A new scheme to help bring brokers’ business ideas to life is about countering the market influence of disruptors rather than a money-making exercise, according to the man who conceived it.

“The whole purpose is to help the industry,” Premium Funding Director Ross Hayward told insuranceNEWS.com.au. “Everyone is concerned about disruptors coming through. But if we can do certain things more efficiently, then we can counter that.”

As reported in a Breaking News bulletin last week, Mr Hayward has established InsurePitch to help the industry counter the growing threat from disruptors.

Brokers can apply to the InsurePitch panel and the best business concepts will be given capital, business support and technology resources to take the idea to market.

Crucially, they will also tap into a distribution network of more than 1000 brokers and their clients, provided through the panel members.

The panel is made up of Mr Hayward, Ebix MD Leon d’Apice, PSC Insurance Group MD Paul Dwyer, Ausure MD Troy Brown, Insurance House Group MD Jay Fereday, Resilium Insurance Brokers MD Greg Arms and Hollard Group director Richard Heilig.

Mr Hayward told insuranceNEWS.com.au he hopes “we can uncover some really brilliant minds that have not had a forum before”.

There is no competition element to the scheme, and any idea the panel believes has merit will be given help. “We might do two, or we might do 50,” Mr Hayward said.

He says each concept will have its own business case, and while some might require investment, others might not.

“If people have an idea that can help streamline and automate processes for brokers and their clients, or can help them generate new business or increase revenues, come and talk to us.

“We know there are smart ideas and brilliant people out there, but they might not have the time, resources or distribution to launch a product into the market.”

Click here to apply. Applications will be received up to October 31.