This article was published in February 2022. For up to date information on our most recent startup competition, including this years competition finalists announced, click here.
Over 120 applications were carefully deliberated by 27 judges…
With that, we’re excited to announce the FINALISTS in our global competition!
Riskwolf – Riskwolf enables insurers to build and operate parametric coverages at scale. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modeling, we enable insurers to build and operate parametric insurance for digital risks.
Gigaforce – Gigaforce delivers award-winning innovation to simplify subrogation for P/C claims executives by maximizing recoveries and preventing future losses.
Healthee (Fka Insurights) – Healthee’s innovative AI-driven app simplifies healthcare navigation, providing fast, accurate guidance on plans, providers, costs and more. Our mission is to improve health outcomes by eliminating confusion around benefits and coverage.
Patientory – Patientory empowers you with control of your health data, so you can earn personalized reward based payments to maximize your health.
LISA – We help insurers around the world resolve their clients’ claims in a simpler , easier and faster way thanks to the use of artificial intelligence and automation tools.
Phalanx – Phalanx provides human-centric data security through easy, secure file transfers & storage.
Bubble – Digital Insurance Agency-in-a-box for Real Estate Companies – Streamline & Monetize Insurance, overnight!
Hosta A.I. – Artificial intelligence with human-like perception of the built environment, advanced AI expertise, and spatial data delivers exceptionally accurate insights with an unparalleled confidence level, outperforming conventional property inspections.
OneClick Code – Nationwide, address-specific roofing codes with OneClick. Made for contractors, adjusters, and insurance carriers.
ConsumerOptix – A SaaS Insurtech offering Term Life Insurance policies from multiple life carriers, through traditional insurance channels – in as little as 15 minutes, all driven by direct carrier integrations and AI. Patent Pending (63/394,480)
Vaartani – AI-powered Managing General Agency (MGA) for insurance coverages to eCommerce businesses.
All finalists will present at our Spring Conference, which is NEXT WEEK: https://digitalorcustomerfirst.eventbrite.com
Over the last several years, NYC has established itself as the capital of insurance technology (aka InsurTech) by becoming home to numerous disruptive companies and startups focusing on property & casualty, health & benefits, and annuities. And, if you’re in the industry, this shouldn’t come as news to you.
To begin with, the city is home to many Fortune 500 insurance companies, such as AIG, Metlife, Marsh, Chubb, New York Life, Prudential, and Travelers. With these large financial services companies in such close proximity, startups have more opportunities to establish partnerships with these industry giants.
Aside from its proximity to nearby insurers, New York City’s supply of innovative marketers and creative capital has made it a hub for InsurTech. Madison Avenue, located in the heart of New York City, has long been where companies go to build brands, develop products, and make themselves known.
On a separate note, NYC is also arguably one of the best cities in the world to host events. After all, it’s a diverse city with much to explore– warranting an extended trip to take in all the sights even after attending a Big Apple event.
With all that being said, it’s obvious that New York City has not only the best insurance events and companies in the country but possibly in the world. In particular, these are the five NYC insurtech events that should be marked on your calendar.
During the three days at the iconic New York Marriott Marquis, you’ll experience a noteworthy lineup of speakers and sessions focused on industry trends and numerous networking opportunities to connect with colleagues. In fact, on each day you have a chance to mingle with the FICP during dedicated networking blocks or during breakfast and lunch. Unlike the other NYC InsurTech Events listed in this article, this event is more focused towards the insurance industry in general.
There are also plenty of educational sessions focusing on areas like how to lead more effectively, contract negotiations, emerging technology trends, and the latest financial and insurance trends. The registration fee is $215.
Taking place at The Westin New York at Times Square, this is the premier and must-attend event for employment law. During the two days, experts will discuss and debate the latest and most effective defense strategies in a wide range of topics. Some of the topics covered include the state of the EPLI market, the great resignation, and biometrics and data privacy.
Pricing to attend the conference is $1,795.00 if by December 10 or $1,995.00
By January 25. If you can’t attend in person, you can participate in a real-time broadcast.
If there is a single NYC InsurTech Event that should not be missed, it is the annual InsurTech NY Spring Conference. The annual spring conference of insurance innovators and InsurTech leaders is being held in NYC by InsurTech NY, specifically at the Marriott Marquis on Broadway. Insurance carriers and brokers that have been making strides in innovation will be speaking at this all-day conference from 8 a.m. to 6:30 p.m., along with InsurTech startups that are disrupting the market.
