InsurTech NY will Award Startups $200,000 in Prizes

NEW YORK,, Jan. 12, 2023 /PRNewswire/ — InsurTech NY has started accepting applications for its Global Startup Competition for early-stage InsurTechs.

The competition features a prize pool of $200,000 that will be selected by three judging groups – InsurTech Fund, carriers and brokers, and InsurTech investors. Startups will be judged based on their expression of the most commercial potential in the application. The top ten teams will present live at the InsurTech Spring Conference held on March 29 – 30 in NYC to the entire conference audience.

The 2022 finalists presented to an audience of more than 600 people at the NY Marriott Marquis. “The Global InsurTech Competition allowed us to raise awareness about the challenges in the market for roofing repairs post claim and our solution for the industry,” said Garrett Kurtt, CEO of OneClick Data and winner of the 2022 competition.

The judging pools are comprised of insurance carriers/brokers, venture capitalists, and angel investors. Judges will score each company based on their investment and market potential. The judges represent organizations including Avanta Ventures, Candid Insurance Investors, Founders Shield, Gallagher, Lockton, Park City Angels, QBE Ventures, Starr Insurance, TIAA, and Tokio Marine.

“Every InsurTech needs exposure and investment to grow,” said David Gritz, Managing Director of InsurTech NY. “Past competition winners have attracted more than $45 million in funding post-competition and had exposure to hundreds of insurance carriers and brokers.”

Contestants are eligible for the competition if they ended 2022 with less than $250,000 in revenue. The top ten finalists will be announced in early March and will present in person at the 2023 InsurTech Conference. The deadline for submissions is February 10, 2023.

This week marked the release of two major InsurTech Top 100 Lists:

The Sonr InsurTech 100 and FinTech Global 100.

It’s incredible that two sophisticated and thoughtful groups can produce completely different results. In fact, based on our calculations, there are only 5 overlapping companies that appear on both lists.

If you are a carrier or broker, looking for solutions, these lists can be helpful, but they add to the noise of InsurTech. The question remains, which ones are the right partners for me?

On November 15th, we explore that very question for underwriters. Join us as we discuss how to decipher the signal from the noise and identify new alternative data sources for better underwriting.

Learn more: https://uwdata.eventbrite.com

Spotlight: Accelerator + MGA Lab Demo Day

On November 15, we will be hosting our Demo Day in NYC where 40 startups will present.

Presenting startups will be from two programs: (1) InsurTech NY Growth-stage Accelerator and (2) The Digital MGA Lab. The accelerator startups were hand selected by our carrier and broker members based on their ability to address challenges or pursue opportunities for their business units. The MGA lab startups were chosen based on their uniqueness and market potential.

A limited number of spots are open for investors and capacity providers to watch.

Request a spot: https://uwdata.eventbrite.com

Upcoming InsurTech Community Events and Programs

Underwriting Data: What Matters?
Nov 15 | 4:30pm – 8:00pm | NYC
– Speakers include executives from: Hippo, Argo, and New York Life

Resilience and Claims (Insurtech SF)
Dec 8 | 5:00pm – 8:00pm PT | Bay Area
– Speakers include leaders from: Tokio Marine, Avanta Ventures, and Gigaforce

InsurTech Spring Conference: Competing on Collaboration
March 29-30 | NYC (Chelsea – Pier 60)
1,000+ attendees – Parallel tracks for: Life & Health and Property & Casualty
Speakers include: NFP, Munich Re, American Family, & Employers
More Info and Join Waitlist

InsurTech NY Sponsors

Thank you to our sponsors of our November and December events.

If you are interested in sponsoring our events, send us a note at contact@insurtechny.com.

InsurTech East Coast Deals, Opportunities, and Partner Events

Discover a curated mix of October InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

Stere ($5M, Vida Capital): Solutions: Full stack ecosystem providing capacity partner placement, analytics, and digital tools.

Elpha Secure ($20M, Canapi Ventures): Cyber: Provider of customized cyber coverage and security solutions for small businesses.

