Six insurance firms have come together to establish BrokerTech Ventures, an accelerator program for next-generation technology solutions for insurance agencies and brokerages.
The group is comprised of Holmes Murphy, M3 Insurance, PayneWest Insurance, ABD Insurance & Financial Services, Conner Strong & Buckelew, and Assurance.
BrokerTech Ventures will deploy an international accelerator curricular as well as a veteran mentoring network, seed funding for chosen startups’ research and testing, and a distribution platform to deploy the technologies.
The application window for the first cohort will open in late October this year, with a program launch marked for February 2020.
Benefits of the first program will be a $50,000 convertible note, networking opportunities, education options, and housing.
Furthermore, the owner agencies plan to partner with additional like-minded insurance agencies and brokerages.
M3 Insurance president and BrokerTech Ventures co-founder Mike Victorson said, “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.
“We intend on being active participants in the insurance technology space and offering a testing ground to benefit our customers.”
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