By BrokerTech Ventures
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.
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.
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.
“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.”
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.
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.
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.
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.
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.
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.
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.
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.