12 Sep 2024
While we were getting caught up from Labor Day weekend, the FTC was busy.
Last Wed morning they initiated an antitrust probe against Nvidia, which now controls 80% of the AI Chip market. Nvidia’s dominant market position gives them a 78% gross margin (CNBC) and has produced hundreds of stock option millionaires following 30x stock price appreciation since 2019.
So the question remains – what does the probe mean for insurers especially if they don’t have GPU clusters?
It means two things:
- Antitrust is back – with pending actions against Google and Amazon, it is only a matter of time until one insurance mega-merger gets visibility. It might be time to adapt your strategy.
- Review your AI counterparty risk – If Nvidia is broken up or the FTC case impacts the availability of chips, you may have vendors unable to meet their SLAs. Find out who is reliant on buying new chips next year.
Spotlight on MGAs
At InsurTech NY, we do what we can to help grow the MGA community.
We have found that there is limited benchmarking data available about startup MGAs. Founders struggle to understand common questions like: which reinsurer is most active? Do most startups use TPAs? How long should it take to get to $10M in GWP?
To solve this, we are running an anonymous survey to share with the community. Participate here: www.surveymonkey.com/r/SNGT6MJ
Also, we are hosting a webinar on Oct 8 about how to reduce your reliance on a single capacity provider. Check it out: De-Risking the MGA Model
Upcoming InsurTech Community Events and Programs
De-Risking the MGA Model (Free Webinar)
Oct 4, 2024 | 1:00 pm – 1:45 pm (EDT)
Leveraging the Latest Broker Tech
Nov 5, 2024 | New York
InsurTech Spring Conference
Apr 2-3, 2025 | New York
1000+ influencers, 100+ speakers, 10 startup presentations, + expo hall
InsurTech Slopes 2025
Feb 4-5, 2025 | Vail, Colorado
– Limited to 40 founders and investors
InsurTech NY Sponsors
Thank you to our InsurTech NY Community Sponsors
If you are interested in sponsoring our community or our 2025 Spring conference, send us a note at contact@insurtechny.com.
InsurTech East Coast Deals, Opportunities, and Partner Events
InsurTech News and Deals
- Quickfacts ($2M Sandpiper Ventures): NS Canada based workflow, knowledge management, and comparison software for brokers.
- Walnut Insurance ($4.6M, NAventures): Canada-based no code platform for embedded insurance
- Boost ($40M BHMS Investments): NYC-based infrastructure platform for embedded insurance and MGAs
Partner Events and Programs
- Global Insurtech Awards (Nominations close Sept 16)
- 2024 Plenary Meeting – Open & Embedded Insurance Observatory (Sept 17)
- 2024 InnSure Climate Week Forum (Sept 23 – 24)
- LIC Technology Committee Meeting (Oct 2 – 3)
- NAAIA – Career Leadership Symposium (Oct 10, Reg Closes Oct 3)
- Insurtech Connect Vegas (Oct 15 – 17)
- Venture135, Presented by RevTech Labs (Nov 21-22)
- India InsurTech Annual Event 2024 (Nov 20)
See more information about our partner events here:
https://www.insurtechny.com/upcoming-insurtech-conferences/
Our partners over at Locke Lord will be helping to inform the community, by creating a glossary of terms used in the Insurance industry.
GLBA – the Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act of 1999, is an…
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Jobs at carrier/broker innovation and venture teams
Appian – Insurance Industry Marketing Lead
Travelers – Senior Account Executive, Employee Benefits
Gallagher – Global Programs
Lockton Re – Account Executive Director, Ocean Marine Underwriter
See more information and apply via our blog: https://www.insurtechny.com/jobs
Consider Sponsoring InsurTech Spring
Has the InsurTech NY community helped you make a lasting connection? Do you want an opportunity to get your brand out there? Sponsor our Spring Conference on April 2-3, 2025 at early bird pricing. To learn more or request information reach out to contact@insurtechny.com.
Best,
David and Tony
InsurTech NY Team