For 2022, this premier insurance conference will concentrate primarily on whether insurers should be digitally-first or customer-first. This will be discussed through panels including “The Small Commercial Distribution Battleground,” “Lessons from Insurtech Unicorns,” and “Emerging and Adjacent Insurance Products.”
Additionally, during this conference, the largest InsurTech competition will also take place. Here, the top startups will pitch to investors and insurance executives from a pool of more than 100 applicants. There are also plenty of beneficial networking opportunities for industry professionals to expand their networks. Tickets are reasonably priced between $450 to $850.
Held at Convene’s One Liberty Plaza location, this conference will focus on innovations in areas like artificial intelligence tools, techniques, and applications. You will also be able to hear from 90 different industry leaders.
This year, the AI in Insurance Summit will offer participants a chance to learn and collaborate over a number of stages through roundtables, Q&As, or one-on-ones. If you can’t attend in person, there is a virtual option.
Depending on when you register or if you’re a startup or student, pricing ranges from $595 to $1,495.
The convention takes place at the Javits Center, one of the busiest convention centers in the United States. During the two-day event, you’ll hear about the latest trends and issues that organizations are facing from numerous industry experts. And, there will also be several networking opportunities as well.
General passes are priced at $995.
While attending the NYC insurtech events above should be more than enough, you might as well use this to explore the city that never sleeps.
If this is your first time in the Big Apple, there’s nothing wrong with visiting common tourist destinations like Times Square, the Empire State Building, or even catching a show on Broadway. But, if you’re looking for something unusual and more memorable, here are some unique suggestions courtesy of Kelly the Girl With a Passport;
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 contact@insurtechny.com.
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.
Partner Events
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: contact@insurtechny.com.
This article was published October 2021, and focused on our InsurTech NY growth-stage accelerator 2021 cohort. Watch this space for upcoming accelerator cohorts, and be sure to follow our page on Linkedin for upcoming news.
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.
InsurTech NY, the leading resource for the InsurTech Community in the New York Metro Area, today announced the launch of its Insurance Collaboration Index™. Based on input from InsurTech executives, the index scores insurance and reinsurance companies on their willingness and ability to partner with startup insurance technology companies. It provides a rigorous and objective measure of how easy it is for a carrier and a startup to work together.
“InsurTech startups strive to attract the attention of a carrier or a reinsurer, but not all carriers and reinsurers are prepared to enter into a productive and ultimately successful partnership,” says David Gritz, InsurTech NY co-founder. “The Insurance Collaboration Index™ is a tool to help make all-important decisions about choosing and working with a partner. It also helps carriers understand their strengths and weaknesses, and what they need to do to be better partners.”
Carriers are evaluated on executive buy-in and sponsorship, competent project management, clear objectives, effective communications, and other factors. In addition to providing startups valuable input about potential partners, survey results will help carriers assess how prepared they are to work with startups across a wide range of criteria and offer insights to strengthen their policies and procedures.
Led by InsurTech NY founders Tony Lew and David Gritz, the project draws on the expertise of an advisory board representing a broad cross-section of the insurance and innovation ecosystems. Advisory board members include Scott Hawkins and Alan Walters, Conning; Bryan Falchuk, Insurance Evolution Partners; David Bradford, Iosis Consulting; Mark Gardella, Zephyr Innovation Advisors; Mike Fitzgerald, CB Insights; Irene Yang, Finesse Consulting; and Cynthia Hardy, Pivot Global Partners.
“I am pleased to see InsurTech NY undertake this important project,” says Avi Tuschman, founder of Pinpoint Predictive. “Not only will the Insurance Collaboration Index™ help technology companies like Pinpoint Predictive make smart decisions about their business partners, but the overall insurance industry will also benefit from more effective partnerships and increased innovation.”
Phase I of the project, which is now underway, is data collection. InsurTech NY is surveying executives from more than 200 InsurTech companies about their experiences working with various carriers and reinsurers.
InsurTech executives are encouraged to participate in the survey, which can be found at https://index.paperform.co/. Survey participants will have early access to the results and will receive a customized report to help them optimize their choices of partners.
