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
Spotlight: Insurance Corporate Venturing Benchmark
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/
Upcoming InsurTech Community Events and Programs
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
InsurTech NY Sponsors
Thank you to our sponsors for supporting the community: Avanta Ventures, EY, Britecore, and Levvel.
InsurTech New York Area Deals, Opportunities, and Partner Events
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.
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.