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The Super Bowl is an excellent time for family and friends to bond over sports or maybe just an excuse to consume excessive amounts of snacks and yell at the TV (you choose).
Beyond personal experience, it is big business for marketing organizations. According to AdAge, a 30-second spot costs $7 million and is expected to reach 100 million viewers. That translates into $70 for every 1,000 viewers (CPM). AdStage benchmarked the median CPM at $41 in a 2019 study.
So if it is not the most cost-effective, it must certainly expand brand value. Let’s check 7 advertisers from 2022 and their Year-over-Year change in market capitalization to see if that rings true.
Budweiser (CPG) : (4%)
Amazon (Tech) : (35%)
T-Mobile (Telecom) : 19%
General Motors (Auto) : (19%)
Planet Fitness (Fitness) : (7%)
FTX (FinTech) : (100%) / Bankrupt
Rocket Mortgage (Banking) : (16%)
Excluding FTX, the average impact on market cap was (10%). Including FTX, it was (23%). Compared to the S&P 500 at (8%), a Super Bowl ad is not guaranteed to boost your brand.
There is good news in all of this. Zero insurers advertised in the 2022 Super Bowl.
And, if you are a new startup and you are still itching to pitch in a competition our Global InsurTech competition applications are open until February 10th. Best of all, making a video ad is totally optional.
Apply or share with your friends: http://www.insurtechny.com/competition
Embedded Insurance is expected to exceed $70B in GWP by 2030.
The challenge is today most embedded insurance offerings exist for non-complex lines of business like mobile phone warranties or mobility products. For embedded insurance to reach its full potential, it requires the right infrastructure and experience to build a working system.
Learn from Volvo Financial Services and InsureMo on how to build an embedded insurance system that works with more complex lines of business.
More info and Register: https://www.insurtechny.com/event_program/embeddedinsurance/
Embedded Insurance with InsureMO
Feb 16, 2:00pm-2:30pm ET | Webinar
Speakers: Director, Volvo Financial Service; Head of North America Operations, InsureMO
Learn how to build embedded systems for complex lines
More Info and Registration
InsurTech Spring Conference: Competing on Collaboration
March 29-30 | NYC (Chelsea – Pier 60)
700+ attendees – Parallel tracks for: Life & Health and Property & Casualty
Speakers include: NFP President, Munich Re Head of Innovation, Palomar CLO, & TIAA CIO
More Info and Join Registration
InsurTech NY Sponsors
Thank you to our sponsors of our InsurTech Spring Conference in NY.
If you are interested in sponsoring a future InsurTech event, send us a note at contact@insurtechny.com.
Discover a curated mix of January InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.
InsurTech News and Deals
Walnut Insurance ($4M, ATB Financial): Life, P&C: API-driven embedded distribution infrastructure providing businesses with streamlined incorporation of insurance products into their products.
Wunderite ($7.2M, Insider Spark Capital): SaaS: Automation platform for agencies to streamline policy issue through a fully digital process.
Dayforward ($25M, AXA Venture Partners): L&H: Full-stack digital carrier driven by automated underwriting and streamlined front-end for customized policies.
Coverdash ($2.5M, Bling Capital): P&C: End-to-end digital broker focused on small businesses offering binding and payment of multiple lines in one transaction.
Partner Events and Programs
insureNXT Congress and Expo (April 26 & 27)
InsurTech Hartford Symposium (May 2-3)
OnRamp Insurance Accelerator (Applications Due April 10)
OnRamp Insurance Conference (June 21-22)
RevTech Labs Class 18 Accelerator (Applications Due Feb 17th)
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
AAA Mid Atlantic – Senior Insurance Analyst – Digital Transformation
Enterprise Ireland – Senior Market Advisor
Ethos Life – Director, Actuarial
Starr – Internal Management Consultant
Transverse – Program Manager
Verisk – Actuarial Associate
See more information and apply via our blog: https://www.insurtechny.com/jobs
Want to Judge our Early-Stage Startup Competition?
Do you run a VC fund, angel syndicate, or corporate venture unit? If so, we are looking for judges who can review the applications for our early-stage startup competition. Judges are required to register for the event. If you would like to be considered as a judge, please reach out at contact@insurtechny.com.
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 InsurTech competition finalists presented to an audience of more than 600
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 InsurTech 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.
In this issue of the InsurTech NY Newsletter (Insurance Southwest Moment? How to avoid it):
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Southwest Airlines made headlines over the holiday season when they canceled 16,700 flights over a 10-day period. The company initially blamed it on weather from the polar vortex. But word got out that the real cause was a computer system outage that snowballed with staff shortages and lost baggage. Total costs are estimated at $825 million to Southwest.