Otonomi ($3.4Mm ATX Ventures): Cargo: Digital MGA parametric platform automating logistics coverage and claims in real time.

Partner Events and Programs

InsurTech Hartford Innovation Challenge (Nov 17) – Applications Open: The Innovation Challenge Finals & Awards unveils revolutionary ideas and shines a light on brilliant entrepreneurs, students, and experienced professionals.

Reuter Connect Claims (Nov 2-4): Chicago

DFS Exhcange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.

The Reuters Insights Report: Overcoming Supply Chain and Inflationary Pressures with Technology

For more information and registration for these events and programs, visit our website: https://www.insurtechny.com/upcoming-insurtech-conferences/

Jobs at carrier/broker innovation and venture teams

Employers Ins – Senior Product Manager

Ethos Life – Director, Actuarial

Ethos Life – Product Actuary

Ethos Life – Product Performance Actuary

Ethos Life – Product Performance Associate Actuary

Verisk – Actuarial Associate

For more information and applications visit our blog: https://www.insurtechny.com/jobs

Looking for Brokers / Retail Agents to Meet Startups

Are you looking to find new unique products to distribute? Are you a broker? If so, we have an opportunity for you to meet the startups in our MGA Lab on Nov 14th in NYC. They will be presenting to brokers about their new product offerings to get feedback. Read more about the program: MGA Lab.

For more information reach out at contact@insurtechny.com.

NEW YORK, Oct. 13, 2022 /PRNewswire/ — InsurTech NY, the largest InsurTech community in North America, announced today its third growth-stage InsurTech accelerator cohort.

InsurTech NY’s carrier and broker members selected 32 startups, from a pool of more than 150 applicants in 29 countries, to participate in the hybrid insurance accelerator program. The accelerator starts in October and provides resources to help startups with traction, talent, and financing. Founders will work with insurers seeking to invest in startups, pilot new technologies, and provide risk capacity.

“We are proud to welcome our third cohort into the program to accelerate their growth,” said David Gritz, Managing Director of InsurTech NY. “They are fortunate to be supported by a best-in-class alumni base of 48 startups. The alumni companies already recognize five exits and more than $373 million in up-round funding in less than two years.”

Selected startups include:

Life, Health, and Benefits Lines: Atidot, Benekiva, BetterTradeOff, Cake, Canary Benefits, CoverGo, ForMotiv, FreeWill, GoGo Technologies, InvestSuite, Legacy Life, Monark HQ, PilotBird, Plum Life, Sunny Day Fund, and White Swan.

Property and Casualty Lines: Boston Geospatial, CogniSure, DataCrest, Hepster, Highwing, Iluminr, Indemn, MeasureOne, PathSpot, PolicyDock, Protosure, Quantumerge, SureBright, Surefyre, Veruna, and Zelros.

During the program, founders will work with 70+ mentors from carriers, brokers, and solution providers to identify opportunities, establish partnerships, and overcome challenges in their business. The accelerator will continue until its culmination at an in-person Demo Day in NYC on November 15.

About InsurTech NY

InsurTech NY is an international gateway to bring together the insurance innovation community. It brings together carriers, brokers, investors, and InsurTech startups via educational and networking events, a competition, and an accelerator. InsurTech NY’s mission is to accelerate corporate innovation, drive talent to insurance, support innovation-friendly regulation, and improve access to investment. See more at insurtechny.com or meet its cohort companies at the Spring InsurTech Conference.

September 15, marked the start of a grand experiment, our MGA Lab.

With the right environment and nurturing can you grow an MGA in a Lab?

Founders of aspiring MGAs met in NYC to learn the essential elements of an MGA business model and how to prepare to present to capacity providers. We are excited to welcome the first MGA Lab Cohort:

Boardwalk Insurance
Fursure
Lynxight
Pablow
Possum Insurance
Quantumerge
SingleKey
Sola
Zenployers

If you are interested in meeting the cohort or are a capacity provider that wants to be involved in the program, please reach out at contact@insurtechny.com.

Spotlight: Blues Bash Happy Hour at ITC Vegas

On September 21st, we connected the rock stars of the Insurtech world with a unique networking happy hour. This invite-only event joined 350+ professionals for a night of music and libations at the Las Vegas House of Blues.

