Bringing a Broker Focus to Insurtech

What led to the creation of this new conference? What did you feel was missing from current conferences?

Many of the conferences and events that you see for the insurance industry typically cater to startups or carriers, meaning these events lack focus on the broker, even though the broker is a key player in the distribution channel. The needs and challenges faced by carriers are very different than the needs and challenges faced by brokers, therefore there has been a pretty big void at these events in the insurance industry for brokers.

Having a broker-led insurtech event will enable brokers to have deep conversations around digital transformation, discuss what solutions are working, and build relationships to come together and have a voice of influence—in working with other brokers, carriers, wholesalers, startups, and investors.

How do we transform innovative learnings from brainstorming into practical applications that generate true ROI for insurtech players?

The best part of BTV has been the process of BTV Mania to pull together startup companies and select a cohort that brokers, carriers, and wholesalers can review together. At BTV Mania, we get to hear the pitches of the insurtech startups and give them direct feedback on how they could improve, market, change, and sell. Then, since we have made connection with startups, we can then work together and pilot the startup’s offering.

Here is where the rubber hits the road— once a broker or carrier pilots with a startup, we then have follow-up meetings with our broker and carrier friends and share the learnings from our pilot. We also discuss the change management highs and lows of putting the startup’s technology or solution in place, so the next set of brokers or carriers piloting can learn and innovate with the startup faster and better. This helps the ROI for both the startups and the brokers and carriers.

Sometimes the broker or carrier who pilots first may not have as high ROI, but the learning is shared with others so they can take advantage of the learnings. Often, we divide between brokers who will pilot first and share so everyone wins in the process, both the buyers and sellers. It becomes a win-win where innovations happen significantly faster when we divide and conquer.

How do we build operational efficiencies and client impact?

An event for brokers and BTV is invaluable because we share ideas with the startups and with other brokers and carriers. If I have implemented a technology that is working for my firm, I share it with my broker friends and they share back what they have learned. Right there we can share what is working to build in greater operational efficiencies— including how it is saving our employees time or money.

In the end, this sharing happens to benefit our end clients because this broker-led group is really striving to make the insurance industry better with more tech-enabled and process-focused ways of working.

Why is the smaller, but curated audience planned for BrokerTech Connect: Chicago important? How does it build better opportunities for networking, relationship building, and problem solving?

A smaller audience is important because, first and foremost, relationship building is key. To share all your challenges and problems and what is working well takes a lot of trust, so that intimacy and time to connect is crucial. Being with like-minded people also helps accelerate the trust and understanding to solve problems faster and better.