Airlines have a number of parallels to insurers. Both are capital-intensive, manage weather risk, and rely on customer loyalty for profitability.
For airlines, time is of the essence. Every plane must fly full every day to maximize revenue. An empty plane or flight not flown is lost revenue. Similarly, every policy must renew before its expiration date. And both industries benefit from frequent flyers that stay with their brand for every transaction.
So, if you end up like Southwest and your policy admin or quoting system fails. A lost day is not only lost customers for that day, but lost loyalty. If it can happen to Southwest, it can happen to you. Now is the time, during the quiet period of early January, to look at your systems and do a “Southwest Sanity Check”.
For InsurTech NY, we have our own “Southwest Sanity Check” on innovation. Asking ourselves:
To help us answer those questions, we are launching the 2023 early-stage competition. InsurTechs will compete for a pool of $200,000. The competition will be judged by the leading VCs and carriers in the industry.
If you are interested or have friends starting an InsurTech, check out the competition here: http://www.insurtechny.com/competition
Thanks to inspiration by the Global Insurance Symposium, we are bringing the CEO and Presidents Panel to NYC. Get a chance to hear from Mike Goldman, President of NFP and Gaurav Vasisht, CEO of NYSIF discuss collaboration across the value chain as a competitive advantage.
The insurance industry is inherently collaborative. Risk takers need distributors and everyone needs reinsurers to manage Cat risk. When the relationships work, there is a seamless experience and policyholders don’t even know who is in the chain. But, when there is friction everyone feels the pain. Policyholders start to question what they can do themselves and relationships break down.
Learn how you can work more effectively with your brokers, carriers, reinsurers, and InsurTech partners. Find out more about this panel and the InsurTech Spring Conference on March 29-30.
https://www.insurtechny.com/insurtech-spring-conference/
InsurTech Investor & Founders Forum
Jan 30 – Feb 1 | Beaver Creek, CO | 1 Day of Content, 1 Day of Networking
– Investors attend include: Anthemis, Allstate Ventures, AmFam Ventures, FFVC, Munich Re Ventures, QBE Ventures, Sandalphon Capital, and more.
InsurTech Spring Conference: Competing on Collaboration
March 29-30 | NYC (Chelsea – Pier 60)
700+ attendees – Parallel tracks for: Life & Health and Property & Casualty
Speakers include: NFP President, Munich Re Head of Innovation, Palomar CLO, & TIAA CIO
More Info and Join Registration
InsurTech NY Sponsors
Thank you to our sponsors of our InsurTech Spring Conference in NY.
If you are interested in sponsoring a future InsurTech event, send us a note at contact@insurtechny.com.
Discover a curated mix of October InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.
InsurTech News and Deals
Oyster ($3.6M, New Stack Ventures): P&C: Digital platform offering both direct to consumer and point of sale coverage offerings for personal property.
Get Covered ($6M, RET Ventures): P&C : White labeled platform for rental property owners to ensure and manage coverage while offering additional options to renters.
Enthea ($2M, Tabula Rasa Ventures): Health: Administrator of health riders and single case services for psychedelic healthcare.
Partner Events and Programs
insureNXT Congress and Expo (April 26 & 27)
InsurTech Hartford Symposium (May 2-3)
InsurLab Germany Accelerator (Applications Due Feb 7)
RevTech Labs Class 18 Accelerator (Applications Due Feb 17th)
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
Employers Ins – Senior Product Manager
Ethos Life – Director, Actuarial
Starr – Internal Management Consultant
Transverse – Program Manager
Verisk – Actuarial Associate
See more information and apply via our blog: https://www.insurtechny.com/jobs
Want to Judge our Early-Stage Startup Competition?
Do you run a VC fund, angel syndicate, or corporate venture unit? If so, we are looking for judges who can review the applications for our early-stage startup competition. Judges are required to register for the event. If you would like to be considered as a judge, please reach out at contact@insurtechny.com.
In this issue of the InsurTech NY Newsletter (What Skyrocketing Loss Ratios Means for Collaboration in Insurance):
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S&P Global projects 2022 P&C loss ratios to be over 100 with combined ratios to be near 110.
Extrapolating the average, this means some carriers could lose as much as 30 cents on every premium dollar which could result in:
How can you combat the macro trend for your business?
Collaboration
The biggest challenge for our industry is to get the entire value chain to work as one cohesive unit. That means commercial accounts bringing process reengineering from reinsurer best practices through carrier loss control to policyholders, delivered by brokers (outside or renewal time). It also means brokers and carriers must educate consumers about the risks of construction that marginally meets code, especially in cat exposed areas.
InsurTech NY is here to make collaboration across the value chain easy. We are hosting a two day conference to discuss this topic between reinsurers, carriers, brokers, and InsurTechs.
