to innovate. EMC employees have ample chance to take the lead on innovation. For example, to help identify when and where severe weather will strike, team members across the company are collaborating on a proof of concept (POC) to empower claims teams with insights into upcoming storm activity and proprietary weather modeling. 
• Encourage self-directed learning. Employees are involved in brainstorm sessions, workshops and labs. Every quarter, the innovation team has a one-month “Pop-Up Innovation Lab” that explores topics and trends that could affect EMC. “It provides a safe space to ask questions and express ideas and concerns,” says Goteti.
• Showcase employees’ innovative work. To celebrate innovation and the employees that make it happen, EMC hosts various events throughout the year, such as demo days and product reviews. At the end of the year, they celebrate innovation with the EMC Futura Awards. 

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Engaging with startups and insurtech

EMC partners with startups to bring fresh perspectives and new solutions to the insurance market. 

“We evaluate start-up opportunities that align with our strategic goals, while staying informed of industry trends for future investments,” says Goteti. 

EMC manages insurtech with intentionality, he adds. “Insurtech offers cost-efficient research and development and provides us access to top talent and thought leadership. Their role is pivotal in modernizing and enhancing our business approach in a digitally-evolving landscape.” Their partnerships include:

• BrokerTech Ventures (BTV), the first and largest broker-led investor group and accelerator program in the world, dedicated to broker-centric innovation. 
• Global Insurance Accelerator, which focuses on fostering growth in insurance-based startups. It provides a mentor-driven program where startups receive funding, guidance and support from industry veterans and experts. 
• EMC also made capital investments in the insurtech ecosystem in companies such as MākuSafe®, a BTV accelerator company from 2020, and Betterview, which gives them access to their innovative solutions. 

“By virtue of these partnerships, we can keep a pulse on the evolving insurtech ecosystem. Our team members serve as mentors to the startups – offering expert guidance, valuable networking opportunities, objective insights and emotional support – crucial for navigating business challenges and fostering growth,” adds Goteti.

Ultimately, innovation and insurtech is vitally important to EMC. “We approach insurtech with intentionality,” says Goteti. “Insurtech companies are of interest to us for their ability to drive technology innovation, enabling rapid market deployment of new products and services. They offer cost-efficient R&D, help foster a culture of innovation and creative thinking, solve unique problems, provide value added services and loss control solutions to our agents and customers.” 

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Harnessing innovation with AI

EMC leverages artificial intelligence and advanced data analytics to find innovative ways to streamline processes, provide exceptional customer service and enhance team member decisions with better data insights.

“AI and machine learning is not new to EMC. When generative AI came to the world scene, EMC formed a committee to embrace this capability,” says Goteti. “We are currently in the experimentation phase and the roadmap is evolving. We have a data and analytics discipline team that creates a variety of advanced analytical solutions, including business analyses, reports, visualizations, analytics consultative services and complex predictive models.”

EMC leverages AI in the following ways:

• Smart Search, a self-service tool for service desk support.
• Survey Guidance, a model that prioritizes accounts for loss control surveys and supports expense reduction in the overall value chain.
• AI-powered photo analytics, integrated workflow, electronic valuations and electronic communications with repair facilities, independent appraisers and vehicle owners for expedited claims handling.

Through their commitment to pushing the boundaries of technology, while balancing the empathy and humanity required to best serve our agents and policyholders, EMC has demonstrated the transformative power of innovation in driving progress and staying ahead in a rapidly evolving landscape.

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By BrokerTech Ventures

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BrokerTech Ventures’ (BTV) accelerator application process closed for insurtech startups on December 31, 2023. But that is only the beginning of the process to select the next BTV startup cohort, which will be announced in March 2024. From here, BTV partners engage in a rigorous selection process to ensure the advancement of viable insurtech startup businesses, with a proven track record of success. 

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As the first and largest broker-centered insurance technology (insurtech) ecosystem, BTV stands at the forefront of the industry, pioneering innovation and fostering the growth of promising startups. By harnessing the collective expertise of BTV partners, including broker, carrier, and wholesaler partners, BTV has consistently identified and propelled innovative insurtechs to successful integrations throughout the BTV network. 

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Like much of the insurtech landscape, BTV partners have been interested in AI, ML, and LLM as ways to dramatically improve efficiencies inside and outside of the organization. Any tech that will reduce time, expense, non-value-add processes, or increase operational efficiencies and enable BTV partners to focus time and effort on activities that directly impact the value to their end users are of high value to the partner network. 

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“When we started with our first class in 2020 I knew this would be beneficial for the startups we selected as long as the commitment was there from our partners,” says John Jackovin, executive director of the BTV Accelerator. “Now on our 5th cohort I can confidently say BTV is having a profound impact on everyone involved. And what's amazing to see is how the impact is being felt by almost everyone in our partner organizations.”

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This year’s applications encompass an interesting influx in transportation startups as well as a continued focus on innovative employee benefits products. With AI becoming so pervasive, almost all of the BTV startup applicants are using some sort of AI/ML/LLM as a component of their offering. 

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While we won’t know the BTV 2024 cohort until March —, but as they begin to narrow down the selection to the final few —, it is worth the time to think back on our previous years’ startups and the achievements and successes of the Accelerator’s alumni. As anticipation mounts for the 2024 cohort, let's delve into BTV's illustrious selection process and the stellar achievements of its past alumni.

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BTV's Accelerator has served as a launchpad for numerous disruptive or sustaining startups, each providing a unique value proposition for the insurance industry. Among the distinguished alumni are TrustLayer, Relativity6, Comulate, and Goldfinch Health;, just a few of the BTV startups who’se journeys serve as testaments to the program’s efficacy.  

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TrustLayer (BTV class of 2021)  serves as an automated platform for certificates of insurance and compliance tracking, validation, and collaboration, ultimately building a streamlined risk-transfer program. With the ability to transfer the tech across the wide array of insurance providers, including risk managers, finance teams, executives, and administrators.  

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Relativity6, (BTV class of 2021) an AI-powered data validation and research tool, is revolutionizing the industry by increasing efficiencies in underwriting, sales, and marketing for insurance agencies and carriers. By integrating within current systems via API as opposed to creating new systems, the MIT-founded startup allows for fast and easy implementation, thereby increasing integration throughotut the industry. 

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Comulate (BTV class of 2023), a revenue process automation business, has been adopted or is in the process of being piloted by more than 40% of BTV broker partners. Comulate reduces the manual process of connecting missing commissions with policies and statements by automatically reconciling commissions from carrier statements to policies with the broker’s AMS. A fully back-end efficiency solution, Comulate has been wildly successful in reducing costs and errors in statement processing, reconciliation, revenue recovery, and forecasting for insurance brokerages. 

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Goldfinch Health (BTV class of 2020) is focused on reducing unnecessary and overly invasive surgical procedures, ultimately reducing dependence on opioids, by working with patients and physicians before and after the surgery. This approach can minimize recovery times in half, reduce reliance on opioid painkillers by 90%, and save significant dollars in labor and healthcare costs each year.  

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As the insurtech landscape continues to evolve, BrokerTech Ventures remains steadfast in its mission to empower visionary entrepreneurs and catalyze industry transformation. As the 2024 cohort selection process unfolds, the stage is set for another chapter of innovation, collaboration, and success in the dynamic world of insurtech.

Angela Alaniz, Chief Digital Officer, CRC Group

Garrett Koehn, Co-President of Brokerage, CRC Group

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The growth of insurtech as an industry has skyrocketed in recent years, revolutionizing the insurance industry. Insurtechs continue to attract investors and foster a thriving ecosystem, fueling productive collaboration among insurance carriers, retail agents, wholesale brokers, and technology firms.

Utilized well, insurtechs have the power to transform insurance through data-driven approaches that improve accuracy, efficiency, analysis, communication, and collaboration, resulting in insurance offerings that support a more competitive marketplace.

Wholesale brokerages like CRC Group play a vital role in this startup ecosystem partly due to our unique positioning and scale. Sitting as a neutral distributor between tens of thousands of retail agencies and 650+ insurance carriers, MGAs, Lloyd's brokers, and reinsurance brokers, CRC is uniquely positioned to help startup companies with both distribution and capacity strategy.

Additionally, and importantly, since launching our data and analytics strategy in 2016, we've adopted a successful build/buy approach to provide a full suite of unmatched tools that help CRC Group, retail brokers, and insurance carriers outperform competitors.

While we've built many proprietary technology tools ourselves, we've also partnered with innumerable insurtechs in product development through POCs (proofs of concept). From risk management tools, policy comparisons, algorithmic underwriting, parametric innovations, and even our unsurpassed API connectivity, our cutting-edge tools enable Team CRC to deliver all of the value clients expect from CRC producers offline, in the online environment, all at the click of a button.

Our building approach has armed CRC producers with actionable tools like the REDY Index and Go To Market capabilities that align with the insurtechs we're using to power our Quick Quotes (instant quoting) platform. The insurtechs we've partnered with play a key role in helping us deliver results to our clients and build efficiency into each interaction so that we can better connect and collaborate with carrier and retail partners.

A few examples:

• Trustlayer (BTV 2020) provides CRC document compliance services that would have been difficult to scale in its absence.

• Relativity6 (BTV 2021) does a great job of providing industry classification data. This information helps us quickly determine the nature of operations and provides increased comfort with account data.

• Leveraging API connectivity via Herald API adds efficiency, brings value, and allows us to provide quick access to needed products for our brokers and retail partners through our Quick Quotes platform.

What's next?

BrokerTech Ventures is a material source when looking for promising startups and partnerships with startups completing a POC. It's also a collaborative spot for insurance retailers from a technology standpoint. Not all apply to wholesalers like CRC Group, but some certainly do, and staying aware of emerging technology ignites our imagination about possibilities for the future.

From the beginning, CRC has taken a value-driven approach to data and analytics, thoughtfully refining our strategy to prove our value by generating better client outcomes. We're excited to continue leading innovation in the space and rely on insurtechs to build new digital capabilities that enhance the customer experience.

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‍Expert Insights on Insurtech Capital Raises in  2024

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It’s no secret that insurtechs require capital investments to succeed. They have a variety of hurdles to clear in order to stay competitive, comply with regulations, expand market reach, acquire customers, and develop and enhance the technology they need to operate. 

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Over the last few years, the investment climate and market conditions have significantly impacted the availability of capital and made it challenging for insurtech companies to attract funding. Here, four venture capital experts provide insights and predictions about the impact fundraising will have to steer insurtech in 2024:

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• Adam Blumencranz is a Partner at Distributed Ventures, a venture capital firm that invests in insurtech, fintech and digital health entrepreneurs.
• Michelle Gouveia is Vice President at Sandbox Industries, a venture capital firm whose strategy is to run investment funds in highly regulated industries, including insurance and health care. 
• Jason Gross is Vice President, Head of Platform at ManchesterStory, a venture capital firm that targets investments in fintech and health care, with a particular interest insurtech.
• Ricky Lai is a Partner at Portage  and invests in early-stage insurtech and fintech across North America and Europe. 

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Why has the environment been so tough, and what are your predictions for 2024?

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Gross: Economic cycles and market conditions have had a huge impact over the last few years, and investors are more cautious and risk-averse when there is an economic downturn. There is more to it, of course, but the fact is, venture capital is inherently risky, and there is a high rate of failure for startups. What happens in 2024 hinges on a potential economic recovery and a more balanced market.

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Lai: Before 2023 the cost of capital was lower in the market, so it was an easier time to get funded. It feels tough now, but there are still many companies being funded. That said, the cost of capital has risen, so investors will continue to be very selective about deploying the capital they have. 

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What market trends are you closely monitoring within the insurtech industry, and how do you expect startups to address and capitalize on these changing dynamics?

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Blumencranz: First and foremost, we’re interested in the mergers and acquisitions side of the industry. We need these businesses to get acquired. If the market is cold or dry, it impacts everything we do in the early stages. It’s a trend that we, as early-stage investors, are always monitoring. 

Gouveia: We closely monitor a lot of trends, but top of mind at the moment is the regulatory landscape and the laws related to data privacy and how it will impact AI. We’re also monitoring digital payment solutions, automation as part of the quote process, and data exchange in general between brokers, carriers and reinsurers. Data management is another key area, as in how companies are building up their infrastructure to better manage and access the data within their four walls.

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Speaking of AI, what makes for a solid investment in an AI-focused insurtech?

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Blumencranz: The AI piece is not the important piece. Does the business solve a problem? From there, is it the right team, the right time? If the technology leverages some of the recent advancements in AI, that’s fantastic. But AI isn’t going to lead the conversation. It’s just part of the conversation. 

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Gross: AI has been around forever, but in the last 18 months, large language models like Chat GPT have brought a lot of attention to it and changed a lot of perspectives in the process. With AI, we’re certainly able to consume large amounts of data, but the question is, can we make good use of it? Overall, we have to be careful in our diligence process to understand what’s hype and what’s helpful.

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What regulatory considerations do you consider when evaluating potential investments in the insurtech sector?

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Lai: The use of data, especially for life and health insurance products, as there is increasing emphasis on consumer data rights and transparency.

Gouveia: When we’re talking to startups, we want to make sure we have a firm understanding of how they envision the competitive and regulatory landscape, and how their solution fits in. It boils down to a few key questions. For example, how will internal compliance guidelines or new regulations set up by the states play a role in the adoption of the solution the insurtech is selling? Is it going to be a longer sales cycle because the companies aren’t ready to adopt the technology, or is there an education process as part of the sale? How well do data privacy laws impact new data that can be used in insurance pricing and risk selection for carriers? 

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The industry has seen increasing concerns around climate change and ESG (environment, social and governance) metrics. How are you prioritizing ESG when considering investments?

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Gouveia: This is part of our due diligence process, and our company has been incorporating ESG into various levels of decision making for a long time, now it’s just more formalized. We take a look at all of the factors, like risk mitigation and sustainability, and we manage and monitor throughout the duration of our investment. We also spend a lot of time talking to entrepreneurs that are building companies to address the insurable risk side of it. So, we’re really investigating it from both angles.

Lai: We track certain ESG metrics and we factor many of those metrics into our overall investment evaluation. Portage is part of Sagard, a global multi-strategy alternative asset manager, which is a signatory of the UN PRI, meaning we are publicly committed to investing with sustainability outcomes in mind.

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In the context of digital transformation, what role do you see for insurtech companies in 2024?