Since the beginning of the InsurTech wave in 2015, one theme has remained constant: “Distribution is King.”
The first InsurTech Startup Showcase in Silicon Valley at SVIA in 2015 featured Embroker (digital broker), Trov (embedded insurance), and Jumpstart (Earthquake focused MGA). In 2016, InsureTech Connect highlighted Lemonade’s CEO Daniel Schreiber as its keynote speaker.
The distribution thread continued as insurers like AXA, MunichRe, American Family, and SCOR developed labs and Corporate Venture groups to partner with and invest in evolving insurtech distribution models. American Family invested in Coverhound’s Series C. SCOR backed many of the rising stars including Branch and States Title. MunichRe incubated Tenzy, an internal project for embedded home insurance. And, AXA XL partnered with Slice to release an on-demand, cloud-based cyber insurance product.
Today, the Hudson Structured InsurTech Index (HPIX), which currently tracks 18 publicly traded InsurTechs, has become a bellwether for established InsurTechs. Of the 18 companies in the Index, 15 are primarily involved in distributing insurance.
To support the trend, InsurTech NY will be hosting an event focused on distribution on Oct 21. Learn about the evolution of distribution through marketplaces, internal innovations, cross-selling, and upgraded workflows. This event will take place in person in NYC and will be live streamed.
Full Event Details: https://distribution2021.eventbrite.com
The largest event in InsurTech is coming up in October. Everyone who is allowed to travel is planning on attending. You can find us at ITC in 2 places.
Innovation Alley – Find InsurTech NY Village in the Expo hall in the middle of Innovation Alley. Stop by and visit our startups who will have expo kiosks: BobTrak, Daylight, Gigaforce, Goose Insurance, OneClick Code, Pinpoint Predictive, Sensely, Stable Insurance, Verikai.
VIP Happy Hour – Join the number one ranked (on Google) ITC Happy Hour co-hosted by Airkit, Appian, Boost Insurance, Daylight, EIS Group, Microsoft, Relay, and Vymo. The Happy Hour will be at the Las Vegas Golf Center and Rockstar Bar. It includes unlimited food, drinks and golf at the range for attendees. You can only attend the event by receiving invites from the co-hosts listed above.
We have a couple remaining spaces for additional co-hosts. If you are interested please reach out to contact@insurtechny.com.
Building Digital Distribution Channels
Oct 21 | 1:00PM – 6:00PM | New York (335 Madison Ave) + Virtual
– Featuring: CEO of Kin Insurance, CUO of Hippo, CMO of Nassau, and CEO of iptiQ Americas
– 4 High impact panels: Selling via InsurTech Marketplaces, Building Internal InsurTechs, Accelerating DIgital Workflows, and Reaching the Incremental Last Customer
Integrating Data to Save Lives – Wellness, Safety and ESG
Nov 16 | 5:30PM – 8:30PM | New York (23rd and 5th Ave) + Virtual
– Featuring: SwissRe Head of U/W Propositions, Marsh SVP, Casualty Advisor
Thank you to our sponsors for supporting the community: Advantage Go, Appian, Avanta Ventures, Boost Insurance, Eversheds Sutherland, e2Value, EY, F-Secure, Levvel/Endava, and Locke Lord.
Discover a curated mix of August insurance financings, exits, partnerships, opportunities, and partner events on the East Coast.
InsurTech News and Deals
BriteCore ($20M Raised, Warburg Pincus): P&C. Web-based workflow management platform for agents and brokerages.
Sproutt ($26M Raised, MoreTech Ventures): Life Insurance. Wellness-based life insurance platform for fully underwritten products also offering simplified issue, and guaranteed issue life products.
Kalepa ($14M Raised, Inspired Capital and IA Ventures): Commercial Lines. AI based underwriting platform focused on decision support for existing underwriters.
DealerPolicy ($110M, Goldman Sachs): P&C Insurance: Embedded F&I platform providing automobile dealers a unified solution to cross sell additional products during the financing process.
Trustlayer ($15M, Craft Ventures): RPA and AI: Business focused automated verification system for reviewing insurance coverage and licenses.
Blueprint Title ($16M, Forté Ventures): Title Insurance: Native software platform offering streamlined title searching, documentation, underwriting, and policy issue.
