Earlier this year, BrokerTech Ventures (BTV), the industry’s first broker-led convening platform and accelerator program, selected 12 insurtech startups out of 150 firms that applied to its highly intentional accelerator curriculum.
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 Partners Group (TPG) became a BTV collaborator in 2021.
This year’s accelerator cohort kicked off April 4, 2023. During the program, the startups 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 their technologies. Each BTV partner, including TPG, then collaborates with three to five of the cohorts.
“We looked for a synergistic fit between ourselves, cohorts, clients, and vendor partners,” explains TPG’s Mark Rose, director of sales operations and innovation. “It’s so much fun to learn ways to improve efficiency, sales, service, or operations in ways that we’ve never thought about.”
TPG is partnering directly with several firms from the BTV 2023 Accelerator Cohort. “We are working with each firm in various ways, for internal operations, client service, and/or vendor partnerships. I’m excited to see how each of these firms develops and improves efficiencies and productivity within our industry,” says Rose.
Adapt API (San Francisco, CA) * Automate the busywork out of servicing.
“We waste a lot of time downloading certificates, paperwork, storing it all, and so on. This company builds a bot that does it automatically. It eliminates busy work allowing our team members to focus on more impactful work.”
Boon Health (Bingham Farms, MI) * Where mental well-being meets professional development.
“This company is like an employee assistance program for personal and professional coaching. They have 2000 certified coaches on staff, taking work off HR teams’ plates. We’re working with Boon to develop a pilot program and doing proof of concept project with them.”
Comulate (San Francisco, CA) * Transforms the revenue process by automating carrier statement processing, reconciliation, revenue recovery, and forecasting.
“This is an operations efficiency firm that uses an auditing program to ensure you’re getting compensated by carriers. No small deal there.”
Working with the BTV accelerator cohort has been an incredible learning experience for everyone involved, with big goals ahead. “All of these companies are helping to solve problems in the industry that we didn’t even know we had,” Rose says. “Finding new solutions is significant and a huge deal. It’s pretty exciting.”
About BrokerTech Ventures
Based in the insurance nucleus of Des Moines, IA, 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.