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Blumencranz: When I think about the potential within the insurance industry, little has changed on the ground floor, especially from the consumer perspective. I think we’re looking for a back-to-basics approach. We’re looking for a more transparent, digitized, modern experience. We’re looking for easier processes and less repetition in terms of questions we ask. We’ve been talking about this for over a decade, but it hasn’t quite delivered yet. 

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Gross: We cannot overstate the importance of smartphones and how they alter customer experiences across industries, including insurance. I see insurtech companies leveraging mobile technology for seamless interactions, claims processing and more.

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Gouveia: Insurtechs move faster than the large incumbents. They can bring new products to the market faster given the right partners and the right strategy. We are seeing a lot of innovation with new product coverages and policy structure. So, that’s an innovation on the new product side. We’re also seeing new distribution strategies of existing or new insurance products, like embedded insurance. Incumbents seem to actively be seeking insurtech partners to help them execute digital strategies.

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What should founders and investors be expecting for 2024?

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Gross: As the market adjusts, I think we’ll see new deals, mergers and acquisitions. Also, I think we’ll see insurtech companies seeking additional funding to fuel growth and expand operations, raising capital to buy competition, enter new markets or develop new products. Overall, a more balanced market could benefit investors but might pose challenges for founders seeking higher funding.

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Lai: Great companies, great products and teams will always get funded, even in a tough fundraising environment. Timelines will be longer than expected. If you think you need three months to raise your next round, you’ll likely need six to nine. So be mindful of that and plan accordingly when you’re looking to achieve certain metrics and milestones.

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Blumencranz: 2024 is a transition period that will start off slow. As the public market opens back up and businesses transition to focus more on profitably, I think the venture market will open back up. We won’t go back to the unhealthy levels of 2021, but we should experience a bounce back that will benefit founders and investors alike.   

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BrokerTech Ventures: Insurtech Leaders Share the Significance of Premier Event — Insuretech Connect

In this podcast episode of BrokerTech Ventures, we chat with Bill Harris and Nicole Peck, the leaders at the helm of ITC Vegas, the globe's premier gathering of insurance innovation. Listen as we explore how ITC Vegas blends unparalleled networking with cutting-edge insights, ensuring time at the conference is invested in forging connections, discovering solutions, and fostering partnerships. Click here to listen.

Your procurement process can actually be a competitive advantage. When done well, your organization adopts the right technology faster, implements it better, and drives a return on investment sooner. According to a recent procurement survey by Gartner, “improving the customer experience and operational excellence, not growth, is the driving force of a majority of insurance digitalization initiatives in 2023.” This means that companies need to evaluate an increasing number of vendors for the same problem. So, how can your company do this well?

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After going through the 2023 BrokerTech Ventures cohort, The Partners Group selected ReFocus AI’s churn analytics platform for a pilot with their personal lines division. Their procurement process is a gold standard that reduced uncertainty, tied the pilot to tangible business goals, and quantified the value of the pilot for leadership.

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Procurement processes are naturally complex because they involve multiple stakeholders. Competing priorities, unclear authority, and lack of budget inject uncertainty that can derail even the best procurements. The Partners Group reduced these elements by having a dedicated individual responsible for their presence at BTV Mania (BrokerTech’s two-day partner/startup conference). After qualifying the opportunities, the top ones were presented directly to the heads of the business units that would be impacted. The business units were prepared ahead of time and briefed on each startup. This was aided by having a budget already set aside for innovation. The business unit leaders then self-selected who they would work with. 

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Key Lessons

1. Have a pre-determined set of criteria to rate startups against (especially at BTV Mania). These objective criteria should also factor in current business needs.
2. Allocate a small budget annually to test and pilot startups.
3. Have business unit leaders agree ahead of time to evaluate the handful of startups you bring back to them. There should be an understanding that they will try at least one.

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ReFocus AI was selected to move forward and present a Statement of Work (SoW). Not only was having a clear next step after presenting to business leaders helpful, but it also aligned both organization's sense of urgency. By presenting a SOW, The Partners Group was able to gain certainty that the pilot was aligned with their goals. It also answered crucial questions about resource needs, implementation time, and how end-users would interact with the product once it was live.

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Key Lessons

• Have a documented procurement process so everyone knows what ‘the next step’ is.
• Hash out as many knowable specifics as possible through an SoW, which reduces heartburn during implementation and production use.
• Document business goals. How can you expect startups to align themselves with your goals if you are unclear about what benefit you are trying to achieve?

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To justify the budget expenditure, the head of the business unit put together a pro forma on the opportunity, the cost, and the expected benefit. This was presented to executive leadership, who were able to approve the pilot within the preauthorized budget quickly. Assembling a pro forma as an internal company document should be a standard practice. There are two chasms of innovation: 1) evaluating companies and creating a shortlist and 2) Engaging executive leadership for approval of the effort. The second occurs when the expected value cannot be quantified. The Partners Group eliminated that concern by tying the cost directly to the benefit. By determining that even a 0.5% improvement in retention would pay for the effort, the business made it easy for its executives to buy into the project.

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Key Lessons

• Document the cost and expected value. Use this to get executive buy-in.
• Understand the process to get the final ‘okay’ to move forward. If you don’t have one, make one.
• Be clear on the ROI needed to justify a change. This will support narrowing down the list of potential companies to work with.

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Overall, ReFocus AI completed the procurement process with The Partners Group in under three months. Applying these key lessons will help your company get faster at procuring the right technology. Being more agile through technology is why BrokerTech Ventures exists; don’t let your procurement process hold you back.

Two Iowa-based insurtech conveners create a network of entrepreneurial support

Iowa’s insurance industry is synonymous with innovation and collaboration – guiding principles shared by two global insurance accelerators operating in the state.

Started in 2014 as the first-of-its-kind in the world, the Global Insurance Accelerator (GIA) has provided insurtech startups with the initial investments, mentorship and deep industry insight necessary to reach their full potential. Its counterpart, BrokerTech Ventures (BTV), which was founded in 2019, matches broker-centric insurtech startups with brokers, wholesalers and carriers and provides seed funding to cohort members.

Entrepreneurs have flocked to Iowa from all over the world to immerse themselves in everything both accelerators (and the state) have to offer. Participating startups secure much-needed resources and capital infusions, as well as unique, direct access to Iowa’s leading minds in insurance who help the companies refine their offerings and go-to-market strategies.

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Read more.

Insurers and brokers that want to make the best use of innovative new technology need to take a a careful look at what exactly is out there and if it can be leveraged to its full potential.

In a presentation at the Cayman Captive Forum Susan Hatten and Dan Keough, respectively the chief marketing officer and chairman/chief executive of Holmes Murphy, and chief operating officer and co-founder/co-chief executive of BrokerTech Ventures (BTV), pointed out that companies are looking for innovation in order to identify risks sooner and drive down costs faster

They pointed out that captive insurers can use technology to a competitive advantage by using innovative solutions that can increase connectivity of partners and provide a more efficient way of managing and processing data. They can also streamline their processes.

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Read more.

Positions to take part in 5^th year of program up for grabs with more than $500,000 in seed funding at stake.

Des Moines, IA — November 14, 2023 – BrokerTech Ventures (BTV), the industry’s first broker-led convening platform and accelerator program, has opened the application window for its 2024 BrokerTech Ventures Accelerator program.

Since its founding, BTV has grown to include 12 of the most notable super-regional brokerage firms in the nation, 13 of the world’s most highly respected insurance carriers and wholesalers, and 48 insurtech startups from around the world. BTV has also been instrumental in helping build and fuel the Israeli and Latin American accelerator programs. The company is dedicated to fostering innovation in the insurance space by providing early-stage insurtech companies the support to develop tech solutions for the industry. 

“BTV has experienced amazing results from the first four cohorts, with startups generating over 200 proofs of concept or pilots with our partner organizations and collectively raising over $250 million in funding since their participation in the accelerator. This is a true testament to BTV’s ability to attract investment and support entrepreneurs in the insurtech space,” said Dan Keough, Holmes Murphy Chairman and CEO and BrokerTech Ventures Co-Founder. “With the fifth cohort, I believe we can expect new insurtech solutions with greater influence and even more diversity of thought for the industry. I’m excited to see what the startups will bring to the table.”

The concept of the BTV Accelerator is to be an "innovation hub" and proof of concept environment for broker-centric products and technology solutions, ultimately bringing validated solutions to the industry. The ideal candidates for the Accelerator are early-stage insurtech startups. 

“It’s hard to image this will be our fifth cohort, but I’m just as excited as I was in year one to see these startups dramatically change with the help of BTV,” said John Jackovin, BrokerTech Ventures Accelerator Executive Director. “This acceleration is directly attributed to all of our broker, carrier, and wholesaler partners looking for the latest technologies and products that will help them identify risks sooner, provide better service, and drive down costs.”

The deadline for BTV Accelerator submissions is December 18, 2023. The initial review will be in January, with the top 20 startups chosen to take part in the Selection Series in early March. The Selection Series will be a virtual event where BTV partners can dig deeper into the products, companies, and teams. Subsequently, the cohort will begin the five-week Accelerator program in April 2024. More than $500,000 in funding is at stake for the selected broker-centric, seed and early-stage startups, with each startup receiving $50,000. 

"In addition to the BTV Accelerator application opening, the BTV delegation just returned from a week of dedicated insurtech events and networking alongside the InsureTech Connect (ITC) Conference in Las Vegas, Nevada,” said Susan Hatten, Holmes Murphy Chief Marketing Officer and BTV Chief Operating Officer. “In conjunction with ITC, BTV hosts a broker-led afternoon of curated content — BrokerTech Connect — followed by our signature event — BTV's Happiest Hour. This is a great opportunity for the startups who take part in our BTV Accelerator to network with our 12 broker partners, 13 carriers/wholesaler partners, and their accelerator cohort colleagues (and the cohort members from years prior), as well as a host of additional insurance leaders, investors, and insurtech enthusiasts. We view this as not only instrumental for the startups who take part in our accelerator, but for the insurance industry as a whole."

‍To submit an application for the 2024 Accelerator, go to www.brokertechventures.com.

If you would like to arrange a media interview to discuss the BTV Accelerator or other BTV activities, please email Susan Hatten, BrokerTech Ventures Chief Operating Officer, at shatten@holmesmurphy.com.

Layr, an Atlanta-based insurtech that promises to digitize insurance brokerage operations, said it has raised $10 million to expand operations, marketing and functionality.

“One of every four dollars in the GDP goes through the insurance industry,” yet the industry is “glacially slow to change. Many of the tools to distribute and service insurance products are outdated, using the same technology as when I entered the industry 20 years ago,” said Phillip Naples, founder and CEO of Layr.

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Read more.

Omaha, Nebraska - 10/24/23 – Ferro, a dynamic and innovative startup in the insurtech industry, is excited to announce a strategic partnership with Holmes Murphy, a respected leader in the insurance and P&C sector and one of the nation’s largest independently owned insurance brokerages. This collaboration marks a significant step forward in reshaping the insurance landscape by combining Ferro's cutting-edge technology with Holmes Murphy’s industry expertise.

"We are thrilled to be working hand in hand with Holmes Murphy," said Chris Senkbile, Co-Founder and CEO of Ferro. "This partnership represents a convergence of our technological prowess and Holmes Murphy’s decades of experience, and we are excited about the value we can collectively deliver to Holmes Murphy’s business and clients."

As part of the partnership, Ferro will be providing Holmes Murphy with automated asset schedule solutions designed to streamline operations and enhance efficiency. By leveraging Ferro's innovative technology, Holmes Murphy aims to optimize its asset management processes and elevate the overall client experience.

"Our Holmes Murphy team has been searching for a schedules solution that is efficient and effective while providing a great experience for our clients," said Stephanie Marvelli, Vice President, Enterprise Client Service – Property Casualty at Holmes Murphy. "Ferro has been a true partner, bringing business knowledge, technical expertise, client analytics, and a refreshingly open mind to solving this industry challenge."

The collaboration between Ferro and Holmes Murphy exemplifies a shared commitment to pushing the boundaries of what is possible in the insurance industry. Through this partnership, both companies are dedicated to fostering innovation, improving client services, and delivering next-level solutions that meet the evolving needs of the market.

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About Ferro

Ferro solves the “first mile” or "intake" problem for commercial insurance admins across the distribution channel. By offering an insured-centric and collaborative platform, we turn insured data to life for the benefit of the insured, broker, and insurer. In the industry buzz of "quote/bind/issue" solutions, underwriting data acquisition is often forgotten. With Ferro, the hassle of constantly “tracking down” insured information becomes a thing of the past. For more information, visit www.projectferro.com. You can also follow us on X, or on Facebook, Linkedin, or Instagram.

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About Holmes Murphy

“Caring for Your Unique Potential is Our Soul Purpose.” That statement is the core of how we do business. We ask the tough questions, avoid the easy path, believe fully in caring for the unique challenges of our clients, impact the industry through innovation, and leverage our greatest assets — the hearts and minds of our people — to advocate on behalf of our clients. That’s our approach to risk management and benefits consulting, and it’s worked for us since our inception in 1932. As an independent brokerage, we serve clients in every industry and of almost every size, with the ultimate goal of providing exceptional service and caring for our clients’ unique potential. We are also the co-founder and co-owner of BrokerTech Ventures, the industry’s first broker-led convening platform and accelerator. For more information, visit www.holmesmurphy.com. You can also follow us on Twitter.com (@holmesmurphyins) or on Facebook, LinkedIn, or Instagram.

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Company sees collective valuation of startups approach $1 billion.  

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Des Moines, IA – October 17, 2023 – BrokerTech Ventures (BTV), a pioneering broker-centric accelerator program in the insurtech industry, is thrilled to announce remarkable results from its latest report showcasing the outstanding achievements of its accelerator startups. 

Over the course of four cohorts and 3.5 years, BTV has consistently empowered and propelled emerging insurtech companies to new heights. The recently released data illustrates the notable progress made by BTV's four accelerator cohorts and the significant impact they have had on the insurance technology sector.