Learn more and register before 12/12 for the early bird special (20% off): www.insurtechny.com/insurtech-spring-conference/
It might not feel like it, but Ian is projected to be in the top 10 most damaging storms in U.S. history. It is part of a string of storms in the past three years that have made landfall at 150 MPH or more – Ian (2022), Ida (2021), and Laura (2020).
However, in all the devastation, there was a glimmer of hope in Babcock Ranch, FL., America’s first solar powered town. The town essentially survived unscathed through hurricane-force winds.
Insurers must face the reality that risk transfer is not enough in an environment of a changing climate. Insurers must work with their policyholders to harden property and process claims faster to expedite the repair process.
We have decided to discuss the topic of resilience in another Cat exposed state, California. Join us in Palo Alto on Dec 8th to discuss Resilience and Claims.
Learn more and register: https://resilienceclaims.eventbrite.com
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 Investor & Founders Forum
Jan 30 – Feb 1 | Beaver Creek, CO | 1 Day of Content, 1 Day of Networking
– Investors attend include: Anthemis, Allstate Ventures, AmFam Ventures, FFVC, Munich Re Ventures, QBE Ventures, Sandalphon Capital, and more.
InsurTech Spring Conference: Competing on Collaboration (Early bird tickets available)
March 29-30 | NYC (Chelsea – Pier 60)
700+ attendees – Parallel tracks for: Life & Health and Property & Casualty
Speakers include: NFP President, Munich Re Head of Innovation, Palomar CLO, & TIAA CIO
More Info and Join Registration
Thank you to our sponsors of our Resilience and Claims event in SF and InsurTech Spring Conference in NY.
If you are interested in sponsoring our events, send us a note at contact@insurtechny.com.
Discover a curated mix of October InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.
InsurTech News and Deals
LuckyTruck ($2.4M, Candid Ins. Investors): Commercial Trucking: End-to-end digital platform for the trucking industry providing distribution and management of commercial coverage.
Fursure ($3M, Andreessen Horowitz): Pet Coverage: Online pet coverage, savings, budgeting and education platform to help pet owners plan and prepare for pet care needs.
Cover Genius ($70M, Dawn Capital): E-Commerce: Embedded platform covering e-commerce warranties, purchase protection, and liability across multiple online industry and transaction types.
Surround Insurance ($2.5M, MM Catalyst Fund): P&C: Digital platform marketed to young, urban professionals for shared vehicles, freelancing, rental, and urban travel methods.
Partner Events and Programs
InsurTech Trends (Dec 8) – InsurTech Hartford – Hartford CT – A look at recent InsurTech trends and discuss how they will impact the industry in the year ahead.
2023 Living to 100 Symposium (Jan 15-18) – Society of Actuaries
What the Future of AI-enable Insurance Industry Looks Like – Wisedocs
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
Employers Ins – Senior Product Manager
Ethos Life – Director, Actuarial & Product Actuary
Ethos Life – Product Performance Actuary & Associate Actuary
Nationwide Ventures – Sr Investment Professional (Venture Capital)
Starr – Internal Management Consultant
Transverse – Program Manager
Verisk – Actuarial Associate
See more information and apply via our blog: https://www.insurtechny.com/jobs
Looking for Life & Health Carrier Speakers
We have several open spots for insurance carriers to speak on our Life & Health panels. Some of the topics include: Making Embedded and Affinity Relationships work in Life Insurance, Leveraging Third Party Data to Improve Health and Wellness, and Path to 100% Underwriting without Doctor Visits.
If you have an interest in speaking on a panel reach out at contact@insurtechny.com.
In this issue of the InsurTech NY Newsletter (Top InsurTechs Rankings and Demo Day):
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This week marked the release of two major Top 100 InsurTech companies 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, only five overlapping companies 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 will 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
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
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
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.
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/
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
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 InsurTech growth stage 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 InsurTech Growth Stage Accelerator, 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.
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.
In this issue of the InsurTech NY Newsletter (The Start of our MGA Lab & ITC Highlights):
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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.
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.
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
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.
Discover a curated mix of August and September InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.
InsurTech News and Deals
Partner Events and Programs
For more information and registration for these events and programs, visit our website: https://www.insurtechny.com/upcoming-insurtech-conferences/
For more information and applications visit our blog: https://www.insurtechny.com/jobs
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.
This article was originally published August 2022. For up to date industry information, including further on Startup carrier insurtech companies, click here.
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
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:
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
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.
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/
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
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 this digital MGA accelerator, 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.
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.
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 insurtech accelerator 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 insurtech accelerator 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 insurtech accelerator 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
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)
Thank you to our sponsors of our August event.
If you are interested in sponsoring, send us a note at contact@insurtechny.com.
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.
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/
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