Prior to ITC, six brokerages from across the country announced BrokerTech Ventures (BTV), the first broker-led incubator and venture group focused specifically on broker-focused technology startups. The program, launched in Des Moines, Iowa, plans to deliver mentorship opportunities, education, funding and an accelerator curriculum.
The program is led by Holmes Murphy, along with M3 Insurance, PayneWest, ABD, Conner Strong & Buckelew and Assurance. Susan Hatten , Sr. Manager of Corporate Community Engagement at Holmes Murphy will serve as Interim Executive Director until the full hire. Additionally, Brian Hemesath, former managing director of the Global Insurance Accelerator (GIA) will provide guidance and expertise to the program and fund.
“The idea behind the alignment of BrokerTech Ventures as both an accelerator and an investment vehicle is that we and our agency partners have an opportunity to shape a product or solution alongside the startup,” said Mike Victorson, M3 Insurance president and CEO and BrokerTech Ventures co-founder. “We intend on being active participants in the insurance technology space and offering a testing ground to benefit our customers.”
Startups can apply for a spot in the first BrokerTech Ventures program in late October 2019. The fund will launch in February 2020.
“There is an ongoing need for technology solutions specific to agents and brokers, and we’re proud to be at the forefront of this cutting-edge initiative,” said Dan Keough, Holmes Murphy chairman and CEO. “BrokerTech Ventures will alleviate some of these pain points by creating an ‘innovation hub’ for startups to test broker-centric ideas and products, while bringing new and innovative ideas and solutions to our customers.”
This venture signals a movement from the commercial brokerage space to not just implement technology-based solutions, but to shift to the driver’s seat to develop solutions specific to broker needs.
Be on the lookout for an exclusive Q&A with BTV co-founder and Holmes Murphy chairman and CEO, Dan Keough in next month’s issue of Leader’s Edge.