Key highlights from the BTV accelerator program include:

• Continued Success — 96 percent, or 46 out of the 48 startups that have participated in the BTV accelerator program, are still operating or have been successfully acquired, affirming the program’s role as a catalyst for sustainable growth within the insurtech industry.
• Collective Valuation — The collective valuation of the four cohorts that have passed through the BTV program is now rapidly approaching the milestone of $1 billion. This reflects the incredible potential and market value these startups have achieved.
• Funding Milestones — BTV-affiliated startups have collectively raised over $250 million in funding since their participation in the accelerator, a testament to the program's ability to attract investment and support entrepreneurs in the insurtech space.
• Exceptional Growth — On average, startups that have gone through the BTV accelerator program have witnessed their valuations double since their enrollment, showcasing the program's effectiveness in fostering rapid growth and development within the insurtech sector.
• Partner Collaboration — Over 200 proof of concepts (PoCs) or pilots have been initiated with BTV's partner organizations, demonstrating the program's successful collaboration with established insurance industry leaders. Additionally, nearly 1,000 external client engagements have been directly attributed to BTV, underscoring the profound impact the program has had on bringing innovative insurtech solutions to market.

"We are immensely proud of the achievements of our startups and of the continued growth of the insurtech sector as a whole," said Dan Keough, Holmes Murphy Chairman and CEO and BTV Co-CEO. "These outstanding outcomes validate the effectiveness of our accelerator program and underscore the vital role that insurtech startups play in driving innovation within the insurance industry, while also working to identify risks sooner and drive down costs faster for our clients."

“BTV's commitment to fostering innovation and collaboration in the insurance technology space has solidified its reputation as a leading force in the insurtech ecosystem,” said Mike Victorson, M3 Insurance President and CEO and BTV Co-CEO. “We are proud of our efforts and can’t wait to see how the future continues to unfold.”

As BTV continues to make strides in the insurtech landscape, the program remains dedicated to fostering the next generation of insurtech leaders and driving continued success in the insurance technology sector.

“One of the reasons we signed on as BTV’s first carrier partner in 2020 was because of their approach to bringing together insurtechs, carriers, and brokers to address industry pain points,” said Bob Jenkins, Vice President of Enterprise Distribution at Travelers. “We continue to find value in this relationship as we uncover the power and potential of the innovative capabilities these startups bring to the insurance community.”

Applications for the 2024 BrokerTech Ventures accelerator cohort open on November 1, 2023. 

BTV will also once again be front and center fueling the BrokerTech Connect portion of the InsureTech Connect conference in Las Vegas on October 31. To attend BrokerTech Connect, please register at https://vegas.insuretechconnect.com/brokertech-connect/. 

For media inquiries or further information on BTV’s impact in the insurtech space, please contact Emily Schultz, BTV Managing Director, at emily@brokertechventures.com.

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How insurtech can mitigate future risks

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Globally, the summer of 2023 was the hottest on record, and by a significant margin. For decades, scientists have been laying out the sobering facts about climate change. While their research has been met with varying degrees of praise and criticism, global climate models, which simulate weather patterns over time, have been consistently accurate. The impact on the insurance industry is undeniable.

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“The reality is climate change is here. It’s no longer avoidable,” says Lisa Leftwich, head of Sustainability Services for Zurich Resilience Solutions at Zurich North America, a provider of commercial property-casualty insurance solutions and services in the U.S. and Canada. “As an insurer, a big part of our job is to anticipate the next wave of risks. Climate change clearly falls into that bucket.”

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Alicia Pavelko is Zurich North America’s head of Construction Innovation and Sustainability. She adds, “Climate change has certainly brought disruption to our industry. But there is a silver lining, because disruption brings opportunity. Yes, it’s difficult. But I think across the board, more stakeholders are paying attention.”

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As colleagues in the insurance industry, Leftwich and Pavelko are actively focused on climate resiliency and sustainability. In a nutshell, climate resiliency is about coping with, managing and preventing the impact of climate change, while sustainability is about conserving natural resources and taking action to protect the planet for future generations.

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How climate change is impacting insurance

Here, Leftwich and Pavelko share insights about the impact climate change has had on their industry, and how insurtech will play a role in mitigating future risks:

• Increasing frequency and severity of natural disasters. Climate change is linked to a rise in extreme weather events such as hurricanes, floods, wildfires and droughts. This leads to significant property damage, disruption in business and loss of life. 

“The uptick in storm frequency and severity has had a significant impact on the number and size of claims we pay,” says Pavelko. “That directly translates to an increased cost of insurance, a reduction in available coverage and in some instances, a lack of availability of insurance altogether.”

• Shifting risk profiles. Areas that were once considered low-risk for certain hazards may now be at a higher risk due to changing climate patterns. For example, regions that historically had low flood risk may face increased volatility and vulnerability.

“While we’re seeing more weather-related events than ever, it’s not just the natural catastrophes we may be more familiar with, like earthquakes in California or hurricanes in Florida,” says Leftwich. “For example, we’re seeing extreme heat and flooding in the Midwest, winter storms in Texas, and recently, a tropical storm warning in California. Throughout the country, we’re experiencing secondary or indirect natural catastrophes, such as straight-line winds, mud slides or fires. It’s just a whole new set of perils.”

• Economic impact. “Commercial insurance has historically been inexpensive and easy to come by,” says Pavelko. “That’s not the case anymore. Prices are going up, and it’s also challenging to put together a comprehensive program. Our customers might have to retain a lot more risk through higher deductibles or by choosing to purchase a limit other than the full replacement cost of the asset they’re trying to insure.”
• Long-term challenges. There are no short-term fixes for climate change. The impact is ongoing. “This is a challenge for insurers in estimating long-term liabilities and the ability to price policies accordingly,” says Pavelko. “Many industries have been built on short-term incentives and rewards. But when we look at climate change, it’s a long-term challenge and we have to think about resiliency and adding a long-term perspective into the conversation.”
• Regulatory and legal pressures. Governments and regulatory bodies are driving regulation and action around climate-related risks. “While a lot of our global colleagues are in markets with stronger regulations, in the U.S., there are varying requirements and action may be optional,” says Leftwich. “Some state regulations are driving change. For example, in California, large companies will be required to report greenhouse gas emissions as part of a sweeping new law. In New York, local law 97 will require buildings over 25,000 square feet to meet new emissions and energy efficiency standards.” 

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“Overall, our role is to strike balance,” says Leftwich. “We support customers in their own journeys, at their own pace. It’s a collaboration that supports a more sustainable future for all of us, in a way that’s workable for our customers.”

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The role of insurtech

To address the challenges and mitigate the risks of climate change, insurtech plays a key role:

1. Adapting underwriting practices. The level of complexity that goes into an account analysis and underwriting assessment is significantly deeper today than it was even three to five years ago, according to Pavelko. “We look at risk and endeavor to understand how it’s going to perform long-term. So, in the past we may have asked ‘How old is the roof on the building?’ But now, we’re asking about the materials used in making the roof, how it was made, and how well it is going to withstand hail, for example.”
2. Advanced analytics and modeling. Insurtech companies are using sophisticated predictive models that incorporate climate data, allowing insurers to more accurately assess climate change risks. 

“Data is revolutionizing how we operate,” says Leftwich. “With forward-looking data, projections or climate models, we can get a sense of what future risks might look like using different scenarios. This gives us a better sense for how to plan for and mitigate them.” 

Leftwich compares it to driving a car. “You have your rearview mirror, which is your historical claims data, and you have your GPS, which shows where you need to go with forward-looking climate data. This is overly simplistic, but it gives you an idea of the different elements that we can bring together to give our customers a more complete picture so they can take action now to mitigate those future risks.”

3. Climate-related risk management products. Solutions relevant for climate-related risks include offerings like: 

• Parametric products, which automatically trigger payouts based on predefined climate-related parameters, such as wind speed or rainfall levels. Parametric offerings can expedite claims processing and provide quicker relief to policyholders. “With parametric insurance, you just have to reach a predetermined trigger,” says Pavelko. “It provides balance sheet protection for weather events that may or may not actually cause physical damage.” 
• Captive insurance is another way a company can tailor their coverage to reduce their total cost of risk and address coverage gaps for climate-related perils, hard-to-insure exposures and more.
• Some carriers offer a resiliency credit or incentive, where a portion of premium is given back or set aside to support proactive risk mitigation steps on the part of the insured. Zurich offers comprehensive Resilience Services, which include a service that brings together forward-looking climate insights and boots-on-the-ground assessments to help companies create climate resilience plans tailored for each of their locations. 

“Initiatives like these have led to many interesting and deep conversations with our customers and brokers,” says Pavelko. “Customers are shifting from a short-term mindset to a longer-term holistic view of their organization. They’re considering how resiliency plays into the value and longevity of their fixed assets, supply chain, customer base and more.” 

“Overall, we’re seeing a sea change,” adds Leftwich. “The business community, all industries and sectors, is recognizing the importance of climate change and planning for it. They are paying attention because if they don’t, they recognize there’s a real cost.”

What’s more, insurtech is playing a key role. “Insurtech is an important tool for providing access and awareness to the masses,” says Pavelko. “The main challenge for adapting to climate change is the unknown. The other challenge is that we can’t take a wait-and-see approach. We must take action today.”

Connecting the insurance ecosystem through the power of technology could answer the decades-old problem of duplicate entry for agents. Agents still must navigate through multiple carrier portals to complete a single quote, despite the promise of integrated solutions. Or agents hit barriers trying to utilize agency data when one technology platform simply can’t “speak to” or connect to another platform.

When systems do not connect, the agency is stuck with the burdensome process of manually keeping up with the same information in two places. Brendon Mulcahy, vice president, technology & innovation partnerships at SIAA, believes connectivity remains the biggest barrier for agencies when it comes to implementing and adopting innovative agency technology.

Read more

By Susan Hatten

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The insurance industry is truly a nexus for innovation. Particularly through the use of technology, it is inspiring to dive into the many ways insurance professionals across the country and the world create real-time solutions for clients and build upon their success. Knowing this, it was clear to our leaders and innovators at Holmes Murphy that there were seemingly endless untapped possibilities when it came to showcasing how insurance is a driver of change and a means to explore the many available paths and opportunities offered to add value to the insurance value chain.

An example of innovation in action was in 2019 when Holmes Murphy and M3 Insurance co-founded BrokerTech Ventures (BTV) with these very principles in mind. Since then, BTV has served as an innovation hub that brings broker-centric insurtech startups together. The results have been nothing short of impressive, further proving that innovation is a fundamental component of the industry. By providing a space and opportunity for distribution access, stakeholder collaboration and engagement, and access to capital, BTV has proven itself as an important launching pad for many entrepreneurial leaders and provides a proof-of-concept environment for broker-centric products and solutions.

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Read more

GIVING EMPLOYEES, EMPLOYERS, AND BROKERS THE POWER TO DEMYSTIFY AND DELIVER HEALTH AND WELLNESS BENEFITS USING AI

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To Guy Benjamin, health and wellness benefits should not be a mystery to those who use them. Yet, for the U.S. transplant, his observation of the confusion surrounding the benefits arena became the genesis of a company that bridges the benefits gap for employees.

Benjamin, co-founder and CEO of Healthee, an artificial intelligence (AI) platform that speeds delivery of healthcare benefits information, saw the disconnect between employees and their benefits when he started working in the United States after his Israeli Air Force career. From his first day at work in U.S. corporate culture, he realized that the only people in a company who understood their health and wellness benefits were the people in charge of administering them, and even they were sometimes confused.

“Healthcare is confusing,” says Benjamin. “It’s filled with jargon and complexities that are intimidating and overwhelming for the very people it’s meant to help. What will my out-of-pocket cost be? When will I meet my deductible?”

Read more.

In this episode, we chat with Margeaux Giles, CEO and Co-Founder of, Irys Insurtech. Margeaux shares the importance of representation in the insurtech industry, recent successes, and what it’s like to be a new kid on the insurtech block. You can learn more about Margeaux and Irys via LinkedIn: https://www.linkedin.com/company/go-irys/

https://podcasters.spotify.com/pod/show/brokertechventures/episodes/Margeaux-Giles---Irys-Insurtech-e29l45m

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National brokerage and industry-leading startup take risk management and insurance verification compliance to next level.

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September 12, 2023 – Waukee, Iowa — Holmes Murphy, one of the nation’s largest independently owned insurance brokerages, is excited to announce its formalized partnership with TrustLayer, a leading-edge, innovative company focused on enabling faster and more efficient proof of insurance verification, while helping clients better manage risk.

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"One of Holmes Murphy’s main goals is to identify risks sooner and drive down costs faster, all the while streamlining time-consuming, mundane, and risky tasks our employees take care of for our clients,“ said Ellen Willadsen, Holmes Murphy Chief Innovation Officer. “The unique value TrustLayer brings to the equation is the ability to automate the insurance verification process using robotic process automation (RPA) and artificial intelligence (AI). This provides our clients with peace of mind knowing the coverage their business partners have in place is adequate, validated, and compliant. It’s just one more way Holmes Murphy is working to innovate within the insurance industry to benefit our clients.”

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It's long been known insurance verification is a manual process with millions of static documents changing hands across the U.S. The cost and risk of this outdated process is high, with studies showing that 75 percent of vendors are underinsured. This is where TrustLayer comes in. The company uses RPA and AI to automate this process securely, so companies can automatically verify the insurance and licenses of their vendors, suppliers, borrowers, and tenants. After early success with their platform, Holmes Murphy is excited to roll this out to our clients.

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"It’s clear that validating insurance is broken if, in a world filled with technology, people are still picking up the phone, printing, faxing, and filing these documents millions of times each year," said John Fohr, co-founder and CEO of TrustLayer. "We’re building the modern way for businesses to approach risk, compliance, and insurance verification, and it certainly doesn’t involve call centers or fax machines. It requires true partnership to connect to systems of record and get to the ground truth of a policy. I’m particularly pleased that Holmes Murphy and the BrokerTech Ventures community join TrustLayer in that vision, and we welcome their partnership as we solve this critical industry-wide problem.”

“We’re especially proud of the work TrustLayer is doing not only for Holmes Murphy, but the entire insurance industry,” said Willadsen. “As a member of our BrokerTech Ventures 2020 inaugural Accelerator cohort, it’s fulfilling to see the company lead the way in terms of revolutionizing and streamlining what are incredibly tedious and risky processes for businesses. This is what we created BrokerTech Ventures to do, and it’s exciting to see the evolution of the companies that have taken part.”

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Embracing the digital landscape is crucial for insurance brokers and agents

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By BrokerTech Ventures

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Over the last decade, millennials have been the driving force in our culture, shaping workplace dynamics, consumer trends, technology, and e-commerce. As more millennials enter their 40s, members of the post-millennial generation, known as Generation Z or “Zoomers,” are aging into adulthood, joining the workforce, starting families, and developing their own distinct needs and attitudes. As digital natives, they are part of the first generation to grow up in the age of interactive screens. The generation that follows the Zoomers, known as Gen Alpha, will likely be even more entrenched in technology than its predecessors.