It was a unique chance for insurance carriers, brokers, and startups to network while listening to a Grammy-nominated musician. We enjoyed seeing so many familiar faces and building new connections that will endure long beyond the conference.

Thank you to The Financial Revolutionist & Caliber Corporate Advisers and our sponsors Appian Corporation, Boost, Haven Technologies & Vymo for making Blues Bash Happy Hour a memorable night.

Upcoming InsurTech Community Events and Programs

Underwriting Data: What Matters?
Nov 15 | 4:30pm – 8:00pm | NYC
-Speakers include executives from Hippo, Instabase, and Planck

Resilience and Claims (Insurtech SF)
Dec 8 | 5:00pm – 8:00pm PT | Bay Area
– Topics include Property and Climate Change, Single Day Claims Cycle

InsurTech Spring Conference: Competing on Collaboration
March 29-30 | NYC (Chelsea – Pier 60)
1,000+ attendees – Parallel tracks for: Life & Health and Property & Casualty
Speakers include: Grange, Munich Re, American Family, & Employers
More Info and Join Waitlist

InsurTech NY Sponsors

Thank you to our sponsors of our November and December events.

If you are interested in sponsoring our events, send us a note at contact@insurtechny.com.

InsurTech East Coast Deals, Opportunities, and Partner Events

Discover a curated mix of August and September InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

Modern Life ($15M, Thrive Capital): Life: Only brokerage supporting life agents with end-to-end capabilities for the sales and support process.

Ledgebrook ($4.2M, Brand Foundry Ventures): Reinsurance: Excess and Surplus MGA using data-driven tech stack to serve the wholesale brokerage market.

Fairmatic ($42M, Foundation Capital): P&C: Fleet insurance using predictive risk model based on mobile phone data and AI gathered in stealth.

Planck ($23M, Vintage Investment Partners): Commercial: Automated underwriting platform designed to provide instant risk insights for commercial insurers.

ProNavigator ($10M, Graphite Ventures): SaaS: Knowledge-sharing platform driven by AI to allow frontline insurance professionals to access detailed data in a simplified format.

Pie Insurance ($315M, Centerbridge Partners): Workers Comp: Carrier for small business coverage using online platform combined with diverse data sets to more accurately assess risk.

Partner Events and Programs

DFS Exhcange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.

Climate and Insurance Risk Forum – Innsure – October 6th, cambridge, Mass

Chubb Studio Innovation Challenge – Compete for $15k in prizes by designing and developing business proposals, APIs, and solutions with Chubb Studio technology. (Due Oct 7)

The Reuters Insights Report: Overcoming Supply Chain and Inflationary Pressures with Technology

For more information and registration for these events and programs, visit our website: https://www.insurtechny.com/upcoming-insurtech-conferences/

Jobs at carrier/broker innovation and venture teams

Employers Ins – Senior Product Manager

Employers Ins – IT/Product (SDLC) Roles

Verisk – Actuarial Associate

Verisk – Senior Actuarial Associate Property and Casualty

For more information and applications visit our blog: https://www.insurtechny.com/jobs

Looking for Additional Capacity Providers

Does your organization provide capacity for Digital MGAs? Whether you have a delegated authority program, a fronting business, or provide reinsurance, we are looking for additional capacity providers to join us on Oct 13 for Capacity Day in NYC to meet new Digital MGAs.

For more information reach out at contact@insurtechny.com.

What’s the difference between a startup and a startup carrier?

Simply put: distribution.

Many people remark on the rapid growth of the InsurTech used-to-be Unicorns. And, they attribute that growth to being able to hack direct-to-consumer digital distribution.

However, the real story is the untold story of startup carriers that have grown responsibly.

Palomar – Started in 2014, hit $251M in GWP in first year public (2019) at a 91% combine ratio
Transverse Ins. – Founded in 2019, acquired by MS&AD for an estimated $400M
Convex Ins. – Founded in 2019 by Steven Catlin, reached $2.1B in GWP in 2022

These startup carriers took a different approach. They leveraged long-term relationships from industry veterans like Steven Catlin and Erik Matson to jumpstart new brands optimizing traditional broker distribution.

