BrokerTech Ventures is said to have so far brought together 13 regional, privately-held insurance brokerage firms spread over from Silicon Valley to New Jersey
Travelers becomes first carrier partner of BrokerTech Ventures platform. (Credit: Tumisu from Pixabay)
BrokerTech Ventures (BTV), a US-based broker-led investor group and accelerator programme, has added The Travelers as its first carrier partner to the platform.
The Connecticut-based Travelers is engaged in providing property casualty insurance for auto, home, and business, and has over 30,000 employees.
Travelers is said to have various partnerships with incubators that offer it with early access to startups that are focused on developing technology solutions for the insurance industry.
Travelers field management executive vice president Patrick Kinney said: “We have deep relationships with all the firms involved with BrokerTech Ventures, and becoming a partner enables us to more closely collaborate on technology solutions for agents and brokers.
“Together, we hope to identify new ways to digitally meet customers’ needs.”
BrokerTech Ventures is said to have so far brought together 13 regional, privately-held insurance brokerage firms spread over from Silicon Valley to New Jersey. The platform is claimed to represent approximately $30bn in collective annual premiums and is expected to have additional brokers in the coming months.
Holmes Murphy chairman and CEO and BrokerTech Ventures co-CEO Dan Keough said: “The elevated relationship between BrokerTech Ventures and Travelers was a natural fit.
“Between all 13 of our BTV firms, we represent a sizable annual premium with Travelers and have followed their leadership in terms of carrier innovation over the past several years. We intend on strategically partnering with several additional insurance companies that have a passion for and focus on insurtech innovation, with Travelers leading the way.”
The platform’s BTV Accelerator is said to be advancing into phase 2 of the Summer Series, where 12 insurtech startups will be aligned strategically with its agencies for further mentoring, distribution, capital, and also brand exposure opportunities.
BrokerTech Ventures was launched in September 2019 to be a platform specifically for investors and innovators for developing the next generation of tech solutions for insurance agencies and brokerages.
The insurtech accelerator programme has been focused on deploying an intentional accelerator curriculum, and also a veteran mentoring network, seed funding for a portion of the selected startups’ research and testing, and a distribution platform for using the technologies.