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.”