Why June 1 Matters.
Every year the US Government spends more money than it takes in. To fund all of that spending, the government borrows money. Only Congress has the power to limit how much debt is taken on. Right now that limit is $31.4 Trillion. To spend more money, Congress must raise or suspend the debt limit.
Flashback to 2011, a political standoff on the debt limit brought the government within days of defaulting on its debt, resulting in a credit downgrade. At the time, the date of default was nebulous.
That year, a policy researcher at the Bipartisan Policy Center, Shai Akabas, coined the X-Date. The X-Date is the last day the US Government can meet its obligations. The day after it will default.
This time, the X-Date is projected to be June 1 by the Treasury. And, the bond market shows signs of worry. 1 Month T- Bills are trading 100 basis points higher than a week ago.
A government default could have a serious impact on insurers, which hold around 3% of the domestic debt holdings.
This situation demonstrates that the insurance industry does not exist in a bubble. We must be regularly vigilant about other adjacent industries like public service, health care, and real estate. To help you stay informed, we are hosting our next event on InsurTech Adjacencies in Palo Alto on May 16th.
Learn more and register: InsurTech Adjacencies
Investing in InsurTech Adjacencies (Bay Area – Palo Alto) – May 16 | 5:30pm – 8:30pm
– Panels Include: Health & Wellness Investment Trends, Spotting PropTech opportunity in a declining market
More info and Join Registration
The Art of Distribution (NYC) – June 8 | 4:30pm – 8:00pm
– Event Highlights: Art Exhibition, Zen & the Art of Insurance, How to Distribute to Underserved Markets (proceeds go to non-profit orgs)
More Info and Join Registration
InsurTech Trails 2023 (Aspen) – June 20-21
-Founder and Investor Event – 2 days of outdoor activities, Programming and Startup Pitches
More Info and Join Registration
InsurTech NY Sponsors
Thank you to our 2023 event sponsors.
If you are interested in sponsoring a future InsurTech event, send us a note at email@example.com.
Discover a curated mix of April and May InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.
InsurTech News and Deals
The Guarantors ($35M, CIBC Innovation Banking): P&C: Rental coverage for personal and commercial lease guarantees and security deposits.
Marble ($4.2M, Distributed Ventures): Distribution: Policy management and distribution platform integrating loyalty program with a digital wallet and policy comparison.
Novidea ($50M, Battery Ventures): AMS: End to end agency management system using cloud-native, data-driven technology to manage customer and policy data.
Partner Events and Programs
Israeli Wine Tasting and InsurTech (June 6)
Insurtech Insights (June 7-8)
OnRamp Insurance Conference (June 21-22)
Surplus Lines Insurance for InsurTechs Webinar (June 28)
Reuters Future of Insurance USA (June 27-28)
InsurTech Leaders Summit (Sept 20-21)
DFS Exchange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.
See more information and register via our website: www.insurtechny.com/upcoming-insurtech-conferences
Enterprise Ireland – Senior Market Advisor
TIAA – Director, FW Solutions
Verisk – Actuarial Associate
See more information and apply via our blog: https://www.insurtechny.com/jobs
We open applications for our MGA Lab, a program to help startups become MGAs, in about 2 months. If you want to find out if the program is a fit for you, please reach out to firstname.lastname@example.org.
Please apply directly at the links below or reach out to us with additional questions or inquiries.
Enterprise Ireland – Senior Market Advisor – https://www.enterprise-ireland.com/en/About-Us/Our-People/00523-Senior-MA-New-York.pdf
TIAA – Director, FW Solutions – https://tiaa.wd1.myworkdayjobs.com/Search/job/Charlotte-NC-USA/Director–FW-Solutions_R230500017-1
Verisk – Actuarial Associate – https://jobs.smartrecruiters.com/Verisk/743999838640174-actuarial-associate
Many of our carrier/broker partners are looking to fill positions in innovation, partnerships, and venture capital, and we would love to connect you to them when opportunities come up. Please contact us at: email@example.com.
To create better resume pdfs online, InsurTech NY recommends using the web tools of Adobe Acrobat.
Israeli Wine Tasting and InsurTech – June 6 in NYC – An evening meeting with the best Israeli Insurtech startups in the heart of NYC. https://www.eventbrite.com/e/israeli-wine-and-insurtech-tickets-624173629127
Insurtech Insights – June 7-8 in NYC – Insurtech Week will gather inspirational founders, global leaders, senior investors and rising stars to shape the future of insurance. https://www.insurtechinsights.com/america/
Cars & Cocktails – QBE Ventures, Munich Re Ventures, LM Strategic Ventures – June 7 in NYC – Invite only – Join us for networking and drinks alongside the Insurtech Insights conference in NYC! https://www.eventbrite.co.uk/e/cars-cocktails-qbe-ventures-munich-re-ventures-lm-strategic-ventures-tickets-610949625777
OnRamp Insurance Conference – June 21-22, 2023 in Minneapolis, MN Join leading corporations, investors, and startups in insurance, fintech, wealth management, and asset management at gener8tor’s 2023 OnRamp Insurance Conference. If you are a startup, you can apply for an opportunity to pitch at the conference for FREE. https://www.gener8tor.com/conferences/onramp-insurance
Reuters Future of Insurance USA – June 27-28 in Chicago Join 450+ CEOs and senior industry stakeholders at Reuters Events: The Future of Insurance USA 2023 to ensure people, processes, and products are fully optimized in the face of global disruption. https://events.reutersevents.com/insurance/future-of-insurance-usa
Surplus Lines Insurance for InsurTechs Webinar – June 28 – This webinar will focus on the intricacies of the excess and surplus lines insurance market, including the legal challenges facing insurers, brokers, adjusters and insureds. It is a common misconception that the non-admitted insurance space is unregulated, but in reality the surplus lines market comes with its own unique and nuanced legal challenges that vary from state to state. Tune in to learn about the surplus lines market and the common misconceptions and legal hurdles that must be navigated by the insurance community. https://www.lockelord.com/newsandevents/events/2023/06/insurtech-academy
InsurTech Leaders Summit (Sept 20-21) – Join us at Park Royal Collection Kuala Lumpur + Virtual | Hybrid to learn from the best of the best in the industry, as well as network with your peers and potential clients. You will be able to take part in discussions about achieving excellence in governance and corporate leadership, moving from financial products to value propositions, customer experience: future proofing personalized services, building a seamless technology-driven resilient insurance organizations, and more. https://emnesevents.com/insurtech-leaders-summit-apac-2023/
NY Dept of Financial Services DFS Exchange – DFS Exchange is the Department’s newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York. Through DFS Exchange, financial innovators and stakeholders are invited to meet directly with DFS subject-matter experts to establish an open and ongoing dialogue and present DFS as a transparent, innovation-friendly regulator. Through these sessions, DFS hopes to learn about emerging products, services, business lines and/or practices, and technologies to accelerate the financial industry; their promise for New Yorkers and the New York economy; and their potential regulatory needs, merits, and challenges. Sessions will be held either virtually or in-person at NYDFS’s New York City offices and are open to all entities, including, but not limited to, financial institutions, non-bank institutions, firms, and technology companies, and consumer advocacy organizations or nonprofits.
If you are interested in meeting with us, please complete the very brief interest form to schedule a 1:1 meeting. Questions, please email DFS Innovation at firstname.lastname@example.org.