Partner Events
Insurtech Pathways: How insurtech can scale into the US market (Sept 28): Register for virtual event hosted by InsurTech Australia here.
InsureTech Connect (Oct 4-6): Save $200 off published tickets, register here.
When four-time Olympic gold medalist, U.S. gymnast Simone Biles pulled out of the ongoing Tokyo Olympics, her decision was met with confusion and dismay.
Why would the best gymnast in the world leave the competition without physical injuries?
It’s because of twisties, a condition well understood by gymnasts and acrobats, but unknown to the public. Twisties is a condition where the body is disconnected from the mind. In a brain with twisties, synchronizations of fine motor movements in the cerebellum become disconnected from the appropriate nerve signals to the spinal cord.
In interviews with NPR and Washington Post, Biles explained the condition, “So I was trying a two-and-a-half [twisting vault], and I ended up doing a one-and-a-half . . . I had no idea where I was in the air … I could have hurt myself.”
Just like Olympians, insurers need to keep their mind (strategic plans) connected with their bodies (core systems). As an insurer moving on a quarterly clock speed, as most public companies do, your core system needs to do the name. The problem is if you have multiple underwriting systems, some with built in 20-year-old home-grown software, it is easy to get organizational twisties.
That’s why InsurTech NY decided to host its next event on the Perennial Core System. Perennial flowers regrow every spring and are designed to endure indefinitely. Likewise, robust core systems must do the same, but continue to evolve to survive through hail, wildfire, and pandemic claims.
Join us virtually on Aug 26 and hear from IT leaders at carriers including CSAA, Copper Point, Everest Re, and Palomar.
Perennial Core Systems Event: Eventbrite
The pace of InsurTech investment is faster than ever. Leading the pack are Corporate Venture Capital (CVC) groups that operate inside or in affiliation with insurers. Insurance CVC funds range in size from $50M to over $500M in investable capital.
Corporate venturing is a recent phenomenon, almost all insurance CVC Groups have formed after 2013. More than 50 insurers have either made a direct off-balance-sheetAn investment or invested through their CVC. The mystery remains, what happens behind the scenes at insurers making startup investments.
To study this trend, we have partnered with Tilburg University in the Netherlands to conduct a benchmark study. The study will be presented at our private Corporate Venture Capital Forum in September. Only those who complete the benchmark survey will be eligible to attend the Forum where we present our findings.
If you are with a carrier or broker that has invested in startups in the last 10 years, please help us by completing the survey or share with an appropriate colleague.
Survey available here: https://cvc2021.paperform.co/
The Perennial Core System and Claims Automation (15% off, code embedded)
Aug 26 | 1PM – 3PM Edu Content and 3PM – 4PM Networking | Fully Virtual
– Featuring: SVP of Everest Re, CIO of Copper Point, and VP of Claims of Palomar
Building Digital Distribution Channel
Oct 21 | 1:00PM – 6:00PM | New York (23rd and 5th Av) + Virtual
– Featuring: Sean Harper, CEO of Kin Insurance
Integrating Data to Save Lives – Wellness, Safety and Climate
Nov 16 | 5:30PM – 8:30PM | New York (23rd and 5th Av) + Virtual
Thank you to our sponsors for supporting the community: Avanta Ventures, EY, Britecore, and Levvel.
Discover a curated mix of July insurance financings, exits, partnerships, opportunities, and partner events on the East Coast.
InsurTech News and Deals
Lula ($18M, Founders Fund): Auto Insurance: API platform to provide driver risk assessment and manage episodic insurance policies for auto rentals and commercial fleets.
Wagmo ($12.5M, Revolution Ventures): Pet Insurance: Online subscription wellness plan and broker of pet insurance.
Bolttech ($180M, Activant Capital): P&C Insurance: Microservices-based insurance exchange platform to connect carriers to affinity partners.
Akur8 ($30M, MTech Capital): Platform to automate insurance rate making using machine learning minus the block of traditional AI.
Accelerators: InsurTech NY accelerator applications closed on August 2, but our friends at the Global Insurance Accelerator (apply till Sep 12), Brush Creek Partners (apply till Aug 22), and InsurTech Munich Hub (apply till Sep 13) have open applications.