Curious how you can combine lessons from both startup and legacy carriers / distributors? Then join us on August 25 in NYC at the Digital Distribution program.

Learn more at: https://digitaldistributor.eventbrite.com

ITC Vegas: Sep 20-23 + Our Happy Hour

Have you picked up your tickets for ITC Vegas?
If not, you can learn more and access discounted registration here.

Also, InsurTech NY is teaming up with The Financial Revolutionist to host a curated, invite-only happy hour on Sep 21. (Note: This is NOT an official ITC Vegas event). Carriers, brokers and investors can request invitations below:

Blue Bash Happy Hour Request

Upcoming InsurTech Community Events and Programs

The Digital Distributor
August 25 | 4:30pm – 8:00pm | NYC
– Speakers include: Insuritas CEO, SVP at Marsh, and Head of Growth Offerings at Travelers

Blues Bash Happy Hour Vegas
Sept 21 | 6:00pm – 9:00pm PT | Las Vegas
– Invitation Only Event

Underwriting Data: What Matters?
Nov 15 | 4:30pm – 8:00pm | NYC
-Panels discussing future of underwriting tables and new data

Resilience and Claims (Insurtech SF)
Dec 8 | 5:00pm – 8:00pm PT | Bay Area
– Topics include Property and Climate Change, Single Day Claims Cycle

Sponsored Content (By Amazon)

Gain insights from open finance experts

Open finance enables secure, consent-based sharing of and access to financial capabilities, data, and account information. Listen to Jacob Morgan at Forrester, Shaheen Kanda at Amazon Web Services, Christian Ball at Yapily, and Betty DeVita at FinConecta as they talk about open finance trends, perspectives, and real-world success stories. Register here

InsurTech NY Sponsors

Thank you to our sponsors of our August event.

If you are interested in sponsoring our events, send us a note at contact@insurtechny.com.

InsurTech East Coast Deals, Opportunities, and Partner Events

Discover a curated mix of July InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

Bento ($8.1M, Schooner Capital): Health: End-to-end dental coverage platform and provider for the group benefits market.

Reserv ($8M, Altai Ventures): Claims: Digital TPA for Property & Casualty adjusters providing real-time metrics and AI-driven solutions to complex claims.

Koffie Ins ($11M, Anthemis Group): P&C: Digital MGA focused on the trucking industry using machine learning and telematics for risk reduction and accelerated underwriting.

Ranger ($5.25M, Lerer Hippeau Ventures): P&C: Agent-focused platform designed to support accuracy in homeowner policy valuation and cross sales.

Partner Events and Programs

The Digital Insurer – World’s Digital Insurance Awards (Due Sept 1): Now accepting applications from Americas for Insurtech Innovation.

ITC Vegas (Sept 20-22): Use 200ITC787 for 200-off
The World’s Largest Gathering of Insurance Leaders and Innovators

Global Insurance Accelerator (Applications Close Sept 23)
Early stage companies are provided seed funding, networking with our mentors, 100-days of ongoing support and a final presentation to a large audience of insurance professionals.

DFS Exhcange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.

Columbia University Actuarial Science Career Fair (Employer Registration) (Sept 28)

For more information and registration for these events and programs, visit our website: https://www.insurtechny.com/upcoming-insurtech-conferences/

Jobs at carrier/broker innovation and venture teams

Employers Ins – Senior Product Manager

Employers Ins – IT/Product (SDLC) Roles

CSAA Insurance Group – Sr. Associate – Venture Capital

InsurTech NY – Copywriter

For more information and applications visit our blog: https://www.insurtechny.com/jobs

Looking for Additional Capacity Providers

Does your organization provide capacity for Digital MGAs? Whether you have a delegated authority program, a fronting business, or provide reinsurance, we are looking for additional capacity providers to join us on Oct 13 for Capacity Day in NYC to meet new Digital MGAs.

For more information reach out at contact@insurtechny.com.

