In case you missed it, we hosted another sold-out event on Oct 22. We heard from M&E and Locke Lord on new business models and rebating issues in distribution. Then our panelists held a discussion on the future of engagement that beamed with optimism. Three lessons we learned from the event:
1) Rebating laws inhibit innovation. Most states have laws in place that prevent rebating premiums for using products that improve health and safety. This forces InsurTechs to jump through extra hoops to meet exceptions to the law or introduce workarounds like dynamic pricing.
2) The gig economy merges lines of business. Gig economy workers quickly switch between contexts when they drive passengers, host guests, or deliver services. That means they have liability like a business but still buy insurance like an individual. New solutions that blur the lines between personal and business insurance are necessary to adapt.
3) The average life broker is 60 years old. This means there is a coming wave of change. Carriers must deal with orphaned policies, transitioning books, and new expectations from millennials agents.
For additional details, check out yesterday’s article in Digital Insurance about the event here.
You can also catch the full recap on the registration page of our next event. Access the Recap (Video at the bottom)
Making the InsurTech POC Work (Early bird till 11/8, Save $10)
Dec 5 | 5:30pm – 8:00pm | 6th Ave. & 23rd St. (Flatiron)
Enterprise Privacy 2.0: GDPR, CCPA, and Beyond (Save $100, Code: InsurTechNY)
Dec 10 | 9:30am – 4:30pm | 8th Ave & 50th St. (Midtown)
Intelligent Automation for Insurance and Banking (Save 20% off, Code: BFSI2020_InsurtechNY)
Feb 24 – 27 | NYC
A curated mix of October insurance financings, exits, partnerships, and opportunities in the New York area.
Young Alfred ($10M Raised, Gradient Ventures): Personal Lines. Digital MGA built to connect insurance carriers to the digitally-savvy shopper.
Quantemplate ($12M Raised, Route 66 and Transamerica): Multiline. Machine learning to unify, cleanse, and transform insurer and reinsurer data.
InsurTech Munich Hub (Accelerator Program): Gain access to the insurance innovation ecosystem in Europe. InsurTechs looking to make strides in Europe should apply.