Partner Events
Insurance AI and Innovative Tech USA 2021 (Sep 14-15): Register here for Reuters virtual event here.
InsureTech Connect (Oct 4-6): Save $200 off published tickets, register here.
InsurTech Hartford Symposium (10/26). Tickets are now available for their annual program here.
NEW YORK, NY, July 19, 2020 — InsurTech NY, the largest InsurTech community in North America, announced today that they will be conducting a benchmark study on Corporate Venture Capital.
InsurTech NY has partnered with the IQONIC Hub for Entrepreneurship Research & Education at Tilburg University in the Netherlands to study the organizational structure, best practices, and common themes across insurance carrier and broker affiliated corporate venture groups.
The research will be aggregated, anonymized, and shared at the Corporate Forum organized by InsurTech NY on September 21 in New York City. The IQONIC Hub for Entrepreneurship Research will analyze the data and compare it to their existing body of research on corporate venturing across several industries including broader financial services.
“The corporate venture community in insurance is one of the fastest forming investment groups. Insurance industry venture capital went from near non-existence in 2013 to more than 200 insurance entities having made investments in startups today,” said David Gritz, Managing Director at InsurTech NY. “We want to learn from the segment’s rapid growth over the past decade and apply the learnings to future initiatives.”
“The IQONIC Hub for Entrepreneurship Research is one of the only academic institutions worldwide to dedicate research efforts to understanding corporate venturing,” said Joshua Eckblad, Director of the IQONIC Hub for Entrepreneurship Research. “My research focuses on the practices of corporate venturing units and on the knowledge flows between large established firms and startups. InsurTech is one of the true examples of a symbiotic relationship between incumbents and startup firms working together to grow the industry.”
The research study will include a range of participants from super-regional carriers to Top 5 carriers and brokers. It will include a variety of portfolios, from insurers who have made ad-hoc off-the-balance sheet investments to established corporate venture funds working on their second or third funds.
“NFP Ventures is excited to contribute to this body of research,” said Adam Blumencranz, VP at NFP Ventures. “We are preparing to launch our second fund with NFP and additional capital partners, and the insights we gain from this aggregate research will help us refine investment themes and internal best practices.”
“Transverse started as a venture investor off its balance sheet and now has a venture capital group and special purpose acquisition vehicle (SPAC) to help augment our value proposition to Digital MGAs,” said Mark Hong, Managing Director at Transverse Insurance. “Better understanding our peers will help us to continue to expand our platform to provide the optimal mix of services for our InsurTech partners.”
The assessment can be found at https://cvc2021.paperform.co.
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).
About Tilburg University IQONIC Hub for Entrepreneurship Research & Education
The IQONIC Hub for Entrepreneurship Research & Education offers 12 programs, including a physical Creativity Studio on the Tilburg University Campus in the Netherlands and the Entrepreneurship and Business Innovation (E&BI) Bachelor’s degree program. See more on corporate venturing research at: https://www.corporateventuringresearch.org/
This article was published in July 2021. For current information about our Insurtech accelerator, click here.
NEW YORK, NY, July 7, 2020 — InsurTech NY, the largest InsurTech community in North America, announced today that it will be accepting applications for its growth-stage InsurTech accelerator.
The application window will be open from July 7 to August 2 and applications will be accepted through the InsurTech NY website. The program is designed for growth-stage insurtech companies, with an existing customer base, in funding stages between Seed and Series B. Last year, applications were accepted from over 20 countries.
“The InsurTech NY program is built for the moment in time when startups are transitioning from surviving mode to thriving mode”, said David Gritz, InsurTech NY Managing Director. “InsurTechs from our past cohort have gone on to raise over $100 million in follow-on funding and find fruitful partnerships with our carrier and broker partners. This cohort will have the same opportunity.”
The accelerator will follow a “no-fluff” model providing InsurTechs support in the areas they need to scale – market traction, recruiting talent, and raising funds. The program will provide startups with access to insurance carriers and brokers looking to provide capacity and reinsurance and to identify software solutions to their technology challenges. Cohort members have the opportunity to meet rockstar InsurTech founders who have taken their companies public or sold their companies.