NEW YORK, July 7, 2022 – InsurTech Fund, a venture capital fund associated with InsurTech NY, announced that it will be accepting applications for its first Digital MGA Lab.

Applications will be accepted from July 7th through July 27th. The application is available through the InsurTech Fund website. The program is designed for digital brokers, analytics startups, and European MGAs seeking to become MGAs in North America. Companies will be accepted at any funding stage from Series Seed to Pre-IPO.

“Digital MGAs and startup carriers have been the most successful class of InsurTechs in terms of revenue growth and ability to attract funding,” said David Gritz, InsurTech NY Managing Director. “Some early missteps with loss ratios have placed a long shadow on MGAs; however, we believe that the next generation of digital MGAs will outperform the current crop. We created this program to help digital MGAs get established properly from the beginning.”

The MGA Lab is a three-month program focused on the unique needs of MGAs – actuarial modeling, insurance capacity, and retail distribution. Startups in the program will gain access to the most InsurTech active program administrators, fronting carriers, and reinsurers looking to provide insurance capacity across all major lines of property and casualty insurance. Founders will also gain access to world-class mentors who have built or supported the insurance stack for companies like Hippo, Foresight, and Cowbell Cyber.

“Everspan is pleased to support the MGA Lab,” said Steve Dresner, Chief Underwriting Officer and Chief Reinsurance Officer for participatory fronting carrier Everspan Group. “Everspan has capacity available across various property and casualty lines of business and regularly partners with InsurTech MGAs. We view the MGA Lab as an opportunity to educate startups about the fronting market and evaluate prospective program partners.”

The program will feature more than 20 capacity providers ranging from startup capacity providers like Accelerant to the largest global reinsurers like Munich Re. The program will feature three intensive days in New York City – Model Day on Sep. 26, Capacity Day on Oct. 13, and Distribution Day on Nov. 14. Startups can apply at Insurtechfund.com/mga-lab.

InsurTech Fund will be supporting the MGA Lab in parallel with the InsurTech NY accelerator and MGA Lab participants will be eligible to present at the InsurTech NY demo day where more than 30 dedicated InsurTech investors attend. Startups are eligible to participate in both programs.

About The InsurTech Fund

The InsurTech Fund is a New York City based venture capital firm run by a team of seasoned entrepreneurs, investors, and industry professionals committed to investing and supporting outstanding innovators in the insurance sector. Being a proactive supporter of diverse and inclusive teams, the fund enables positive change and brings superior returns to its investors. Read more at insurtechfund.com or follow us on Linkedin at linkedin.com/company/insurtechfund.

About InsurTech NY

InsurTech NY is an international gateway to bring together the insurance innovation community. It brings together carriers, brokers, investors, and InsurTech startups via educational and networking events, a competition, and an accelerator. InsurTech NY’s mission is to accelerate corporate innovation, drive talent to insurance, make regulation innovation-friendly, and improve access to investment. See more at www.insurtechny.com or follow us on LinkedIn (linkedin.com/company/insurtechny).

Recent press on Digital MGAs has soured the mood for Venture Capitalists outside of the industry. Everyone is concerned about how the public markets will impact earlier stage funding rounds and the viability of the next crop of Digital MGAs. But the full story remains unwritten.

“It is not in the stars to hold our destiny but in ourselves.”
― William Shakespeare

So we are launching two programs in July to support InsurTechs.

1. Growth Stage Accelerator Program

The InsurTech NY Accelerator is back for the 3rd cohort. Our corporate member driven accelerator is supported by nine insurance carriers eager to work with growth stage startups. The program is designed to help Seed to Series B companies find pilots and partnerships, acquire talent, and access investors.

Results speak for themselves. Over 50% of past cohort members have received follow-on funding for a total of $364 million post program, originated 400+ prospective partner meetings, and reached 4 exits – IXN, Breathe Life, Tower IQ, and Verikai.

Learn more and apply here: www.insurtechny.com/accelerator

2. Digital MGA Lab

Designed from the ground up solely to support the next generation of digital MGAs, we are launching a stage agnostic program focused on helping with actuarial model, finding insurance capacity, and accessing retail distribution.

