Insight Risk – a Builder’s Risk MGA brings its tech-driven water damage prevention model to Holmes Murphy’s IPS platform, enhancing scale and distribution.
Innovative Program Solutions (IPS), a Holmes Murphy subsidiary, today announced that Insight Risk Holding’s MGA, trading as Insight Risk Technologies, has joined the IPS platform. The partnership accelerates Insight Risk’s distribution through the IPS platform while preserving the brand, business model, and New York-based underwriting team that have defined the company since its founding.
Insight Risk combines a consultative managing general agent (MGA) and Internet of Things (IoT) technologies services company in the Builder’s Risk space. The company designs and deploys industry-tested IoT technology designed to prevent water damage, the single largest source of loss in the Builder’s Risk market. Insight Risk has improved client outcomes and reduced cost of risk, delivering up to a 90 percent reduction in water damage losses.
Insight Risk was founded in 2021 and joined BrokerTech Ventures’ (BTV) start-up accelerator during its formative years. BTV, the first broker-led insurtech ecosystem in the world, was co-founded by Holmes Murphy to help the industry identify risks sooner and drive down costs faster. Insight Risk was built on those same principles: detecting risk before it becomes a loss, lowering Total Cost of Risk for clients, and embedding technology of all types into the delivery of insurance. The partnership with IPS represents the next evolution for Insight Risk to accelerate growth and innovation.
This partnership marks a strategic step for Holmes Murphy to scale its offerings by capitalizing on Insight Risk’s Lloyd’s Coverholder status and carrier network. Seamlessly supporting this growth, Insight Risk Services will function as an independent entity, ensuring that its cutting-edge IoT technology platform remains fully accessible to the MGA as well as other premier carrier partners across the industry.
“We have watched Insight Risk grow from a bold idea into a proven model, and we have been alongside them throughout that journey,” said Dan Keough, Chairman and CEO of Holmes Murphy and Co-Founder and Co-CEO of BrokerTech Ventures. “They share our conviction that technology – applied thoughtfully, helps clients proactively recognize and manage risk. Welcoming them to the IPS platform allows us to put meaningful scale behind that vision.”
“Holmes Murphy understood what we were building before most of the market did, and that support shaped who we are,” said Chad Hollingsworth, Co-Founder and President of Insight Risk Technologies. “Our MGA joining IPS gives our underwriting division the distribution and infrastructure to reach far more projects and partners without changing what makes Insight Risk unique. Our commitment to preventing losses remain exactly the same.”
Joining the IPS platform gives Insight Risk’s MGA access to a broader distribution network, and program management resources, creating a clear path to grow the model into new projects and new markets. Insight Risk will continue to operate under its own brand and leadership, backed by A+ rated carriers, while drawing on the strength of one of the largest privately held brokerages in the country.
If you are interested in learning more, contact our team today!