As 2020 demonstrated with the many challenges it dealt organizations of all sizes, the ability to innovate and adapt is critical to the health of any business. The insurance industry is no exception as it looks for ways to make doing business easier and more efficient, and seeks to help clients better predict what might happen next and take steps to prevent losses. Technology will play a key role.
Hylant Joins BrokerTech Ventures
Already a partner to several insuretech startups, all of which have seen early success, Hylant joined broker peers in late 2019 in a new venture formed to identify, fund and mentor entrepreneurs: BrokerTech Ventures (BTV). This is the first accelerator program and investor group designed specifically to incubate technologies for insurance brokers.
More than 50 applications were received for the first round of the accelerator program, and 12 teams were admitted to the first cohort. Today they are working on solutions ranging from helping brokers more efficiently wrangle and make sense of big data to better serve clients, to using artificial intelligence that will empower users to find better answers to their insurance-related questions more quickly, to bringing complex insurance application processes online. Hylant is currently involved in two pilot programs with teams that are innovating how insurance-related data is analyzed.
Submissions for the second annual round of the BTV accelerator program closed November 30, with nearly 90 teams applying. Thirty-nine startups have been selected to progress to the BTV Selection Series in early February. Those startups selected to take part in the upcoming five-week program could receive up to $50,000.
In addition to providing funding, BTV broker members offer valuable mentoring and insightful feedback to the startups, which is instrumental in helping the teams develop their products and go-to-market strategies. Hylant is proud to work in an industry that brings experienced professionals and creative entrepreneurs together to invest in and develop solutions for the greater good of the clients we serve.