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As Zoomers and Gen Alpha become part of the labor force and the customer base, their needs and wants will cause significant shifts in the way insurance is marketed and delivered. 

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“Serving the needs of these generations will be crucial to market growth,” said Ali Payne, President of Employee Experience at ethOs, a Holmes Murphy Company. EthOs focuses on improving workplace culture, engaging with multi-generational staff and addressing all aspects of an employee’s total well-being.

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"We need to be proactive, because in many ways, the insurance industry has been slow to change,” Payne said. “We still have some of the same workflows and processes that were in place when baby boomers were running the industry.”

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The impact of Gen Z and Gen Alpha

“First of all, it’s important to note that even the oldest Gen Zer is new to insurance,” Payne said. “They are just turning 26, so for health insurance, they may be aging off their parent’s health coverage. Much of this is new to them. Their expectation is to interact with businesses online, through websites, apps, and social media. You may have guessed, everything they need is on their phone. They want easier, faster, and simpler delivery. Also, they want a personalized approach. They want ‘the right thing for me, right now.’ In other words, unless they’re actively using it, they’re probably not paying much attention to it. They probably know how much it costs, and that’s about it. What’s more, they’re willing to shop it every year.”

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Payne isn’t the only one thinking of the upcoming generational changes. John Prichard Jr, Chief Advancement Officer at Heffernan Insurance Brokers and a member of BrokerTech Ventures recently shared, “Presently, the majority of our clients exhibit minimal interest in utilizing a self-service portal. However, as a new generation of business leaders evolve, we anticipate a shift in this trend. It is crucial to note that we do not expect the majority of individuals to seek a self-service approach; however, they may expect improved avenues of collaboration, streamlined interactions, and elevated productivity through a contemporary lens.”

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How the preferences of Gen Z and Gen Alpha may push the insurance industry to adapt 

Some potential changes, driven by the needs of younger decision makers are: 

• Digital-centric engagement. Agents and brokers will need to invest in robust online platforms that provide easy access to information and services, with self-service options for processes like claims filing, underwriting, and policy management. 
• Mobile-first approach. To market to Zoomers, insurers need to understand how inseparable this generation is with mobile technology. It’s not enough to be mobile-friendly. The user experience on mobile devices must be seamless and easy to navigate. Self-service platforms must be intuitive and optimized for smartphones and tablets. 
• Transparency and accessibility. Gen Z values transparency and expects easy access to information. Build trust by being transparent about policy terms, coverage details, and pricing. Avoid hidden fees or complex jargon.
• Cybersecurity and privacy. Growing up in an era of frequent data breaches and online threats, these generations are likely to be more vigilant about cybersecurity and privacy. Insurers will need to invest in well-built security measures to protect customer information.
• Virtual and augmented reality. As technology advances, virtual and augmented reality may become important tools for insurance companies. These technologies can be used for virtual property inspections, risk assessments, and even to guide customers through the claims process.
• Automation and AI-driven services. Gen Z is likely to be comfortable with the integration of artificial intelligence (AI) and automation in insurance processes. This could include chatbots for customer service, AI-powered underwriting, and automated claims processing to provide real-time assistance and answer common queries.
• Data-driven underwriting. These generations may be more comfortable with sharing personal data in exchange for more accurate and personalized insurance offerings. This could lead to the development of more sophisticated underwriting models based on real-time data and analytics.
• Social media influence. Insurance companies will need to have a strong online presence, and they may also need to consider partnerships with influencers or platforms that resonate with this generations.
• Emphasis on sustainability and ethics. Gen Z tends to be more environmentally conscious and socially responsible. Insurance companies that incorporate sustainable practices and demonstrate a commitment to ethical business conduct are likely to appeal to this generation.

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Embracing digital transformation and staying attuned to the evolving needs of this generation will be crucial for the long-term success of insurance agents and brokers, Payne said.

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“Everybody is trying to simplify the experience that is insurance,” she added. “It’s why Holmes Murphy is so vested in BrokerTech Ventures, and … using technology to drive change or to re-invigorate what currently exists. How do we simplify the process? How do we take the paper out of insurance? How do we do more with less? Ultimately, all this work will trickle down to better solutions for Gen Z and Gen Alpha.”

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BTV: Can you give me a little background on Heffernan Insurance? 

JPJ: We were founded in 1988 in Walnut Creek, California, out of a desire to build a privately owned insurance brokerage. We serve individuals and businesses, providing comprehensive insurance including business insurance, personal insurance, employee benefits, and financial services. Since our founding 35 years ago, we’ve built a national presence and are one of the premier brokerages in the country. 

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BTV: Why is technology advancement important to your business model? 

JPJ: I would say that there's a few reasons that we are interested in technology and insurtech in general. 

1. Our industry can be old-fashioned in the way we do things. There are a lot of workflows, processes, and more that technology can dramatically improve, creating better customer experiences as well as making us more scalable, more profitable, and our teams more productive. So we have been striving to engage with opportunities that will accomplish those things.
2. With the dramatic growth of direct-to-consumer players and digital agencies over the last 10 years, we needed to stay ahead of it as much as we could and continue to evolve with new technologies. Changes in the industry can be disruptive and technology in the industry can disrupt the status quo. Staying ahead of new technologies and helping to pioneer new processes helps us stay ahead of the curve.  
3. As time goes on, our customers are developing specific expectations of how they engage and collaborate with us and the client experience expectations will continue to evolve. We want to be on the front side of that. For example, currently the lion’s share of our customers aren’t interested in going to a portal to self-serve. From their perspective, that’s why they’re using us as their broker. But we expect to see more change as younger business leaders are taking over these businesses. That doesn’t necessarily mean that everyone wants to self-serve, but they may want to consider better ways to collaborate with us, better ways to work with us, and be more productive in a more modern way. 

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BTV: Can you tell me a little more about the relationship between Heffernan and BrokerTech Ventures? 

JPJ: We’ve been a BrokerTech Ventures partner since 2019, when BTV was established. What attracted us to BTV was the template of collaboration and enhanced investment strategies. 

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The model of continued collaboration between brokers, carriers, wholesalers, and insurtechs struck a chord with us. Prior to joining BTV, we were very actively involved in the insurtech space, including investing in, piloting, evaluating, and engaging with startups. What we found was twofold: First, we were only looking at insurtech initiatives from our own point of view. We discovered that when we started talking to other brokers like M3, we’d share ideas and found that we could be much more productive talking to a startup together than separately because we bring different perspectives. We have different needs and pooling those needs together gets more accomplished. For example, the startup is more willing to advance specific technologies if multiple potential partners are asking for that technology in terms of modifying or changing their platform. So when Holmes Murphy and M3 started BTV, we were very interested in being a part of it. An added benefit is that this collaboration isn’t limited to experiences with insurtechs. Through BTV we’ve been able to build relationships with other brokers and companies within BTV and we get on the phone with each other and when we’re trying to solve the same problems and share where we’ve had successes. 

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The other side of our partnership is from the investment perspective. Prior to our partnership with BTV, we’d been focused on investing in insurtechs where we knew we’d use their product and could have a fairly significant impact on them succeeding or getting over the hump just by Heffernan using them and being fully integrated with them. We found, over time, that we just weren’t big enough to have a large enough impact. Having a collective group of agencies that are willing to engage and pilot with the startups leads to more probability of the startups’ success – partly because of collective revenue from BTV partnerships, but also because they have access to multiple partners that are working with them directly to help them improve their product and build revenue streams. And, of course, the collaboration to uncover new insurtech solutions was also very attractive to us. 

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BTV: So, tell me a little bit about your integration with Comulate. How did you first engage with them? 

JPJ: We find insurtechs in all sorts of ways. Some reach out to us directly, we have firms and influencers in the industry who will refer an insurtech to us, and others we've encountered via selecting and evaluating through BTV. We had talked to Comulate prior to their entry into the 2023 BTV accelerator class, but we hadn’t actually engaged with them. Once they joined the 2023 cohort, we realized how much they had grown since our previous conversations and we decided to pilot with them and built an engagement.  

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BTV: Let’s talk a bit more about Comulate. Who is Comulate and how has Heffernan engaged with them? 

JPJ: Comulate is an insurtech startup company. Comulate automatically extracts and reconciles commissions from carrier statements to policies in our agency management system. It takes what used to be a very manual process that we would outsource or leverage companies in India to take care of for us, Comulate instead leverages machine learning and artificial intelligence to automate the process. 

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Right now, we are using Comulate purely in the employee benefits space. With an employee benefits direct bill statement, we used to have members on our accounting team collaborate with our India team to go through every single statement, see what the income is, look it up in our agency management system, and then apply the amount in our management system manually, every single month on hundreds of statements. Instead of going through that manual process, it's now automatic; 40% of our statements are automatically completed without any human intervention and we expect that to reach 80% later this month. For us, it has been one of the most successful insurtech onboarding initiatives that we’ve had yet. 

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BTV: Can you share a little more about the effect this engagement has had on your business operations? 

JPJ: Our engagement with Comulate has created a significant level of efficiency and additional accuracy in what was a very manual revenue reconciliation process. It has provided relief to our teams, especially in accounting and service. It is an incredible internal operational improvement in the metrics of efficiency, revenue recognition, accuracy, and resources. As an example, in our manual process, around 50% of the statement transactions were recorded incorrectly. When the outsourced reconcilers were looking up policy numbers, they would find policies that would look correct on the surface but would actually be expired. When they applied the revenue to the expired policy, we would eventually need additional intervention to correct the inaccuracy. This technology has reduced errors by 80%. So not only does it automate a manual process, but it has increased accuracy allowing revenue recognition to occur correctly the first time enabling us to recognize revenue in our financial statements more quickly than we were able to prior to engaging with Comulate. 

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BTV: What other technology solutions is Heffernan looking for? 

JPJ: We are looking for insurtech and technology solutions in three basic areas of our business – operational efficiency, sales and business development, and customer experience. One of our biggest challenges with all the various insurtech solutions that are starting to bring value is that they all stand on their own, and as a result, if we engage with them we have these isolated platforms all over the place and they become very challenging for our teams to engage with, so adoption tends to be low. Our focus now is building a road map for a Producer / Account Manager single pane of glass for work to streamline the customer lifecycle from lead to renewal, with many technology solutions seamlessly integrated. Additionally, we will continue progressing our data program with more metrics, KPIs, using trusted AI with additional reporting and dashboarding.

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Never has there been a moment as electrifying as now to be in the insurance sector. A journey that began roughly 3,770 years ago in Babylon (a nod to Adrian Jones) has never seen a shift as transformative as the one we're witnessing today.

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I was fortunate to experience the DotCom boom in San Francisco between 1995 and 2000. There, I saw trailblazing, pre-InsurTech enterprises such as EInsurance, Esurance, and Answer Financial redefine what was thought possible by introducing internet-centric offerings. Amidst this digital renaissance, I was a founding member of an R&D initiative within Zurich — 'Strategic Partnerships'. Our objective was pioneering into novel avenues of distribution, from call centers and alternative affinity partnerships to the burgeoning realm of the internet. While our experiences taught us invaluable lessons (admittedly, we did not write a lot of premium), it was clear that both technology and consumer behaviors hadn't matured. However, this experience ignited an enduring passion for technological innovation within me, and the opportunities that I would soon immerse myself within.

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Historically, MGAs and program administrators have been tech vanguards, adopting new tools and data-driven approaches. A pivotal moment for me was in 2011 when — during a competition to be ClimateCorp's capacity partner — I was introduced to the concept of “data science,” an epiphany that signaled the onset of the present revolution.

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Acknowledging pioneers like Lemonade, Next, and Hippo is essential; their audacity spurred our industry to reimagine our offerings, distribution strategies, and, in a roundabout way, the valuable role brokers play in the ecosystem. Today, with their agility and capital-efficient models, MGAs are uniquely positioned to redefine the industry's trajectory. Informed by both the insights and challenges of their predecessors, the next MGA wave will harmoniously blend rigorous underwriting, fresh data streams, novel capacity frameworks, and advanced AI tools to accelerate this transformative shift. Indeed, it's a golden era for our industry.

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About Sertis MGA

Sertis stands at the forefront of insurance innovation as a cutting-edge managing general agency (MGA) specializing in insuring professionally managed multifamily (apartment) portfolios. At the heart of our unique approach is the Sertis Risk Indicator (SRI), a pioneering risk score derived from a continuous flow exclusive operational behavior data. This cornerstone of the Sertis Risk Management Platform allows our underwriters to recognize and reward diligent owner/operators dedicated to upholding safe and resilient properties, offering them tailor coverages with superior terms and conditions. Sertis, fueled by the SRI, stands ready to partner with brokers and their clients in navigating the complexities of today's market.

About Mark Gardella 

Mark Gardella, the visionary CEO of Sertis MGA, is a seasoned leader with a wealth of experience spanning over two decades in the Property & Casualty (P&C) insurance domain. With an unyielding passion for innovation and a track record of transformative success, Mark is at the forefront of reshaping the insurance landscape. His journey through the insurance realm has been marked by a commitment to excellence and a relentless pursuit of progress. Mark's expertise extends across three core pillars, each influencing and propelling the industry forward, from InsurTech startups, capacity providers, to investors.

Alex Simmons, CEO of Boon Health, talks innovation in the employee coaching and talent growth space.

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Innovation in the insurtech space tends to hew towards the property and casualty lines of business, and past BrokerTech Ventures cohorts have been no exception to that rule.

But in 2023, the accelerator cultivated startups oriented towards employee benefits, rather than just property and casualty—and in this year’s cohort are counted firms like Boon Health, a startup focused on providing a one-on-one employee coaching platform for employers.

According to Simmons, the idea for Boon Health came from his own experience with employee assistance programs (EAPs). “EAPs were generally highly stigmatized and designed to be more crisis intervention tools than anything—a support line that a company offers for suicidal ideation, going through divorce, substance abuse, that sort of thing. In my own experience, there was nothing geared towards the every-day challenges that I and seemingly everybody around me was dealing with: stress, anxiety, burnout, and so on.”

That led to Boon, says Simmons. “We launched Boon in August of 2019 to be the most accessible means of mental wellbeing in the workplace, by offering a one-on-one coaching platform for employees. As we’ve continued to scale, the business model has since evolved into a one-stop personal and professional growth platform, where we’ve become an extension of HR teams across all phases of the employee life cycle.”