The program is backed by 20+ fronting carriers, program administrators, and reinsurers including Accelerant, Ambac, AmTrust, Greenlight Re, Hanover Re, Markel, Munich Re, Tokio Marine, Transverse, and more…

Learn more and apply here: www.insurtechfund.com/mga-lab

Upcoming InsurTech Community Events and Programs

InsurTech Rapids: Founders and Investors Forum
July 21-22 | 2 Days | Santa Fe, NM
– Investors Attending: Allstate Ventures, Ambrosia Ventures, Blue9 Capital, NM Angels, City Different Ventures, Sun Mountain Capital, Dangerous Ventures, Munich Re Ventures, and more…

The Digital Distributor
August 25 | 5:30pm – 8:00pm | NYC
– Topics include Sales Productivity, Digital MGAs, and Embedded Insurance

InsurTech NY Growth Stage Accelerator
Apply by July 29 | Hybrid Program for Seed to Series B

MGA Lab by InsurTech Fund
Apply by July 27 | Dedicated program for Digital MGAs

Sponsored Content (By Vymo)

Insurance Industry leader perspectives hot off the press! 

InsurTech NY Sponsors

Thank you to our sponsors of our August event.

If you are interested in sponsoring, send us a note at contact@insurtechny.com.

InsurTech East Coast Deals, Opportunities, and Partner Events

Discover a curated mix of July InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

Ledger Investing (75M, WestCap): Risk Capital: Broker matching traditional and reinsurance risk securitizations with institutional investors.

Openly (75M, Advance Venture Partners): P&C: Algorithm-based distribution platform streamlining underwriting for premium homeowners coverage.

Pawlicy Advisor (12M, StepStone Group): Pet Coverage: Brokerage using a breed-specific data to quote costs and coverage for pets.

Partner Events and Programs

The Digital Insurer – World’s Digital Insurance Awards (Due Sept 1): Now accepting applications from Americas for Insurtech Innovation.

ITC Vegas (Sept 20-22): Use 200ITC787 for 200-off

Reuters Connected Claims (Nov 2-4): Nov 2-4 in Chicago

See more information and register via our website: https://www.insurtechny.com/upcoming-insurtech-conferences/ 

Jobs at carrier/broker innovation and venture teams

CSAA Insurance Group – Sr. Associate – Venture Capital

Equal Ventures – InsurTech/FinTech Associate

Global Insurance Accelerator – Program Manager

Starr Insurance Companies – Management Consulting Associate

Voom Insurance – Head of Sales & Customer Success

See more information and apply via our blog: https://www.insurtechny.com/jobs 

InsurTech NY, the largest InsurTech community in North America, announced that it will be accepting applications for its third annual growth-stage accelerator.

The application window will run from July 6 to July 29 and applications can be submitted through the InsurTech NY website. The program is designed for growth-stage companies, with initial traction, in the funding stages between Series Seed and Series B. International participants made up more than 30% of past cohorts.

“The InsurTech NY program is designed for startups going from initial launch to mainstream names in the insurance space,” said David Gritz, InsurTech NY Managing Director. “Our past cohorts have a stellar track record with fruitful carrier partnerships, productive fundraises over $360M post-program, and rapid exits of four alumni – IXN, Verikai, TowerIQ, and Breathe Life. This cohort can make the same impact.”

The accelerator is run on a compressed timeline that balances time spent with the value received in a “no fluff” model. Startups focus on market traction, recruiting talent, and fundraising. InsurTechs will connect with insurance carriers and brokers looking to provide insurance capacity and looking to find software solutions to their technology challenges. Startups in the cohort will also be able to meet rockstar InsurTech founders who have exited their companies through acquisition or public markets.

“Transverse Insurance has been a member of the InsurTech NY accelerator program from the beginning. The program has helped us to spot new opportunities, engage with the InsurTech ecosystem, and support our portfolio companies like Amplify Life,” said Mark Hong, EVP, Chief Investment Officer of Transverse Insurance. “We look forward to the opportunity to meet the 2022 cohort and potentially support them with fronting capacity and/or investment.”