“The InsurTech NY accelerator provides a unique formula for matchmaking that supports carrier core initiatives and removes the bloat of typical time-consuming accelerator programs,” said Steve Bernardez, Partner at Avanta Ventures, the venture capital arm of CSAA Insurance Group. “We look forward to the opportunity to work with InsurTech NY to spot our next unicorn investments and partnership opportunities for CSAA Insurance Group.”
The program will feature more than 20 carriers, brokers, and their affiliated venture arms including Avanta Ventures, CNO Financial, Gallagher, Greenlight Re, Lockton, Nationwide, and Transverse. The 2021 cohort will run as a hybrid model, partially virtual and partially in-person over a six-week period. The program will close with a demo day to more than 20 dedicated InsurTech investors. Growth-Stage InsurTech companies can apply at insurtechny.com/accelerator.
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).
After 15 months in captivity, carrier and broker offices are trending towards reopening at full capacity. Although air travel is not in full swing yet, the hallmarks of in-person activities are all starting again. Agents are brokers are meeting with clients. Internal meetings are happening in conference rooms that hold more than a few people. And InsurTech conferences are now happening in person.
June 28th marked the first major in-person conference, the Global Insurance Symposium. More than 200 people gathered including insurance commissioners, carrier leaders, and InsurTech founders in Des Moines. But questions remain: will events still have to run hybrid? How many people is too many for events? When will Europe catch up to U.S. vaccination rates?
Seeking to find the right balance, InsurTech NY announced its 2021 accelerator program to run as a hybrid program (3 days in person in NYC, the remaining virtual) in the fourth quarter. Growth-stage startups will have the opportunity to meet 20+ carriers and brokers at the in-person selection day followed by virtual programming to support their business development, talent recruiting, and fundraising activities.
InsurTechs can read about the program and apply at: InsurTech NY Accelerator.
Or join our next information session at: Information session
On Aug 26th, we will be hosting our next virtual event. Core Systems upgrades and improvements continue to be a major theme for carriers looking to transition their products to a digital world. Moving from legacy systems to SaaS or hybrid cloud platforms can be a make-or-break project for IT departments.
It does not have to be that risky. Learn how carriers using agile methodologies to minimize the risk of core systems transformations and incremental upgrades to breathe new functionality into legacy systems. Beyond the core, sessions will explore how to automate claims using InsurTech solutions and robotic process automation (RPA).
Register at: https://coreandclaims.eventbrite.com/
The Perennial Core System and Claims Automation (Early-bird tickets available)
Aug 26 | 1PM – 3PM Edu Content and 3PM – 4PM Networking | Fully Virtual
– Featuring: CIO of EverestRe, CIO of Copper Point, and VP of Claims of Palomar
Building Digital Distribution Channel (Early-bird tickets available)
Oct 21 | 5:30PM – 8:30PM | New York + Virtual
Integrating Data to Save Lives – Wellness, Safety and Climate (Early-bird tickets available)
Nov 16 | 5:30PM – 8:30PM | New York + Virtual
Thank you to our sponsors for supporting the community: Avanta Ventures, Britecore
Discover a curated mix of May and June insurance financings, exits, partnerships, opportunities, and partner events on the East Coast.
Partner Events
Insurance AI and Innovative Tech USA 2021 (Sep 14-15): Register here for next Reuters virtual event here.
InsureTech Connect (Oct 4-6): If you have not registered yet, save $200 with our partner discount. Register here.
InsurTech Hartford Symposium (10/26). Pre-register now for discounts before they go live here.
InsurTech Deals
Branch Insurance ($50M, Anthemis Group): Home & Auto Insurance: Operator of insurance platform offering home, car, renter, and umbrella insurance services.
Corvus Insurance ($15M, FinTLV): Commercial: Developer of an AI-driven commercial insurance data platform designed to improve risk selection and management.
Mile Auto ($10M, Ulu Ventures): Auto UBI: Provider of pay-per-mile insurance services intended to offer car insurance for low-mileage drivers based on actual miles driven.
Boost Insurance ($20M, RRE Ventures): Embedded and API: Developer of a digital insurance platform designed to build, embed, and deliver insurance products.
Waffle Labs ($5M, Verve Ventures): Multi-line: Developer of an insurance application designed to provide customizable insurance plans for all products.
Planck ($20M, 3L Capital): Data Analytics: Operator of an AI-based data platform designed to offer real-time insurance-related data analytics insights to insurance providers.