The Colonial Pipeline hack is a reflection of the state of broader American infrastructure. One critical channel has the potential to impact fuel prices and availability for an entire segment of the country.
On a broader scale, the threat to cybersecurity is one the insurance industry should use as a wake-up call. Just in the last 2 years, five major cybersecurity incidents have directly impacted insurers:
CNA – Mar 2021 – Resulted in compromised corporate email
Aetna – Dec 2020 – EyeMed division exposed nearly 500,000 members personal information
Desjardins – Nov 2019 – More than 40% of its clients had persona information leaked
State Farm – Aug 2019 – a credential stuffing attack compromised usernames and passwords
First American Title – May 2019 – 800+ million files were left exposed without authentication
Now is the time to think about how we can build back better our core systems and cyber infrastructure. If you are looking for answers, please join us on August 26th for our Core Systems Event.
Spotlight: InsurTech Investment Summit
On May 20th, we will be hosting the largest gathering of InsurTech focused investors. If you are looking to spot new product and market trends and understand the story behind the growth in InsurTech investment, there is no better time to learn.
Startups looking for investment can join our virtual networking on Remo which will feature Corporate Venture units from Transverse Insurance, Avanta Ventures (CSAA), Aflac, CFMG (Cuna Mutual), Guardian, NFP, Unum, SCOR, QBE, and Liberty Mutual. Venture groups will be available at virtual tables in an Ask Me Anything style of interaction. Plus, free networking will be available with an additional 20+ traditional venture groups attending.
Register at: https://insurtechinvestment2021.eventbrite.com
Upcoming InsurTech Community Events and Programs
InsurTech Innovation Challenge (By InsurTech Hartford)
May 14 (last day to apply) | $27,500 in awards | Limited to startups under $1M in revenue
InsurTech Investment Summit (20% code applied: News)
May 20 | 1PM – 3PM Edu Content and 3PM – 5PM Networking | Fully Virtual
– Featuring: Partner at Avanta Ventures, Principal at MunichRe Ventures, CEO of Transverse
Accessing the Non-Admitted Insurance Market for InsurTech (CLE Credits available)
Jun 9 | 12PM – 1PM Edu Webinar | Fully Virtual
The Perennial Core System and Claims Automation (Early-bird tickets available)
Aug 26 | 1PM – 3PM Edu Content and 3PM – 5PM Networking | Fully Virtual
InsurTech NY Sponsors
Thank you to our sponsors for supporting the community: Avanta Ventures, Locke Lord, Thompson & Prince
InsurTech New York Area Deals, Opportunities, and Partner Events
Discover a curated mix of April and early May insurance financings, exits, partnerships, opportunities, and partner events on the East Coast.
WTW Quarterly InsurTech Briefing: 146 deals announced with over $2.5B in funding. Read the full report here.
InsureTech Connect (Oct 4-6): If you have not registered yet, save $200 with our partner discount. Register here.
Kin Insurance ($64M, HSCM): Home Insurance: Digital platform for homeowners insurance.
Wunderite ($3M, Spark Capital): Commercial P&C: Automated platform for insurance submissions.
Sigo ($1.5M, Amicle Capital): Auto Insurance: Operates a mobile-first auto insurance brokerage focused on the uninsured or underinsured Latinx market.
Arturo ($25M, Atlantic Bridge): Property: Aerial imagery platform and analytics platform for underwriting and CAT risk modeling.
Brella Insurance ($15M, Brewer Lane Ventures): Supplemental Health Benefits: Benefits platform to bridge the deductible gap for more than 13,000 health conditions.
Level ($27M, Lightspeed Ventures): Dental and Vision Benefits: Digital platform to streamline employer-sponsored benefits management of dental and vision benefits.
Gradient AI ($20M, American Family Ventures): Multi-line: Predictive analytics and decision support platform to automate underwriting and claims workflows.
Clearcover ($200M, Eldridge): Auto Insurance: Digital-first auto insurance MGA.