The Insurance Brokerage Business: A Glimpse Into the Future

Tuesday, June 13, 2023

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By Mike Victorson, CEO of M3

“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!

Tuesday, June 13, 2023