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Read the entire article here: https://www.leadersedge.com/healthcare/supporting-the-whole-human

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WALNUT CREEK, Calif., July 11, 2023 /PRNewswire/ -- Heffernan Insurance Brokers, one of the largest full-service, independent insurance brokerage firms in the United States announced a partnership with TrustLayer, to allow customers to access TrustLayer's artificial intelligence (AI)-powered collaborative risk management platform.

TrustLayer will enable faster and more efficient proof of insurance verification and help Heffernan customers better manage their risk by using its innovative digital solution. Virtually every business struggles with insurance verification. For those who do it well, the administrative burden is high — with manual processes and millions of static documents changing hands across the U.S. Unfortunately, for those who don't manage these processes well, the risk is astronomical, with studies showing that 75 percent of vendors are underinsured. TrustLayer uses robotic process automation (RPA) and Artificial Intelligence to automate this process securely, so companies can automatically verify the insurance and licenses of their vendors, suppliers, borrowers, and tenants. Further TrustLayer is building connectivity to systems of record to allow for truly validating whether coverage is in force.

Read more.

‍Operations Expert and Veteran to Lead BTV’s Five Towers of Operation and Execute on Company’s Strategic Direction

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Des Moines, IA – August 17, 2023 – BrokerTech Ventures (BTV), the industry’s first broker-led convening platform and accelerator program, is pleased to announce the hiring of Emily Schultz as its new Managing Director.

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In this role, Schultz will be responsible for setting and executing on the strategic direction of BTV to help advance innovation within the broker technology industry. Schultz will also be responsible for leading BTV’s five distinct towers of operation — early-stage investments, innovation, capital, media & communications, and the accelerator — alongside BTV’s managing partners. 

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“We are beyond thrilled Emily has joined our BTV family,” said Dan Keough, Holmes Murphy Chairman & CEO and BTV Co-CEO. “Emily comes to us with deep and diversified experience in not only operations, but also in the startup and entrepreneurial space. Her understanding of our business and her strong awareness of the benefits of innovation in the industry make her the perfect fit for this role.”

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Schultz comes to BTV with a plethora of experience. Most recently, Schultz was the Sr. Director of Publishing Operations and a member of the Executive Leadership Team for Business Publications Corporation (BPC), an Iowa-based media company that publishes the Des Moines Business Record and dsm magazine, along with owning and operating WriteBrain media. Prior to that, Schultz was the Project Lead for Visionary, a technology company that provides companies large and small with web design, web development, and digital marketing solutions.

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“I'm thrilled to be joining the BTV team and have a front row seat to the exciting innovations that are happening throughout the insurance industry,” said Schultz. “I’ve had the pleasure of watching the BTV team in action, and I’m happy to be part of their ongoing journey of innovation.”

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In the four years since BTV’s inception, it has grown to include 12 of the most sizable and innovative brokerage firms in North America, and 14 of the most notable and respected insurance companies and wholesalers with both domestic and international presence. In addition, BTV also represents 60 insurtech startups from around the world, inclusive of those in the U.S., Israeli, and Latin American accelerator programs, with investments and commercial engagements with many.

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“We’re excited about the exceptional team we’re building at BTV,” said Susan Hatten, Holmes Murphy Chief Marketing Officer and BTV Chief Operating Officer. “Emily’s ability to guide critical decisions, strategy, and tactics for the greater BTV company coupled with John Jackovin’s exceptional work in the accelerator space is setting us up to be a key innovation ecosystem that will help shape the future of insurance.”

‍For more information onBTV, please visit www.brokertechventures.com.

‍BrokerTech Ventures to fuel BrokerTech Connect during ITC Vegas 2023 Conference 

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Des Moines, IA – August 8, 2023 – BrokerTech Ventures (BTV), the industry’s first broker-led group and accelerator program chartered by 12 super-regional independent brokerage firms, announced the 3rd year of a strategic collaboration with InsureTech Connect (ITC), the world’s largest gathering of insurance innovation (insurtech) conference and convening platform. BTV will once again fuel ITC’s BrokerTech Connect, an insurtech series during the conference for the broker-centric community, on Tuesday, October 31, at Mandalay Bay in Las Vegas, Nevada.

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"We are extremely excited about this third year of collaboration between BTV and InsureTech Connect,” said Dan Keough, Holmes Murphy Chairman and CEO and BTV Co-CEO. “The ITC platform brings together the greatest minds around insurtech trends, technologies, and applications. Our desire to engage in and fuel BrokerTech Connect comes from BTV’s industry position as the convener of broker-centric innovation, ideation, and communication for the global insurance ecosystem. We represent the brokerage community and the voice of the client, and we believe there is significant value in the community the ITC team has been building since 2016." 

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BTV and ITC partnered not only in 2020, as they collaborated around the Agency Connect Virtual Conference, which attracted 2,000+ brokers, agents, and broker tech attendees from across the globe, but also in 2021 and 2022, as BTV led out ITC’s BrokerTech Connect. 

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“We’re excited to partner with BrokerTech Ventures once again for BrokerTech Connect at ITC Vegas 2023,” said Bill Harris, Chief Revenue Officer and Event Director. “BTV is the leader in this space and, as distribution solutions continue to be top of mind for every carrier, brokers and agencies continue to use the BrokerTech Connect kickoff session and expanded expo hall hub as a way to meet innovators, share new strategies, and discover new solutions.”

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The BTV 2023 Accelerator program and 4th cohort class recently rounded out its session during which time BTV provided funding, a curriculum, and an intentional network exposure to the 12 startups from around the world who were selected. 

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BTV also recently announced the launch of the BrokerTech Fund, the first venture capital fund focused on early-stage insurtech companies developing broker-centric technology solutions. Limited Partners of the $34 million Fund include Holmes Murphy, M3 Insurance, Baldwin Risk Partners, UNICO Group, IMA Financial Group, and Christensen Group. 

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“BTV now represents a combined 26 premiere insurance brands, as well as multi-billions of dollars of collective distribution, which is just outstanding,” said Susan Hatten, BTV COO. “Our goal with BrokerTech Connect will be to bring this knowledge to the table and include broker-centric thought leaders, industry expertise, entertainment, and a BTV exhibition on the ITC floor featuring the insurtech companies that were a part of our 2020, 2021, 2022, and 2023 Accelerator cohort classes.”

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“As BTV continues to grow the depth and breadth of our industry relationships within the insurtech space, building an alliance with InsureTech Connect made sense,” said Keough. “We bring the broker-centric insights to collaborate around BrokerTech Connect, and we are thrilled to work with the ITC team to create an even greater experience by leveraging our BTV brand and community." 

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For more information on BrokerTech Connect or to register to attend, please visit https://vegas.insuretechconnect.com/brokertech-connect/.

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On this episode, we chatted with Angie Delaney, Senior Vice President of Sales & Marketing at The Cincinnati Insurance Company. Angie shares her favorite productivity hacks, her excitement surrounding insurtech, and her experience being a woman leader in the insurance industry.

https://podcasters.spotify.com/pod/show/brokertechventures/episodes/Angie-Delaney---The-Cincinnati-Insurance-Company-e26sbci

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“I would encourage others in our industry to really embrace the changes brought on by emerging technologies. … Get engaged.”

^{Mark Ware
Executive Vice President
IMA Financial Group}

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On any construction project, all contractors and subcontractors must provide a certificate of insurance (COI). No matter what size the project is, the COI is a must-have item. In most states, a COI is a prerequisite to earning a general contractor license. City and local governments often require a COI of any contractor working in their jurisdiction.

Even a small project can have concrete, steel, electrical, plumbing, engineers and architects and any number of contractors and trades on the job. With each one needing a COI, managing that process has been an exercise in frustration for many a project lead.

Without the right insurance documentation, projects get delayed and worse; should a contractor’s COI expire or not be in place either before or during a project, that can become a costly claim for the project owner or lead contractor.

A way to solve that particular pain point for contractors and construction industry brokers is exactly what prompted John Fohr to design and launch TrustLayer, an automated insurance verification technology solution that automates certificate management.

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Read more.

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Cutting-edge cyber insurance automation platform, 1Fort, gets strong backing to accelerate the evolution of its solution, simplifying the cyber insurance procurement process for middle to large businesses and insurance brokers.

NEW YORK, June 27, 2023 /PRNewswire/ -- 1Fort, a leading cyber insurance automation platform, today announced it has completed a successful $2 million pre-seed round of financing. Major investors included Village Global, 8-Bit Capital, Operator Partners, Character, Company Ventures, BrokerTech Ventures, along with other venture firms and angel investors.

Read the full press release.

By Margeaux Giles, CEO, Irys Insurtech

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There's always been an interesting dynamic between the insurance industry and tech innovation. Think of them as two climbers, each following their own paths up the mountain but always aware of the other's presence. But then, out of nowhere, a whirlwind named COVID-19 swept across the landscape, causing us to reconsider our routes and prompting us to forge a new path towards the peak of digital transformation.

Before the pandemic, envisioning an insurance professional working from their couch seemed as far-fetched as swapping our trusty legal pads for AI-powered tools. But when the virus barged in, we were shoved into the remote work reality quicker than you can say "home office". The transition? Well, let's just say it was less of a graceful waltz and more of a toddler's first steps. A tad chaotic,

slightly painful, and leaving an impression that technology is the boogeyman in the room. But, it's high time we see the situation for what it is: a wake-up call. Clinging to the status quo isn’t just out-of-date, it's downright risky. It's like refusing to trade your dial-up for high-speed internet; you're not just missing out on streaming the latest series but essential communication tools that make life and work way more efficient.

And while we're finding our footing in this new digital landscape, we're also dealing with a major cast change. The median age of an insurance professional according to the U.S. Bureau of Labor Statistics, was 44.7 years. Translation? A considerable chunk of our workforce is eyeing retirement, and it's time to roll out the red carpet for the incoming generation of workers. But to make them feel welcome, we need to speak their language - the language of technology.

A 2020 study by ManpowerGroup found that 73% of millennials are on the hunt for a healthy work-life balance. They’re not just seeking jobs, they're seeking experiences. To connect with this mindset, we need to shake off the dust from our old-school principles and embrace a more modern, balanced approach. At Irys Insurtech, that's our jam. Our mission? To create technology that champions people, not just profit margins. We're working on tools that streamline work rather than complicate it, making work-life balance more than just a LinkedIn headline.

Sure, we've met resistance. Change can ruffle feathers. But slow, well-supported change? That’s a different beast altogether. It’s like learning a new language; a bit daunting at first, but with time, patience, and a sprinkle of humor, those once foreign phrases start making sense.

So, here we are, standing at the crossroads of tradition and innovation. Embracing change in the insurance industry isn't about chasing trends. It’s about creating an environment that respects its people, values innovation, and isn't afraid to step into the unknown. Change is knocking on our door, my friend, and it’s about time we let it in. After all, in a world that’s rapidly evolving, the only risk in innovation is not taking one at all.

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By Pavan Goteti, VP of Innovation and Business Process Management, EMC Insurance Companies

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As insurers continue to make substantial investments in digital transformation initiatives, they face the inevitable challenge of rapid and significant changes that can cause disruptions to their people, processes, and the underlying digital technology. However, through adoption of human-centric and data-driven strategies combined with a whole lot of empathy, insurers can turn the challenges of digital transformations into opportunities by effectively leveraging the power of talent and data to their advantage.

As I reflect on EMC Insurance’s very own digital transformation, the following observations come to mind on how to navigate the change effectively and stand out from the competition.

• Make it a collective effort: A collective and compelling vision that’s aspirational and easy to understand is critical to the success of digital transformations. Leadership at all levels must embrace the collective vision and carry it forward. The collective language and the message across the company must be consistent from boardrooms to breakrooms. While adopting SaaS platforms or commercial-off-the-shelf solutions (COTS), a commitment must be made to reduce customizations and embrace the workflow and out-of-the-box capabilities as much as possible to reduce time to market.
• Embrace a growth mindset: Challenge the status quo and use critical thinking to find efficiencies and eliminate non-value-added activities. Embrace automation of low-value and repeatable tasks so efforts can be shifted to high-value and high-impact activities. Innovative ideas and solutions emerge when we question established practices and look for ways to improve on them constantly.
• Don’t leave people behind: For any transformation to be successful, your biggest asset — your people — need to support the effort.

- Give your team members opportunities to play a role and influence change.

- Be transparent about the potential impacts the transformation may have on their day-to-day tasks.

- Communicate frequently and don’t make any promises you can’t keep.

- Provide opportunities to upskill and reskill and give grace as they navigate the disruption and rapid change.

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• Manage through the change: Engage the change management discipline early and throughout the transformation to help with the total employee experience. Ensure service disruptions are minimal during core business hours and be mindful to prioritize critical break fixes and minimize enhancements to legacy platforms to reduce technical debt.
• Eat the elephant one piece at a time: Adopt iterative and incremental delivery models and product mindset to deliver regular outcomes and solicit continuous feedback. Showcase the capabilities being developed periodically and don’t wait until the end to ask for end-user feedback.
• Training, training, and more training: Make it your mission to invest time and resources in team member training, ensuring that the experience is productive, rewarding, and fun.
• Embrace data: Unleash the power of data by embracing AI and machine learning models to help with informed decision-making and reduce risks and improve efficiency and effectiveness of decision making.
• Focus on relationships: Transformations will disrupt work, consequently testing the strength of your relationships.

- Be prepared to hear feedback and criticism; use the feedback to influence your future decisions.

- Empathize with your stakeholders by stepping into their shoes to better understand their pain points.

- Communicate often and educate stakeholders on the benefits of the transformation and upcoming changes.

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Celebrate wins: When the teams hit a milestone (either big or small), make it a big deal. Manage delivery cadences effectively to allow team members to take a break and take PTO to avoid burnout.

Digital transformations are complex endeavors requiring unwavering commitment to continuous change. In the words of David Rogers, former CEO of IBM Global Business Services, “Digital transformation is a journey, not a destination. It is a process of continuous improvement and innovation that requires organizations to be constantly adapting to the changing landscape."  With a growth mindset, patience, resilience, and a little fun along the way, digital transformations can be a source of inspiration, learning, and change the trajectory of the company while positively impacting stakeholders. Don’t fight it; embrace it and be a part of the journey.

