At times, the purpose of an insurer can be at odds with the purpose of the insurance industry.
Insurers are designed to maximize underwriting profits. To do so they use any legally permissible data source that can give them advantage at selecting the most profitable policyholders. While building a moat around loss ratios and off-loading unprofitable customers is laudable, it misses the big picture.
During the InsurTech NY Oct 21 panel on Building the Right Book of Business for Sustainability, Chris Donahue CUO at Hippo captured the appropriate balance of moving beyond profit:
From our position at Hippo, we take the InsurTech title very seriously, it is two parts, not just one, we are an insurance company and a tech company . . . . our mission is to proactively protect the joy of homeownership. It is often the most valuable asset that any individual or any family has and we take the responsibility seriously. We want to provide homeowners the opportunity to prevent loss and to mitigate loss. To not have the claim in the first place.
As an industry, we have a moral obligation to do more with our data than just let it sit idly in our archives. We have an obligation to use it to make our policyholders safer, healthier, and wealthier. The ultimate purpose of data in insurance is to save and lengthen lives. It is the one thing in our power that will help the industry.
To that end, InsurTech NY has decided to host an event to discuss this topic.
Integrating Data to Save Lives: Wellness, Safety, and ESG
Learn more at: https://integratingdata2021.eventbrite.com
InsurTech NY’s members choose 15 startups to participate in the hybrid virtual and in-person insurance accelerator program. The program will provide resources to help startups with traction, talent, and financing. Founders will work with insurers seeking to provide risk capital to digital MGAs and to pilot new technologies.
Full announcement is available here, Digital Insurance, and Carrier Management. Special thanks to Nathan Golia and Mark Hollmer for publishing our cohort.
Our cohort along with startups from the Israeli InsurTech accelerator will be presenting on our Demo Day on November 16 in NYC. If you are an active investor or carrier looking for startup partners and would like to join, please reach out to firstname.lastname@example.org.
Integrating Data to Save Lives – Wellness, Safety and ESG (Save 25% code: News28)
Nov 16 | 5:30PM – 8:30PM | New York (23rd and 5th Ave) + Virtual
– Featuring: CEO of CGS Health, Innovation Officer of Granage, and COO of Eos Venture Partners
Future of Embedded Insurance
Dec 2 | 5:30PM – 8:30PM PST | San Francisco (50 California St)
-Featuring: CMO of Hippo, CSO of Ethos, and Co-founder of Rhino
Digital First or Customer First – Insurtech NY Spring Conference [Pre-registration list]
Mar 7 | 8:00AM – 6:30PM | New York Marriott Marquis (Broadway)
– Join our pre-registration list to hold your spot
Thank you to our sponsors for supporting the community: Eversheds Sutherland, ICEYE, Levvel/Endava, Optimity, and Spencer Foundation.
Discover a curated mix of September insurance financings, exits, partnerships, opportunities, and partner events on the East Coast.
InsurTech News and Deals
Cover Genius ($72M, Sompo Asia) Multi-line: Insurtech combining embedded insurance at POS for E-commerce transactions across retail, logistics, P&C, and B2B.
Buckle Corp ($60M, Volery Capital Partners) Auto: Auto MGA focused on rideshare and gig delivery drivers covering both business and personal in one plan.
Cover Whale ($15.5M, Ambac Financial) Commercial P&C: Digital MGA focused on commercial trucking and cargo.
Energetic Insurance ($7M, Schneider Electric Ventures) Commercial P&C: Risk management product focused on payment default risk for investments in renewable energy.
InsuRights ($22M, Group 11) Health: Benefits platform that supports beneficiaries with guidance on coverage, providers, and preventative care.
Clyde ($25M, Headline, Vulcan) Warranty: Extended warranty coverage sold at POS for retail.
Networking Meet and Greet with Insurtech Israel (Nov 15): Register for event hosted by InsurTech Hartford here.
Ecosystems and Platforms (Dec 9): Register for event hosted by InsurTech Hartford here.
InsurTech NY is looking for volunteers who will receive complimentary access to our upcoming in-person events and networking opportunities in return for helping us with some logistics like registration check-in and ensuring the event runs smoothly. If you are interested, please send us a message at: email@example.com.
InsurTech NY, the largest InsurTech community in North America, announced today its second growth-stage InsurTech accelerator cohort.
15 startups were chosen to participate in the hybrid virtual and in-person insurance accelerator program. The program will provide resources to help startups with traction, talent, and financing. Founders will work with insurers seeking to provide risk capital to digital MGAs and to pilot new technologies.
“We are proud to welcome our second cohort into the program to accelerate their growth,” said David Gritz, InsurTech NY Managing Director. “They are fortunate to be supported by a strong alumni base that has already raised more than $210 million of follow-on funding and completed one acquisition.”
Selected startups include:
Life, Health, and Benefits Lines: 360F, Amplify, Bright Dime, Manifest, PerfectQuote, Spring, Sqwire, and Trusty.care
Property and Casualty Lines: Humn.ai, Innoveo, JAUNTIN’, Joshu, Safely, Steadily, and a stealth startup
“The hybrid accelerator format made it possible for Amplify, a San Francisco Bay Area startup, to access the global network organized by InsurTech NY,” said Hanna Wu, Co-founder of Amplify. “We will seize the opportunity to collaborate with the program mentors to accomplish our mission — enabling the next generation to build wealth through permanent life insurance.”
For traction, more than 30 members and mentors from insurance carriers and brokers will work closely with startups to establish partnerships and support investment. Participating startups had the opportunity to participate in 2 full days of networking and education in New York City on September 22 and 23. The program will continue to run virtually until its culmination at a Demo Day in NYC on November 16.