The program will feature more than 25 carriers, brokers, and their corporate venture units including Avanta Ventures, CNO Financial, Gallagher, Lockton, QBE, Nationwide, Starr Insurance, Tokio Marine, and Transverse. The program will close with a demo day where the cohort can present to more than 30 dedicated InsurTech investors. Startups can apply at insurtechny.com/accelerator.

InsurTech NY will be supporting its accelerator in parallel with the MGA Lab, run by InsurTech Fund. Cohort companies will have the opportunity to participate in both programs simultaneously.

About InsurTech NY

InsurTech NY is an international gateway to bring together the insurance innovation community. It brings together carriers, brokers, investors, and InsurTech startups via educational and networking events, a competition, and an accelerator. InsurTech NY’s mission is to accelerate corporate innovation, drive talent to insurance, make regulation innovation-friendly, and improve access to investment. See more at www.insurtechny.com or follow us on LinkedIn (linkedin.com/company/insurtechny).

Talk of the town has been that the dynamics between venture capital and founders is changing. Gone are the days of grow premium at all costs. Now that actuarial science has caught up with high flying InsurTech IPOs, everyone is uncertain.

Will startups be able to hit their milestones? Will VCs have enough capital to fund the next crop of InsurTechs? Who is the new benchmark for growth, if it is not Lemonade?

Policygenius raised its Series E, then immediately followed it with layoffs. Next has raised nearly $1B to stay out of the public market. And, Coalition, another Series E company, has been out of the news.

In contrast, Branch just raised $147M at a $1B valuation. This was possible because of its recent accomplishments:

> It sustained 1300% YoY Premium growth
> It modeled how embedded distribution can work with partnerships like Homepoint Mortgage
> It took legitimate action for social causes by launching a nonprofit, SafetyNest

Branch gives optimism that with disciplined growth and realistic path to profitable premiums that founders will still be able to raise capital. If Branch can do it, the InsurTech readers of this newsletter can certainly hit their investor milestones.

Upcoming InsurTech Community Events and Programs

AI & Automation
June 21 | 5:30pm – 8:00pm | NYC
– Speakers include: Chief Pricing Officer, Legal & General and Chief Data Scientist at Prudential

InsurTech Rapids: Founders and Investors Forum
July 21-22 | 2 Days | Santa Fe, NM
– Investor + Startup tracks on: board structure, financial forecasting, and war stories

The Digital Distributor
August 25 | 5:30pm – 8:00pm | NY
– Topics include Sales Productivity, Digital MGAs, and Embedded Insurance

InsurTech NY Sponsors

Thank you to our sponsors of our June event.

If you are interested in sponsoring, send us a note at contact@insurtechny.com.

Educate those New to Insurance with Primerli

Do you have team members or partners that could use a crash course on the insurance industry?

Primerli offers a streamlined and engaging primer that helps professionals understand the basics of the industry in just one hour. The primer covers key aspects of the industry, including: Insurance products, value chain, key players in the ecosystem, fundamental economics of the insurance business, how insurance companies are organized, and key industry trends.
Learn more about the Insurance Primer at: Primerli

InsurTech East Coast Deals, Opportunities, and Partner Events

Discover a curated mix of June InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

Branch ($147M, Weatherford Capital): P&C: Digital distribution using API and embedded options to reduce transactional friction in the purchase experience.

Overalls ($4.6M , RPM Ventures): Life: Supplemental voluntary benefit distribution platform embedding financial guidance and planning into the user experience.

Nava ($40M, Thrive Capital): Health: Online benefits brokerage focused on reducing costs and implementation for smaller employers without dedicated HR depts.

Partner Events and Programs

Onramp Insurance Conference (June 15)

The Digital Insurer – World’s Digital Insurance Awards (Due Sept 1): Now accepting applications from Americas for Insurtech Innovation.