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By Mike Victorson, CEO of M3

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“Broker-led, technology-enabled.” This is a phrase many of us have heard before, and with the advent of sophisticated Insurtech to take the friction out of buying, administering, and analyzing risk, it continues to be extremely relevant. In fact, it’s accelerating! Sprinkle in some Neo from the matrix by introducing ChatGPT, and I dare say the insurance brokerage business looks pretty sexy in 2030.

At BrokerTech Ventures, we’ve had a vision and a dream to bring a tech-enabled experience to our industry-leading brokers, insurance premium-paying clients, and the stakeholders who serve them. We are determined to do our part in taking this business to the level we believe it deserves, but we still rely too heavily on technology and innovation from the 90s (think Excel spreadsheets and Word). The business of managing risk, along with the effort it takes to advise on risk should not be slow, nor should it be wrought with barriers to productivity.

With each successive BTV Accelerator cohort, and now with our new BrokerTech Ventures, we have seen tremendous results within both the start-ups and our firms. By 2030, recent developments and adoption of technology like robotic automation and artificial intelligence will give brokers the tools to be advisors first and administrators second. Insurance broking will be fast-paced, informed by real-time data, and will provide even more value to clients. Over the next seven years, start-ups will continue to work together, create partnerships, and integrate their tech with other tech. The results will systematically eliminate multiple and disparate systems, focusing on a unified and killer client experience.

So close your eyes and picture a meeting in 2030 – materials, work product and analysis prepared by your BI system, agency management system, AI system, CRM and the two or three critical insurtech partners…all at the push of a few buttons on your laptop. Our mission of creating an innovative customer experience in insurance is what BTV is all about, and BTV is primed and ready to shape our future.

It’s go time…let’s own the matrix!

In this episode, we chat with David Miles, co-founder and Managing Partner of ManchesterStory Group. Join us as we walk through the journey of being a venture capital firm, talk about the importance of connectivity, the joys of working with insurtech startups and the launch of BTV's BrokerTech Fund.

https://podcasters.spotify.com/pod/show/brokertechventures/episodes/David-Miles---ManchesterStory-Group-e24kmtm

BTV Mania 2023 shows momentum and Accelerator continues despite challenging economic conditions

In April, BrokerTech Ventures (BTV) brought together more than 100 attendees in Iowa for 2023’s BTV Mania, a multi-day conference in Iowa allowing BTV’s 14 broker partners and 16 carrier/wholesaler partners to meet with the 12 insurtechs from BTV’s 2023 cohort.

Executives from two BTV partners, Austin Rock, executive director of strategy at Baldwin Risk Partners (BRP), and Bob Jenkins, vice president, enterprise agent experience at Travelers, as well as BTV 2023 startup Frame Fertility’s CEO and co-founder Jessica Bell van der Wal, offer key takeaways from the event.

Third Cohort Already a Standout

For Rock, BTV Mania this year emphasized how the accelerator program has grown since its inception. “This is BRP’s second full year participating in the accelerator program, and during that time we’ve worked with three cohorts,” he says. “And we’re excited about the momentum that’s building in terms of the quality of the startups that are coming through the accelerator. This year’s cohort is very strong, and BRP is already in active conversations with a number of the start-ups—last year, we had some initial dialogue with a few, but never got to a meaningful business engagement with them. From our perspective, we have been increasingly impressed by the quality of startups.”

Read the full story.

BrokerTech Ventures and ManchesterStory Launch new Venture Capital Fund to invest in early-stage insurtech companies focused on tech-enabled insurance brokerage.

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Des Moines, IA – May 2, 2023 – BrokerTech Ventures (BTV), the industry’s first broker-led convening platform and accelerator program, has partnered with leading insurtech venture capital investor ManchesterStory Group (ManchesterStory) to launch the BrokerTech Fund, LP, the first venture capital fund focused on early-stage insurtech companies developing broker-centric technology solutions. Limited Partners of the $34 million Fund include Holmes Murphy, M3 Insurance, Baldwin Risk Partners, UNICO Group, IMA Financial Group, Christensen Group, and The Graham Company.

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“This is an exciting time for Holmes Murphy, BTV, and all of our partners who have worked tirelessly to get the BrokerTech Fund off the ground,” said Dan Keough, Holmes Murphy Chairman and CEO and BTV Co-Founder and Co-CEO. “We believe we’ve harnessed something special through the power of BTV. Now, using this new Fund as a catalyst for capital infusion, we’re even more bullish around the possibilities to change and innovate our industry even further and to impact the client experience even greater.”

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ManchesterStory, the Fund’s General Partner, is a premier early-stage venture capital firm that manages more than $225 million in committed capital across multiple funds focused on emerging technologies in insurance, financial services, and healthcare.

“We are thrilled to team up with the owners and partners of BTV to manage the BrokerTech Fund,” said Dave Miles, Founding Partner of ManchesterStory. “BrokerTech Ventures brought front and center the voice of the broker community in insurtech innovation. With today’s launch of the BrokerTech Fund, BTV once again breaks new ground with the first-ever venture fund backed by a consortium of leading insurance brokers dedicated to helping insurance brokers better serve the needs of their insurance customers through technology.”

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“Standing up a broker-focused venture fund has been M3’s vision since 2017, even before BTV fully came to life,” said Mike Victorson, M3 Insurance CEO and BTV Co-Founder and Co-CEO. “To see the BrokerTech Fund come to fruition in collaboration with Holmes Murphy and several of our BTV broker partners is nothing short of a dream come true.”

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For more information on BTV or the BrokerTech Fund, please visit www.brokertechfund.com. 

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‍Jencap Joins BTV Platform and Mission

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Des Moines, IA – April 20, 2023 – BrokerTech Ventures (BTV), the industry’s first broker-led convening platform and accelerator program, today announced the addition of its newest industry-leading insurance wholesaler partner, Jencap Group. 

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“We could not be more pleased to announce the addition of Jencap to our wholesaler community network. We view our carrier and wholesale partners as integral in terms of our overall strategy in building out BrokerTech Ventures — and specifically, our Innovation Tower,” said Dan Keough, Holmes Murphy chairman and CEO and co-CEO of BTV. “Insurance companies are individually spending multi-millions of dollars each year in innovation, and we believe that BTV can be the convening platform to provide access into the unknowns, idea-sharing, investing, and distribution for the benefit of all.”

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The addition of these renowned insurance brands brings the BTV industry portfolio to 13 of the most sizable and innovative brokerage firms in North America and 16 of the most notable and respected insurance companies and wholesalers with both domestic and international presence. 

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“Jencap is committed to employing innovative technology solutions that improve our speed to market, operational efficiencies, data analytics, and the overall platform experience of our partners,” said John LaCava, Jencap’s Chief Operational Officer. “We look forward to collaborating with BTV members and insurtech companies to maintain our position in the marketplace as industry leaders.”

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In addition to its expansive broker and carrier partner portfolio, BTV now also represents 60 insurtech startups from around the world, inclusive of those in the U.S., Israeli, and Latin American accelerator programs, with investments and commercial engagements with many. 

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If you would like to arrange a media interview to discuss the addition of Jencap to the BTV portfolio, please email Susan Hatten, BrokerTech Ventures Chief Operating Officer, at shatten@holmesmurphy.com.

‍For more information on BTV, please visit www.brokertechventures.com.

Startups from across the U.S. and U.K. gain access to intentional engagement and distribution offerings through BrokerTech Ventures’ collective 27 agency and insurance company partners.

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Des Moines, IA – March 28, 2023 – BrokerTech Ventures (BTV), the industry’s first broker-led convening platform and accelerator program, has selected the following 12 insurtech startups to take part in its highly intentional accelerator curriculum.

• 1Fort, New York, NY
• Adapt API, San Francisco, CA
• Boon Health, Bingham Farms, MI
• Comulate, San Francisco, CA
• Frame Fertility, San Francisco, CA
• GOAT Risk Solutions, Buckinghamshire, UK
• Insight Risk Holdings, Weston, CT
• Irys Insurtech, Tampa, FL 
• Pagedip, Boulder, CO
• ReFocus AI, San Diego, CA
• Sertis, Reno, NV
• Transharpe Solutions, Charlotte, NC

“In this, our fourth year of the BTV Accelerator, I am thrilled with the diversity of technologies that will move through the accelerator, as well as the diversity in geographies represented,” said Dan Keough, Holmes Murphy chairman and CEO and BTV co-founder. “We truly have some of the highest-caliber, early-stage and growth insurtech companies on our roster, and they touch nearly every angle of insurance risk management — from P&C commercial to cyber to health/benefits-tech solutions.”

The accelerator cohort kicks off April 4, 2023. During the program, the startups will advance their technologies, accelerate their progress through a select mentor network, receive $50,000 in seed funding, and gain immediate access to BTV’s multi-billion-dollar distribution platform to deploy the technologies. 

“This class is really exciting for a number of reasons,” said John Jackovin, executive director of the BTV Accelerator. “The startups include some who had reapplied after not making it in years past. We also have more female founders than ever before, which is tremendous to see! And, of course, the products and technologies continue to improve. We are fortunate to be able to engage at this early stage to provide a tremendous value to the community." 

Collectively, BTV represents 13 of the largest independently owned insurance brokerages and 14 of the largest insurance companies in North America, with a combined multi-billion dollars in annual distribution capacity. 

“The true value in our BTV Accelerator and business model is in the engagement with our trifecta ecosystem of BTV agencies, insurance companies, and capital resources,” said Keough. “Many of the startups who go through the accelerator have an engagement with our partners that lasts well beyond the accelerator as we work to deploy their technologies to collectively help our clients and the insurance industry identify risks sooner to drive down costs faster.”

In addition to activities in the United States, BTV co-founded the first broker-centric accelerator in Tel Aviv, Israel — the Israeli Insurtech Accelerator — along with InsurTech Israel. BTV has also teamed up with insurance leaders in Latin America to launch and fuel The LATAM Insurtech Accelerator (LATAMIA). 

‍For more information on BTV, please visit www.brokertechventures.com.

By Michael Tiagwad, President & CEO of Conner Strong & Buckelew

We’re witnessing an exciting time in the insurance brokerage industry today. 

Despite being over 100 years old, the brokerage space isn’t known for innovation. But after 35 years in this business, I am starting to notice a change. More than ever before, new technologies and innovative ideas are raising efficiency, driving superior solutions, and ultimately delivering a better experience to customers. At Conner Strong & Buckelew, we’re focused on leading this change. We understand that future generations will drive this positive shift, which is why we’re committed to developing young talent in ways that foster new ideas and innovation – not just for our business, but for our clients and the industry at large. 

We’re doing this in numerous ways. Every year, we welcome dozens of college students from neighboring universities into our internship program to work and learn alongside our teams. We trust these interns with real responsibilities and projects that make them feel connected to our business and empowered to share new perspectives. Throughout its 20-plus-year history, I’ve actively pushed to grow this program into an important talent pipeline for our business that has helped attract some of the brightest minds to our industry. I’m proud to say we now have at least 30 full-time employees that started as interns, including five individuals that have been so successful they have risen to partner-level positions. 

Our Innovation Challenge is another example of how we encourage our employees to go above and beyond. Every year, our staff is challenged to devise new ideas that will advance our business goals and push the brokerage industry forward. Breakout teams are formed to bring these ideas to life before they’re presented to a council of senior leaders, including myself, who vote to select three winners. The best ideas are then implemented into our operations, many of which come from our younger employees. I’ve seen some of our company’s best and most innovative ideas emerge from this contest, including the exploration of blockchain technology, the adoption of cloud-connected wearable devices that can detect an array of hazards for our clients in the workplace, and the use of data analytics, which has become a priority for us, our insureds, and our carrier partners.

We’ve also recently created the role of InsurTech Solutions Manager and named one of our younger, high potential professionals to the position. This individual leads Labs By Conner Strong, our firm’s innovation hub focused on making our culture more innovative and inclusive, driving innovation in our industry, and enhancing the customer experience. The InsurTech Solutions Manager also engages our employees to explore and implement insurtech solutions that advance our business and industry. I’ve also tasked this leader with supporting our relationships with external partners in the insurtech community, as well as the company’s initiatives with BrokerTech Ventures.

Our InsurTech Solutions Manager is also working on an outreach program with a nearby university. In this program, students will work on a group project where they select a BrokerTech Ventures start-up to research and devise ways to improve. In doing so, they’ll gain insight into running a disruptive business that connects them to our exciting industry. 

To maintain its longevity, our industry will need to evolve in ways that improve our business and ultimately the services we provide our clients. We’re excited about what we’re seeing with the young talent at our firm and across the industry and look forward to watching how they shape the future. 

Kevin Clary
Vice President, Risk Management, Amerisure Insurance

Within the last five years, there has been a significant shift in the recognized value of risk management services. While companies always want to protect their workers, financial concerns are accelerating the need for risk management with policyholders and agencies. 

There are a number of related factors that industries face, such as labor shortages, inflation, and supply chain issues, and these are leading to a desire to decrease costs through risk reduction. More than ever, executives and leaders are expressing interest in implementing risk management technologies to improve operations, processes, and safety programs.

As agents and carriers look to the future, emerging safety technologies can help accelerate a company’s risk management efforts and prepare policyholders for future success.

Vetting Today’s Technology 

According to the Occupational Health & Safety Administration (OSHA), utilizing today’s technological advancements is a proven way to help improve workplace safety. This can be especially effective in more hazardous work environments, such as healthcare, manufacturing, and construction, where there is a growing lack of experienced workers due largely to attrition.

It’s important to consider and vet today’s technologies to stay ahead of the competition and provide added value. While safety is always key, there are operational gains to the tools and resources available. Through partnerships with cutting-edge technology companies, these solutions are accessible to insurance carriers and agencies and can serve as an added benefit.

Advancements that can help improve worker safety and may have the biggest impact in loss prevention in the next 3-5 years include products newer to the commercial market such as:

• Wearable Applications
  There are many wearable applications available today, and adoption rates with employees using these wearables are increasing. To leverage wearable applications, sensors are placed within personal protective equipment, on the worker’s belt, on their arm, in shoes, watches, etc. The sensors collect critical movement and ergonomic data in real time. The information is analyzed and presented on web-based dashboards as well as alerts for wearers and management. Younger employees who are accustomed to a digital environment are typically more open to implementing these technologies. Gamification can also inspire reinforcement and drive engagement among employees.
  
  
• Telematics
  Telematics technology gathers behavioral data to identify hazardous actions taken by drivers, such as speeding, braking too hard, or turning too quickly. Telematics programs can be invaluable on both the operational and risk management side and drive long-term behavior changes and positive reinforcement for commercial drivers. The tracking of telematics scores is anticipated to soon be widely adopted by commercial users.
  
