Dec 8 Newsletter: Making Proof of Concepts Work
This article was published in December, 2019. For registration information on this years’ Spring Conference, click here.
Third time’s the charm. December 5th marked our third InsurTechNY event in NYC and we passed the milestone of 333 people attending our events!
At our event, we hosted two panels: Making the Proof of Concept Work (startup perspective) and War Stories Working With Startups (insurance carrier perspective). Here are three learnings from the panels.
1. Get it right upfront. You must get the business and technical alignment done upfront. Ask, “if we check these seven boxes is there a path for us doing business together.” – Zander Steele @ Hyperscience.
2. Know the process, make it clear. Some insurance carriers have a better-defined process than others. For some, it is the same process as the vendor or consultant process. However, that is not a best practice, “startups are not at that point and don’t have the same materials to answer [traditional vendor] questions.” No matter what you decide, “make sure it is clearly defined.” – Dawn LeBlanc @ InsurTech Hartford Hub
3. Keep it in perspective. Most proof of concept projects are staffed as a side project for the stakeholder in the carrier. The carriers “I have seen most successful in this space have a dedicated team with an entrepreneurial spirit. They are ready to ride a mustang. And, they are ready to dedicate time to go through the bumps and bruises that come with the startup experience.” – Daren Moreira @ Eversheds Sutherland
To see the full recap of this InsurTechNY Event, check the registration page of our next event. Access the Recap (Video at the bottom)
________________________________________
Upcoming InsurtechNY Area Events
Big Data, Analytics, and Enterprise Privacy 2.0 (Save $400, Code: InsurTechNY-VIP, 3 Left)
Dec 10 | 9:30am – 4:30pm | 8th Ave & 50th St. (Midtown)
– Featuring NJ Assemblyman Andrew Zwicker, author of the NJ Data Privacy Bill
– Speakers: privacy leaders from Pandora, Interpublic Group, Fireye, Morgan Stanley, & more
InsurTech NY: Spring 2020 Conference (Join the Waitlist for this InsurTechNY Event)
Mar 19 | 8:00 AM – 6:30 PM | 6th Ave. & 23rd St. (Flatiron)
– Featuring 25+ speakers, 20+ InsurTech Investors, & 20+ Insurtech pitches
– Pitch & Demo competition with $300k in prizes
________________________________________
InsurTech New York Area Deals and Opportunities
A curated mix of November insurance financings, exits, partnerships, and opportunities in the New York area.
Lemonade ($300M Raised, SoftBank): Personal Lines. Customizable property and casualty insurance policies at a flat monthly rate in 27 U.S. states.
Coverwallet (Undisclosed Amt, Acquired by Aon): Small Commercial. A leading digital insurance platform for small and medium-sized businesses.
HealthCare.com ($18M Raised, Second Alpha): An InsurTech startup and nation’s preeminent source helping consumers compare and enroll in health insurance and Medicare plans.
Financial Venture Studio (Venture Studio Program): Chance to be selected for the nation’s premier program for seed-stage FinTech & InsurTech startups. Selected companies will receive up to $1M investment. Apply.
________________________________________
Looking to Volunteer
We are looking for a volunteer than can help us with a study comparing the Insurtech ecosystem in NYC to other top cities for Insurtech. If you are interested, please contact us at contact@www.insurtechny.com.