The BrokerTech Ventures Accelerator has opened applications for its 2023 program. According to the news release, the concept of the BTV Accelerator is to be an “innovation hub” and proof of concept environment for broker-centric products and technology solutions, ultimately bringing validated solutions to the industry. More than $500,000 in funding is at stake for the early-stage insurtech startups, with each company receiving up to $50,000.

“Our broker, carrier, and wholesaler partners are hungry for the latest technologies and products that will help them identify risks sooner, provide better service, and drive down costs. As a result, our startups achieve the acceleration they need to grow and thrive,” said John Jackovin, executive director of the BrokerTech Ventures Accelerator, in the release.

Applications are due by Dec. 15. The top 20 startups will be chosen to take part in the Selection Series in March, a virtual event where BTV’s broker, carrier and wholesaler partners can learn more about the products, companies and teams. The partners will then select the 12 companies that will participate in the five-week accelerator program, which starts in April.