BrokerTech Ventures Accelerator Program Demonstrates Success with Startups
Company sees collective valuation of startups approach $1 billion.
BrokerTech Ventures (BTV), a pioneering broker-centric accelerator program in the insurtech industry, is thrilled to announce remarkable results from its latest report showcasing the outstanding achievements of its accelerator startups.
Over the course of four cohorts and 3.5 years, BTV has consistently empowered and propelled emerging insurtech companies to new heights. The recently released data illustrates the notable progress made by BTV’s four accelerator cohorts and the significant impact they have had on the insurance technology sector.
Key highlights from the BTV accelerator program include:
- Continued Success — 96 percent, or 46 out of the 48 startups that have participated in the BTV accelerator program, are still operating or have been successfully acquired, affirming the program’s role as a catalyst for sustainable growth within the insurtech industry.
- Collective Valuation — The collective valuation of the four cohorts that have passed through the BTV program is now rapidly approaching the milestone of $1 billion. This reflects the incredible potential and market value these startups have achieved.
- Funding Milestones — BTV-affiliated startups have collectively raised over $250 million in funding since their participation in the accelerator, a testament to the program’s ability to attract investment and support entrepreneurs in the insurtech space.
- Exceptional Growth — On average, startups that have gone through the BTV accelerator program have witnessed their valuations double since their enrollment, showcasing the program’s effectiveness in fostering rapid growth and development within the insurtech sector.
- Partner Collaboration — Over 200 proof of concepts (PoCs) or pilots have been initiated with BTV’s partner organizations, demonstrating the program’s successful collaboration with established insurance industry leaders. Additionally, nearly 1,000 external client engagements have been directly attributed to BTV, underscoring the profound impact the program has had on bringing innovative insurtech solutions to market.
“We are immensely proud of the achievements of our startups and of the continued growth of the insurtech sector as a whole,” said Dan Keough, Holmes Murphy Chairman and CEO and BTV Co-CEO. “These outstanding outcomes validate the effectiveness of our accelerator program and underscore the vital role that insurtech startups play in driving innovation within the insurance industry, while also working to identify risks sooner and drive down costs faster for our clients.”
“BTV’s commitment to fostering innovation and collaboration in the insurance technology space has solidified its reputation as a leading force in the insurtech ecosystem,” said Mike Victorson, M3 Insurance President and CEO and BTV Co-CEO. “We are proud of our efforts and can’t wait to see how the future continues to unfold.”
As BTV continues to make strides in the insurtech landscape, the program remains dedicated to fostering the next generation of insurtech leaders and driving continued success in the insurance technology sector.
“One of the reasons we signed on as BTV’s first carrier partner in 2020 was because of their approach to bringing together insurtechs, carriers, and brokers to address industry pain points,” said Bob Jenkins, Vice President of Enterprise Distribution at Travelers. “We continue to find value in this relationship as we uncover the power and potential of the innovative capabilities these startups bring to the insurance community.”
Applications for the 2024 BrokerTech Ventures accelerator cohort open on November 1, 2023.
BTV will also once again be front and center fueling the BrokerTech Connect portion of the InsureTech Connect conference in Las Vegas on October 31. To attend BrokerTech Connect, please register at https://vegas.insuretechconnect.com/brokertech-connect/.