  
• Usage Based Insurance – UBI
  While usage-based insurance has been available through personal auto for years, it is fairly new to the middle market. Select insurance carriers throughout the country are now offering UBI for commercial use, and with growing concerns about accidents, UBI should have a significant impact moving forward. UBI gives policyholders an advantage in the marketplace by controlling their overall costs through a focus on driver safety.
  
  
• Virtual Reality
  Meta™ changed the game with the recent introduction of its immersive, high-resolution mixed reality headsets. As a result, virtual reality feels very “real” today, and safety-related trainings are being developed and implemented for onboarding and refresher classes. Virtual reality training enables employees to learn in the virtual world without risk of injury. Employees can onboard or re-train on how to perform tasks and operate equipment within the virtual world, allowing for mistakes without the risk of damages.
  
  
• AI Cameras in Manufacturing
  The usage of Artificial Intelligence (AI) cameras has doubled in the last three years. This technology can be implemented by leveraging existing cameras at onsite facilities and monitoring workers and their day-to-day processes through AI. The AI cameras do not replace an on-site supervisor; they augment their observations. If a worker does not have their hard hat on, for example, the camera will pick up this information and send a text message alert to the supervisor letting them know the employee is unprotected.
  
  

Next Steps for Agencies and Policyholders

Insurance agencies who are interested in gaining knowledge and pursuing the latest loss prevention technologies can learn more through emerging risk management demonstrations and experiencing the opportunities first-hand. Once vetted and implemented, these tools can provide new leverage and differentiators to bring to customers on behalf of their agency. 

By being equipped with knowledge on the resources available, agencies can effectively offer these unique services and provide added value to policyholders. These programs can help extend the growth and value of the agency in their marketplace of choice, and provide consistency in service. Investigating the latest risk management technologies can also help agencies and carriers focus on policyholder safety and find mutually beneficial success. 

To learn more about risk management technologies, contact riskmanagement@amerisure.com.

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By Guy Benjamin, Co-CEO and Co-Founder of Healthee

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As the Co-CEO and Co-Founder of Healthee, a digital health benefits platform, I've worked with hundreds of brokers across the United States, gaining valuable insights into the changing landscape of the health insurance brokerage industry. 

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This experience has given me a unique perspective on the challenges that brokers face and the solutions they need to stay ahead of new trends.

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One thing is clear: the health insurance brokerage industry is evolving at a rapid pace, and brokers must adapt to remain relevant. 

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Consumers consume information and shop online, and they expect to use their health benefits in the same way. As a health insurance broker, it's essential to provide clients with a similar online shopping experience to stay ahead of the curve.

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Here are three critical things to consider as you navigate the ever-changing healthcare brokerage landscape:

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1. Provide a Technology-First Experience

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To stay competitive, brokers should leverage technology to help clients and their employees get the most out of their healthcare benefits. 

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A digital plan selection tool, telehealth services, and easy-to-access digital plan information are just some examples of delivering the experience that employees expect. For example: Healthee’s digital Plan Selection Tool, which makes the options and their associated costs salient, has made employees more satisfied with their open enrollment experience and has also saved our customers on health insurance costs in the long run.

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2. Focus on ROI, Not Relationships

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While maintaining relationships is still important, clients are prioritizing solutions that deliver clear ROI. Health insurance is a top employer expense, and clients are expecting brokers to drive down costs.

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While driving down costs seems like an impossible feat, we’ve found that in-network steerage, cost transparency, and free telehealth offerings have reduced our customers’ healthcare expenses by 4 percent-14 percent.

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3. Increase Bandwidth via AI, Not Headcount

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Finally, brokers should leverage technology to provide the support and help clients need without needing to increase headcount. Artificial intelligence (AI) can help brokers automate repetitive tasks and enable them to provide faster service to clients. Offering a benefits platform that does so is proven to save brokers time, freeing them to focus on other priorities.

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As I wrap up, I want to end with this. Brokers must embrace technology to stay competitive in the health insurance industry. By offering a better user experience, providing real solutions that deliver an ROI, and leveraging technology, brokers will have a competitive edge that keeps them ahead of the curve, rather than falling behind.

On this episode, we chatted with John Prichard Jr., Chief Advancement Officer and President of Heffernan Network Insurance Brokers. In this chat, we discussed what success looks like for startups, advice for insurtech brokers and the importance of innovation in the insurance industry.

https://anchor.fm/brokertechventures/episodes/John-Prichard-Jr----Heffernan-Network-Insurance-Brokers-e1v315f

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BOXX Insurance, the Toronto headquartered insurtech that combines cyber insurance and security announced a US$14.4 million Series B funding round, bringing the total amount raised from investors to US$24.5 million in the last 16 months. The latest investment was led by global giant, Zurich Insurance Company Ltd (Zurich).

BOXX also today announced that its business met its combined goal to grow 10x in the last 24 months whilst continuing to outperform its underwriting targets. Over 250,000 individuals and 10,000 businesses are protected by BOXX.

“Our goal was always to help our customers stay ahead of cyber threats in addition to being there to help them respond and recover from an incident,” said BOXX co-founder and CEO Vishal Kundi. “We’ve been making a lot of headway with this and additional category expansion.”

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Read more.

In this episode, we chat with Terri Vaughan, the first female and longest-serving Insurance Commissioner of Iowa. Terri discusses the importance of diversity and gender inclusion in the industry as well as provides advice to those interested in learning more about insurtech and the industry's efforts.

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https://anchor.fm/brokertechventures/episodes/Terri-Vaughan---Economist-e1tt49s

Daniel Keough is the Chairman & CEO of Holmes Murphy & Associates, one of the nation’s largest independent insurance agencies. Dan also serves as co-CEO of BrokerTech Ventures, the first broker-led convening platform focused on delivering innovation to the insurance broker industry, or #brokertech.

Dan talks about how BrokerTech Ventures supports the technological and business development of #brokertech companies and is at the forefront of change for the insurance industry.

Prior to leading Holmes Murphy, Dan founded Innovative Captive Strategies, a subsidiary company of Holmes Murphy. His goal was to develop captive alternatives that would provide businesses with unexpected sources of
revenue while alleviating unnecessary business expenses. Dan earned an MBA with a specialty in Finance from Loyola University Graduate School of Business, and he holds an undergraduate degree in Business Administration from the University of Iowa.

Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.

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As technology has become more and more empowering for agencies, the industry has experienced a broad range of impediments to successful integration of tech-based solutions, given each agency’s way of doing business. Perhaps among the biggest impediments has been determining which of the plethora of solutions offers the greatest opportunity for success.

There was a need for someone—or some organization—to evaluate technologies with a view toward determining how they can help independent agencies and their clients find the best ways to determine risk, mitigate or eliminate that risk and lower the overall cost of risk. Out of that need, 2019 saw the birth of BrokerTech Ventures—the brainchild of Mike Victorson, CEO of M3 Insurance, Madison, Wisconsin, and Dan Keough, chairman and CEO of Holmes Murphy, Waukee, Iowa. With Dan and Mike serving as co-CEOs of the new entity, BrokerTech Ventures has attracted 15 super-regional agencies and 14 insurance companies to provide their time and resources to, as Dan puts it, “find a better way to utilize technology for the benefit of all.”

Read more.

In this episode, we chat with Jelani Fenton, Founder of Safari Insurtech. With Safari being a startup company, Jelani talks to us about the importance of selling your brand as well as networking. Jelani also details the importance of DEI in insurance and what the future of the industry will look like if it is diversified.

Click here to listen!

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By: Angie Delaney, Senior Vice President, Sales & Marketing for The Cincinnati Insurance Companies

The pandemic accelerated digital trends in every industry, and insurance was no exception. At our organization, we found creative ways to keep business flowing even when working remotely, and we found out where we still have some pain points that technology can help ease.

As agents and carriers look to the future, we are learning how advances in third-party data mining, automated underwriting processes, and new claims options will increase our efficiency and customer satisfaction.

Advances in geospatial imaging are letting us see details of the properties we are underwriting while saving time and keeping our people safe. Almost gone are the days of breaking out the ladder to climb up on a roof!

We’ve seen the impact of this data to help us more completely understand the risks we are underwriting. But it doesn’t stop there. We can share information on the buildings we inspect through arial imagery with our agents. They, in turn, can provide that information to their client so the policyholder can get ahead of potentially dangerous situations to keep their employees safe and their business on track.

We also use geospatial imaging in the claims process. After Hurricane Ian, we were able to quickly assess damage by comparing before and after pictures of the Fort Myers, Florida, area. With that information, we could triage claims quickly and, in some cases, even share damage reports back to worried homeowners.

Automating parts of the underwriting process helps us make the best use of our associates’ valuable time. As we further develop robotic processes to handle routine tasks, like adding or deleting drivers or vehicles in a commercial fleet schedule and beginning the new business submission process, we free our associates to handle complex tasks, be available to answer agent questions, and provide better service.

Our industry is compared to other consumer-facing industries, especially during the claims and billing processes. Offering policyholders multiple options for reporting and tracking claims and for making payments is no longer an option — it’s table stakes. Phone applications to report claims, take and submit pictures of vehicle damage, and to follow along with the claims process are all increasing customer satisfaction and help to close claims faster.

I’m talking almost daily with agents about the digital strategies that will propel us all forward and feeding that information back to our innovation teams. We are looking for ways to enhance our strong agency relationships and to create new opportunities for growth by finding the right combination of digital capabilities and personal connections to best serve the agencies we work with.

The innovation I see within the independent agency channel is exciting, and we are ready to partner with agents to experiment, investigate, and create the future of our industry.

By: Brand Newland, PharmD, MBA, CEO and Co-Founder of Goldfinch Health

Of the many adventures of Alice in Lewis Carroll’s “Alice in Wonderland” and “Through the Looking-Glass,” I always find myself coming back to one with a smile. Perhaps you remember the story of the Red Queen’s race in which Alice finds herself constantly running yet remaining in the same place.

"Well, in our country," said Alice, still panting a little, "you'd generally get to somewhere else — if you run very fast for a long time, as we've been doing."

"A slow sort of country!" said the Queen. "Now, here, you see, it takes all the running you can do, to keep in the same place. If you want to get somewhere else, you must run at least twice as fast as that!"

Kind of reminds you of the modern-day world in which we live, doesn’t it? I’m sure all of us at times feel the seemingly barrage of professional challenges and world events. Even innovation designed to improve some part of our daily lives or industry can be overwhelming in its pace and volume.

We founded Goldfinch Health in 2018 to solve a problem for plan members and their companies — surgery is too expensive. Wasted medical costs, unnecessary time away from life and work, and dangerous opioid painkiller exposure headline the costs. We found a breakthrough for Goldfinch when BrokerTech Ventures (BTV) selected our company as part of the inaugural 2020 Accelerator cohort.

Here’s what we’ve learned about stepping off the proverbial treadmill, breaking through the noise, and converting customers into raving fans. While this certainly applies to our field of surgery quality, we believe it likely applies much more broadly as well.

1. Make It Tangible.

Our Goldfinch program features nurse navigators connecting with patients by phone and secure text messaging pre- and post-surgery to provide education, advocacy, and support. Our entire approach finds its basis in over 20 years of clinical research in what are known as Enhanced Recovery protocols.

For the patient experience, we are long on evidence and results, but admittedly, a bit short on something you can literally and figuratively get your arms around.

And then, this fall, we added the Prepared for Surgery Tool Kit to our program, a box of specially-curated items for optimal surgery experiences sent directly to the member’s home in the days before their procedure. Exit survey rating and patient testimonials have markedly improved, as have program outcomes.

2. Make It Quantifiable.

We measure program success in terms of saved days in recovery. In other words, how much sooner can we help you, as a member heading into a major surgery, get back to your life and back to work as compared to a person just like you who gets the typical approach to surgery? We even place an ROI guarantee on program results.

Yet, the most important step we’ve taken in reporting program results occurred when we engaged the Validation Institute as a third-party reviewer of our data. The Validation Institute analysts pored over our database and ultimately found the Goldfinch program saves 32 days in recovery/return to work time and produces $7.70 vs. $1 return on investment.

3. Make It Memorable.

Our goal at Goldfinch is to wow the members we support with information and an expert, empathetic consultation at a time after surgery when both expertise and empathy can be sorely needed. By design, this requires meeting the member in a way he/she wants to be met, during a vulnerable and anxiety-inducing time. We do this every day at Goldfinch Health.

This recent testimonial from a Goldfinch-supported member demonstrates the “Make it memorable” mantra.

While “make it tangible/make it quantifiable/make it memorable” certainly applies to our business, I bet it might apply to yours as well.

Best wishes to stepping out of the Red Queen’s Race and through the looking glass!

By: Robert Cohen, Chairman & CEO ofIMA Financial Group

On my daily commute, I drive from my home to the office in a vehicle with all kinds of technology embedded in it. Many of the vehicles we drive today have navigation capabilities, traffic-aware cruise control, auto-park, and some even have auto pilot features. The cars turn themselves on by utilizing a key fob. These technological advancements, which would have seemed highly unlikely a few years ago, are becoming increasingly prominent in vehicles today and are a feature that many consumers hardly give a second thought to.

Our country has self-driving (though not quite fully autonomous) cars, and yet, the insurance industry has remained years behind for quite some time. But, for the first time in a long time, I am watching our industry coalescing around the need and desire for change, especially as it relates to technology.

We have all seen the shifts taking place in the banking industry, where value-added services are now performed in a self-directed way, freeing up the industry to focus on bigger issues and problem solving for clients. There is hope on the horizon for the insurance industry, too, even with our industry’s complexities.

There are three primary areas where the application of emerging technologies can drive far superior results for our industry: harnessing the power of data, minimizing human touchpoints to drive efficiencies, and enhancing the overall client experience.

Being an owner-partner of BrokerTech Ventures (BTV) positions our company to better navigate the thousands of insurtech companies globally. Through BTV’s Accelerator program, in conjunction with the other 28 BTV broker, insurer, and wholesale partners, we have unique access to evaluate and recommend the top insurtech companies to move forward into the program.

For the 2022 Accelerator program alone, there were over 100 applicants with only 12 moving through to the Accelerator, and we know the number of applications will continue to increase.

When evaluating insurtechs for acceptance into the accelerator, BTV partners look for technologies that can be piloted or deployed within each of our organizations to address the need for better analytics, efficiencies, and customer engagement. And we are seeing those impacts firsthand.