Insurtech Connect (Sept 20-22)

See more information and register via our website: https://www.insurtechny.com/upcoming-insurtech-conferences/

Jobs at carrier/broker innovation and venture teams

CSAA Insurance Group – Sr. Associate – Venture Capital

Equal Ventures – InsurTech/FinTech Associate

Global Insurance Accelerator – Program Manager

New York Dept of Financial Services – Deputy Superintendent for Property Bureau, Assistant Deputy Superintendent for Property Bureau

TIAA – Solutions Strategy Senior Analyst

See more information and apply via our blog: https://www.insurtechny.com/jobs-june-2022/

For years, the promise of AI and intelligent automation solutions in Insurance has been just that – a promise with only select practical, material applications to point to. There were many interesting early applications, though some felt a bit like the “Not a Hot Dog” scene from Silicon Valley. Great concept, but limiting in how valuable it could really be.

That has started to change lately. We are seeing far more applications that have real impact on results, whether in decisioning in underwriting and claims, transforming and digitizing the customer experience, greatly increasing the percent of work that can be straight through processed, and more.

In NYC alone, there has been $431 million invested in InsurTechs with AI focus with solutions across the valuechain Planck (commercial P&C), Nayya (benefits), Accern (no-code NLP), and Hyperscience (intelligent automation). These deals show real money is behind making the initial promises more of reality, and new possibilities are being opened up.

See what is happening firsthand, join us in NYC on June 21st to look at how AI is moving from being a hammer in search of a nail to something that is addressing genuine needs of the industry.

Event Info + Registration: https://aiautomation.eventbrite.com

Use AI to Assess your Personality

AI is not just for robots, it is also for humans to understand behavior and personality clusters. BestFit, our accelerator alumni will be presenting in June and has built a personality analysis platform that you can try yourself. Curious what personality cluster you fit into, find out today.

Take the BestFit Personality Assessment: BestFit Assessment

There is no cost to participate, results are immediately available.

The Open Finance Impact on Financial Services: A Panel Discussion

Join this webinar to hear a panel of open finance experts discuss trends, perspectives, and real-world open finance success stories. Register Here

Upcoming InsurTech Community Events and Programs

AI & Automation
June 21 | 5:30pm – 8:00pm | NYC
– Speakers include: Chief Product Officer, Legal & General, and Chief Data Scientist at Prudential

InsurTech Rapids: Founders and Investors Forum
Jul 21-22 | 2 Days | Santa Fe, NM
– Investor + Startup tracks on: board structure, financial forecasting, and war stories

The Digital Distributor
Aug 25 | 5:30pm – 8:00pm | NYC
– Topics include Sales Productivity and Embedded Options

InsurTech NY Sponsors

Thank you to our sponsors of our June 21 event.

If you are interested in sponsoring, send us a note at contact@insurtechny.com.

InsurTech East Coast Deals, Opportunities, and Partner Events

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

InsurTech News and Deals

The Guarantors ($50M, Portage Ventures): P&C: Rental coverage for personal and commercial lease guarantees and security deposits.

Evolution IQ ($21M, Brewer Lane Ventures): Casualty & Liability: Predictive guidance claims platform using AI and data to lower claims costs and processing time.

EMMA ($6M, Luge Capital): Life: Family & household centric online brokerage for life products and cross-line referrals in the Canadian market.

Partner Events and Programs

Insurtech Denver: Women in Insurance (May 25): https://www.insurtechdenver.org/events

InsurTech Insights Americas (May 25-26): Learn more and use “InsurTechNY30” for reduced admission at: https://insurtechinsights.com/america/

The Future of Ins. (June 14-15): Learn more at: https://events.reutersevents.com/

Onramp Insurance Conference (June 15): Use code (INSURTECHNY22) for 100-off: Register Here

Insurtech Connect (Sept 20-22): Use code (200ITC787) for 200-off: Register Here

Details and registration for these events at: https://www.insurtechny.com/upcoming-insurtech-conferences/

Jobs at carrier/broker innovation and venture teams

Pacific Life – Sr. Digital Marketing Specialist

Nationwide – Innovation Product Manager (P&C)

See more information and apply via our blog: https://www.insurtechny.com/jobs-april-2022/