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Month: April 2021

insurtech news insurance news

InsurTech NY News: Corporate VCs in NYC

Written by insurtechny on . Posted in Newsletter.

Did you know: NYC is home to 10 insurance Corporate VCs? Here is how that stacks up against other cities with clusters of active insurance corporate venturing groups:

NYC Metro: 10
Paris: 4
San Francisco Bay Area: 4
London: 3
Boston: 3
Columbus: 3

Curious to learn more about the trends in InsurTech investments and innovation, and how traditional VCs, corporate VCs, and angel investors are picking companies?

Join us for our InsurTech Investment Summit on May 20th.

Find the full details here: https://insurtechinvestment2021.eventbrite.com

Spotlight: InsurTech NY to Host First Private Executive Briefing

On April 20th, InsurTech NY will host a private executive briefing for corporate innovation program members on the State of Digital MGAs jointly with EY. Carrier and broker innovation leaders and executives will discuss trends with digital MGAs and strategies for partnership. Also, seven digital MGAs across P&C and life lines of business will present.

Presenting startups include: Jenny Life, Deadhappy, Agilius, Branch Insurance, Cover Genius, Energetic Insurance, and Fleetr.

Read more about the program (here) or request an invite for our next executive briefing contact@www.insurtechny.com

Upcoming InsurTech Community Events and Programs

InsurTech Investment Summit (20% code applied: News)
May 20 | 1PM – 3PM Edu Content and 3PM – 5PM Networking | Fully Virtual
– Featuring: Partner at Avanta Ventures, Principal at MunichRe Ventures, CEO of Transverse
– Highlighted CVCs + VCs: Aflac, AXA VP, CFMG, Guardian, Liberty Mutual, Nationwide, QBE, Unum

The Perennial Core System and Claims Automation (Early-bird tickets available)
Aug 26 | 1PM – 3PM Edu Content and 3PM – 5PM Networking | Fully Virtual

Parametric cover and Straight-through Processing (Register here)
Apr 22 | 12PM – 1:30PM | Hosted by InsurTech Hartford

InsurTech NY Sponsors

Thank you to our sponsors for supporting the community: Avanta Ventures, EY, Locke Lord

InsurTech New York Area Deals, Opportunities, and Partner Events

Discover a curated mix of March and early April insurance financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech NY Competition Winners (Press Release): Over 100 early-stage InsurTechs applied from around the world and were judged by 26 investor judges. Four winners were selected, one from each group of judges. Winners are Tide, Loadsure, Delos, and RemitRix.

Vericred ($23M, Aquiline): Health Lines: Platform to connect carriers and employee benefits providers with new technology partners.

Pie Insurance ($118M, Allianz X): Workers Comp Lines: Digital MGA providing workers compensation insurance to SMBs.

Asteya ($10M, I2BF Venture) Income Insurance: Provides financial health and wellbeing by transforming the disability insurance space.

Hi Marley ($25M, Emergence Capital) Multiline: Enables hassle-free texting across the entire ecosystem, empowering insurance professionals and delighting policyholders.

Corvus Insurance ($100M, Insight Partners): Commercial: a leading provider of commercial insurance products built on advanced data science.

RatesDotCA ($51M, Ontario Teachers’ Pension Plan Board): Multiline: Rate comparison website that offers a quick and simple digital experience to compare the widest selection of insurance and money products in the market.

Beam Dental ($80M, Mercato Partners): Dental: Digital-first dental benefits provider that incorporates dental hygiene behavior into policy pricing

OnRamp Insurance Conference (May 4, Virtual): Learn more here and save 20% with code “InsurTechNY”

The Future of Insurance USA 2021 (Reuters Events): Registration is now available for the June 22 program, here.

Job Openings and Opportunities

Selected job openings and opportunities in our community.

Associate / Manager at InsurTech NY (AngelList)
Summer Associate at InsurTech NY (AngelList)
Venture Capital – Principal at Nationwide (Nationwide Careers)
Venture Capital Associate at Nationwide (Nationwide Careers)
Venture Capital – Head of Platform Operations at Nationwide (Nationwide Careers)
InsurTech VC Investor – Finance & Insurance at Hudson Structured (LinkedIn and LinkedIn)

 

InsurTech investment and innovation is on the rise

Keep following Insurtech NY and the latest industry news here.

Carrier Management article - top tech mistakes for insurers

How We Did It: Becoming an InsurTech Unicorn

Written by Tony Lew on . Posted in News.

Carrier Management’s Susanne Sclafane published an excellent featurette on what it is to become an insurtech unicorn. Assaf Wand, Max Simkoff and Dan Preston have cut their jib in the Insurtech industry, and come out on top.

“During a recent InsurTech NY webinar titled “How to Become an InsurTech Unicorn,” these three chief executive officers of companies that have almost achieved the milestone $1 billion valuation status talked about how they got to where they are and the ways they have bonded to leap over obstacles that include regulation and reinsurance—and initially, just to combat any seeds of self-doubt that early naysayers tried to plant in their minds.”

For the full article, check out Carrier Management’s website here.

Carrier Management article - top tech mistakes for insurers

Shareholder Class Action Complaint Filed Against InsurTech Root

Written by Tony Lew on . Posted in News.

Shareholder Class Action Complaint Filed Against InsurTech Root

Discover the latest development in the InsurTech industry with this article featuring a shareholder class action complaint against Root. The lawsuit sheds light on the challenges and legal issues facing InsurTech companies, including those like Root. InsurTech NY is mentioned in the context of the broader industry landscape.

Without naming Root specifically, InsurTech watcher and VC investor Adrian Jones, a managing director for Hudson Structured Capital Management, warned about the dangers of taking an InsurTech public too soon during a session of the InsurTech Spring Conference 2021 last week (co-hosted by InsurTech NY and InsurTech Hartford). “You have to go public when the time is right. I think that’s one of the lessons to draw here,” Jones said, referring to the volatile stock prices of recently IPOed InsurTech carriers. “If you go public before you really have a good handle on how your company is going to perform financially quarter by quarter, you are putting yourself at risk [of] a perception [developing] in the market that people don’t believe they can trust your earnings, they don’t trust your forward projections, etc.,” he said.

 

Insurtech Root

For more details on this significant event, read the full article here.