Our focus on changing the insurance landscape started with the development of BTV-backed Highwing, our own insurtech startup that now operates as a standalone insurtech company, connecting brokers and carriers with open data. We’ve also seen BTV-sourced insurtech pilot programs within our organization turn into full-scale implementations of technology that has changed the way we do business for the better.

Several of the technologies we are using now that were part of the BTV Accelerator program harness the automation of the claims process and workflows, are modernizing submissions, as well as instantly underwriting and issuing surety bonds — all of which are supporting client retention and new business acquisition…and they are just the beginning of what is to come.

While the insurance industry might not be quite as advanced as self-driving cars, thanks to the efforts of BTV, we are well on our way to changing the landscape.

Brokers, carriers speak during BTV Israeli Startup Roadshow event

A delegation of 14 insurtech startups from Israel visited Des Moines Nov. 10 for a BrokerTech Ventures event introducing the founders to Iowa and its insurance industry and providing an opportunity to pitch to local insurance leaders. BTV hosted Israeli startups for the first time last year as part of its partnership with the Israeli InsurTech Accelerator, which BTV and Insurtech Israel launched in 2020.

For those already familiar with Iowa, the panel comprising local insurance brokers and carriers offered a glimpse into where there are chances to collaborate with startups and the current state of innovation in the industry.

Read the full article.

ITC Las Vegas is a massive annual insurtech event that bills itself as “the world’s largest gathering of insurance leaders and innovators.” The event took place over three days in September and gave industry professionals from across the planet, including brokers, the opportunity to rub shoulders with, learn from and network with many thousands of colleagues.

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Read more.

Des Moines, IA — November 1, 2022 – BrokerTech Ventures (BTV), the industry’s first broker-led convening platform and accelerator program, has opened the application window for its 2023 BrokerTech Ventures Accelerator program.

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Since its founding, BTV has grown to include 15 of the most notable super-regional brokerage firms in the nation, 14 of the world’s most highly respected insurance carriers and wholesalers, and 48 insurtech startups from around the world, inclusive of those in the U.S., Israeli, and Latin American accelerator programs. The company is dedicated to fostering innovation in the insurance space by providing early-stage insurtech companies the support to develop tech solutions for the industry. 

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“As we look at launching our fourth year in the Accelerator space, I continue to be amazed with the depth and level of expertise, products, and solutions being brought forward by startups for the betterment of the insurance landscape and our clients,” said Dan Keough, Holmes Murphy Chairman and CEO and BrokerTech Ventures Co-Founder. “This coming year, I believe we can expect new insurtech solutions with greater influence and even more diversity of thought for the industry. I’m excited to see what the startups will bring to the table.”

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The concept of the BTV Accelerator is to be an "innovation hub" and proof of concept environment for broker-centric products and technology solutions, ultimately bringing validated solutions to the industry. The ideal candidates for the Accelerator are early-stage insurtech startups. 

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“There isn't anything that can accelerate a startup more than distribution, and that is exactly what the BrokerTech Ventures Accelerator does,” said John Jackovin, BrokerTech Ventures Accelerator Executive Director. “Our broker, carrier, and wholesaler partners are hungry for the latest technologies and products that will help them identify risks sooner, provide better service, and drive down costs. As a result, our startups achieve the acceleration they need to grow and thrive.”

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The deadline for BTV Accelerator submissions is December 15, 2022. The initial review will be in January, with the top 20 startups chosen to take part in the Selection Series in early March. The Selection Series will be a virtual event where BTV partners can dig deeper into the products, companies, and teams. Subsequently, the cohort will begin the five-week Accelerator program in April 2023. More than $500,000 in funding is at stake for the selected broker-centric, seed and early-stage startups, with each startup receiving up to $50,000. 

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To submit an application for the 2023 Accelerator, go to www.brokertechventures.com.

If you would like to arrange a media interview to discuss the BTV Accelerator or other BTV activities, please email Susan Hatten, BrokerTech Ventures Chief Operating Officer, at shatten@holmesmurphy.com.

We talk with Miles about access to funding for diverse founders, what funding rounds might look like in the next year or so, and how Des Moines is a major insurance center with opportunities for numerous partnerships, including ManchesterStory’s work with BrokerTech Ventures.

https://www.leadersedge.com/podcast/an-eye-on-tech-related-investing

In this episode, we chat with Hilario Itriago, President of BOXX Insurance USA and Co-Founder/Chairman of LATAM Insurtech Accelerator. Hilario discusses the goals of insurtech and the industry in Latin America as well as the importance of connectivity in insurance across the world.

Part of Michael McIntire’s insurance technology strategy can be summed up as this: Developing an invaluable superpower.

That superpower involves a better use of data.

“It’s an area that we’ve been pushing quite a bit – better leveraging the data that we have from our clients, whether it’s the cost of risk or loss analytics, being able to not just retrospectively tell the client that something happened but tell them why it might have happened and what might happen into the future,” said McIntire (pictured), chief technology officer for insurance and employee benefits broker Graham Company. “It is a superpower that I don’t think many have.”

Read more.

In our inaugural kickoff of the series, we chatted with Dan Keough, CEO of Holmes Murphy and Co-CEO of BrokerTech Ventures. In this chat, we discussed the inception of BrokerTech Ventures (BTV), the importance of working with startups and what's on the horizon for BTV and insurtech as a whole.

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Click here to listen!

By: Kevin May, CSO of Gigaforce Inc.

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The insurance industry, like all other industries, has faced the challenges of the last two years and is now trying to figure out what the new “reality” really means. Working from home, dealing with the schooling of kids, adapting to new ways of communicating with our colleagues, and so many other issues had to be addressed as we navigated these uncharted territories. However, what seems to be the largest issue that every company is facing is ”The Great Resignation” and the inability to fill roles essential to the success of the organizations. As companies consider their options, the utilization of technology to streamline processing rises to the surface as the leading option. Let’s keep in mind that technology doesn’t necessarily replace people, but it allows staff to handle issues that require their expertise while letting the technology handle those mundane tasks. Those technologies consist of Robotic Process Automation (commonly referred to as BOTS), Artificial Intelligence (AI), Machine Learning (ML), and Distributed Ledger Technology (DLT). Very much like the structure of our own bodies, each of these technologies plays a specific role in accomplishing a broader goal.

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At the core of the issue, the technologies are addressing the excess expense in the operations of insurance carriers, reinsurers, brokers, and business partners that comes from the need to exchange data and documents, provide real-time communication, move money efficiently, and create a transparent auditable process. We need to keep in mind the goal is to solve business problems, not promote a certain technology for the sake of the technology. 

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Let’s look at two use cases where these efficiencies are being realized for greater profitability.

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Subrogation

Carriers have lost people over the last two years and need to manage the increased workload that has come with the post pandemic experience. Many times, the carriers are outsourcing those files to their recovery partners to supplement their efforts. However, both are having issues with staffing impacting cycle times, subrogation recognition, recovery cycles, and the inability to process money in a timely manner, especially between the recovery partners and the carrier. As we know, maximizing recoveries at the least recovery cost adds significant dollars to the bottom line in order to keep premiums competitive. It impacts all of us!

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Artificial Intelligence/Machine Learning is being used to identify subrogation claims at the First Notice of Loss and throughout the claims process. BOTS are being used by the recovery companies to reduce the costs passed onto the carrier and to improve recovery cycles while the DLT allows for transparency and efficiency of processing data and money (i.e., through the use of smart contracts). The combination of these solutions drives out the expense and improves the amount of net recovery a carrier realizes.  

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Reinsurers/Brokers/Carriers/MGAs

Each organization is interested in having insight into those areas where there is mutual interest. This may involve the claims experience of the policyholder or involve the reinsurer relationship. It also may involve understanding the loss exposure between the reinsurer and their cedents requiring resources to compile data which is not accomplished in real-time as desired.

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DLT allows for the secured real-time exchange of data between parties while AI can be used to help compile the information. BOTS can be used to replace the routine manual processes the parties incur through these processes.

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These are only two of many use cases that can be addressed to improve efficiency and allow staff to concentrate on those issues that require their expertise. The post-pandemic world is much different than early 2020. It requires a different perspective on how to solve problems and an understanding of how technology can help improve results.  

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Here’s to your profitability!

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By: Liri Halperin Segal, CEO & Founder of LeO

With September underway, many in our industry are gearing up for InsureTech Connect (ITC), an exciting time for those of us who operate at the intersection of insurance and technology. At ITC, we’re all in the room together, a group of people dedicated to bringing change to the insurance industry — and most of all for agents, improving the way they do business and positioning them for success.

The conversations we’ll have at ITC are just the beginning. As agents know all too well, in today’s market, the fight to remain relevant and retain customers is not one that can be taken for granted. Competitors want your customers’ business, and increasingly, so do the carriers themselves. You need to ensure you’re doing everything possible to maintain and expand your customer relationships. That means prospecting on an ongoing basis. It means cross-selling. It means making the most of your data. And increasingly, it means turning to insurtech startups and the smart technology that is being developed to help facilitate business development in the insurance industry.

Agents have a unique advantage in that they sit at the center of the most important data sources: the carriers’ data, the clients’ data, and policy data. However, many don’t have the artificial intelligence (AI) capabilities to turn that data into insight. That’s where the “tech” part of insurtech comes in. 

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Today, AI platforms like LeO, are fully capable of integrating with your AMS, feeding producers sales opportunities that are enriched with insurance intelligence, triggers and ‘reasons to call,’ and helping them to close more business. AI tools like ours are changing the way the insurance industry works. These tools make your data actionable. In our case, unlocking more than a billion data points and turning them into sales.

The value of data cannot be understated in today’s environment. Making the most of the information at their disposal helps agents to sell more insurance products more often, and that’s obviously key to an agent’s bottom line. But even more important is that data is something that CAN be automated. Optimizing information is no longer a process that must be handled manually, which means that a good AI tool can free up more of agents’ time to keep client relationships robust.

Here at LeO, we use data to make an easy-to-use experience for our clients. LeO is the insurance industry’s first producer tool. Our AI-driven sales intelligence assistant’s capabilities enable producers to match their current book to over 40 million businesses, creating target or niche lists with information like account name, contact, revenue size, employee size, and needed coverage types. LeO allows agents to increase revenue per relationship in their current book of business by guiding the producer to form a business plan based on individual and team selling trends. Producers can also see cross-selling opportunities in their current book of business and base the coverage type by other clients. It’s like Siri for insurance; agents can access the data they need on the device of their choosing and retrieve data by speaking in their own natural language or simply typing a query.

Of course, technology can never replace human connection. Lasting agent-consumer relationships are crucial to the survival of insurance companies and interpersonal discourse will always have a place in the industry. But today, insurtech startups like LeO are demonstrating that great technology can actually empower agents to do what they do best — build relationships and add value to customers, only better and faster than ever before.

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Dan Keough (pictured) describes technology in practical terms: tools to keep clients happy. Priorities, he said, have shifted from simply using tech to support business.

“Today’s leaders are looking at how we can use technology to bend the cost curve for clients, and what kind of innovative solutions we can find that would help our clients identify risk sooner and drive down costs faster," said Keough, the veteran chairman and CEO of broker Holmes Murphy & Associates.

Keough runs a 90-year-old independent insurance broker and industry player with more than 1,000 employees and over $260 million in annual revenue. The Iowa-based company serves business and industry leaders nationally in areas including casualty insurance, employee benefits, captive insurance, risk management and loss control.

In more than a decade as chairman and CEO, Keough has used his executive position to help expand Holmes Murphy’s and the industry’s embrace of technology and startups that bring new ideas to the table.

Three years ago, Keough and Holmes Murphy co-launched BrokerTech Ventures (BTV), an incubator for broker-centric insurtech startups that also enables seed funding and access for startups to brokers, wholesalers, and carriers. M3 Insurance was the other co-founder of BTV, which now encompasses 15 superregional brokerage firms, 14 global insurance carriers and wholesalers and 48 insurtech startups, including many who have passed through BTV’s annual accelerator programs. BTV has also expanded its accelerator programs to Israel and Latin America.

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For the full article, click here.

‍Company Continues to Grow and Ignite Innovation Within the Insurance Industry Domestically and Globally 

Des Moines, IA – August 24, 2022 – BrokerTech Ventures (BTV), the industry’s first broker-led group and accelerator program celebrates its 3^rd anniversary while continuing to make headlines in the insurance industry.

BTV was launched in 2019 at InsureTech Connect (ITC), the largest insurance technology (insurtech) conference and convening platform in the world. Since that time, the company has grown to include 15 of the most notable super-regional brokerage firms in the nation, 14 of the world’s most highly respected insurance carriers and wholesalers, and 48 insurtech startups from around the world, inclusive of those in the U.S., Israeli, and Latin American accelerator programs. BTV also represents multi-billions of dollars in premiums and overall distribution.

Due to its influence in the insurance industry brokerage space, BTV fueled BrokerTech Connect — an insurtech series for the broker-centric community — during ITC in 2021 and was asked to do so again this coming September in Las Vegas, Nevada.

Most recently, BTV has been featured in all Alliance of Area Business Publishers (AABP) publications for its work to ignite and fuel the “tech-enabled broker.”

“When we launched BrokerTech Ventures, we knew there was a need in the insurance industry, specifically dedicated to the broker side of the equation,” said Dan Keough, Holmes Murphy Chairman & CEO and BTV Co-CEO. “Brokers are the primary distribution channel for insurance with a direct lens into the client experience. However, until BTV was formed, there wasn’t an effort to bring together brokers, innovators, investors, and the industry to find, vet, and bring to market products and solutions specific to clients' needs. That's what BTV is doing today in an effort to help our clients identify risks sooner and drive down costs faster.”

What may be most impressive is the perceived valuation increase from the BTV Accelerator program, as BTV believes the greatest metrics of its success lives within the data. Here are the numbers we’ve seen to date:

2020 & 2021 Cohort Activity:

• 71 BTV Client Engagements
• 70 BTV Pilots
• 65 Non-BTV Client Engagements
• 43 Non-BTV, Non-Client Engagements

As BTV has grown, the brand has also evolved. In fact, BTV has just launched a refreshed look to modernize and reflect the depth and breadth of the company. 

“Through BTV, we believe we are bringing together the greatest minds around insurtech trends, technologies, and applications through our collective owners, partners, and startups,” said Keough. “We can’t wait to see what the next year for BTV brings to the industry and to our clients.”

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