Insurance Technology Is a Driver for Change

October 16, 2023 by

The insurance industry is truly a nexus for innovation. Particularly through the use of technology, it is inspiring to dive into the many ways insurance professionals across the country and the world create real-time solutions for clients and build upon their success. Knowing this, it was clear to our leaders and innovators at Holmes Murphy that there were seemingly endless untapped possibilities when it came to showcasing how insurance is a driver of change and a means to explore the many available paths and opportunities offered to add value to the insurance value chain.

An example of innovation in action was in 2019 when Holmes Murphy and M3 Insurance co-founded BrokerTech Ventures (BTV) with these very principles in mind. Since then, BTV has served as an innovation hub that brings broker-centric insurtech startups together. The results have been nothing short of impressive, further proving that innovation is a fundamental component of the industry. By providing a space and opportunity for distribution access, stakeholder collaboration and engagement, and access to capital, BTV has proven itself as an important launching pad for many entrepreneurial leaders and provides a proof-of-concept environment for broker-centric products and solutions.

This has certainly held true from Holmes Murphy’s experience of working with some of the most notable super-regional brokerage firms in the nation, including 60 insurtech startups from around the world, spanning the U.S., Israel, and Latin America. For example, the BrokerTech Ventures accelerator cohort hosts BTV Mania each year beginning in April, allowing select insurtech startups to convene and share strategies, receive funding, and celebrate successes.

Helping insurtech startups identify important risks and reach success benchmarks is essential to propel innovation forward. Leading with this philosophy allows brokers to provide a greater experience and service to clients and ultimately drive costs down, creating a win-win situation.

“Coop-etition,” a concept joining cooperation and competitors, is another philosophical value that BTV has adopted in this space. This principle allows startups to have unique positioning in terms of deal flow as the platform identifies market opportunities and industry gaps to help clients. As we continue, it’s encouraging to partake in the depth and level of expertise, products, and solutions that are being brought forward for the betterment of the insurance landscape and clients.

In fact, we believe technology is helping to unearth solutions that are directly impacting the risk management, healthcare, and benefits decisions that our clients are making each and every day.

A few of the many examples of this and of BTV startups making an impact throughout the insurance value chain are:

  • Goldfinch Health — Goldfinch offers a program that works within existing insurance networks to help advocate for patients before, during, and after surgery. The program is aimed at improving the overall quality and experience of surgery while also reducing costly surgical complications, hospital readmissions, and risks associated with opioid addiction post-surgery.
  • TrustLayer– TrustLayer brings to the insurance equation the ability to automate the insurance verification process using robotic process automation (RPA) and artificial intelligence (AI). This provides clients with peace of mind knowing the coverage their business partners have in place is adequate, validated and compliant.
  • Broker Buddha– Broker Buddha is the leading digital client engagement platform for insurance agencies looking to improve their client experience. The company simplifies the application and renewal process and enables agencies to impress their clients by delivering a unique digital footprint that is consistent with their brand promise.
  • Healthee — Healthee has an AI-powered platform that delivers personalized and accurate answers to any benefits questions a company’s employees may have within seconds. The platform saves HR teams hours per week while multiplying employee health and happiness.

I believe the future of the independent agency system centers on its ability to stay in the game, with joint leverage of relationships and enriched support by technology and innovation. It’s not easy navigating the road to create solutions, but it’s amazing what can be created when minds are put together to build and grow. That’s exactly what we’re looking to achieve through BTV. We believe by allocating new ideas and collaborating with others, we can enhance the value chain overall and provide solutions to clients to ensure their success.