As the New Year dawns upon us, we can reflect and see that 2020 was a year of scarcity for Insurance companies, but was a year of abundance for InsurTech.
Insurance companies struggled with low-interest rates, business interruption lawsuits, economic uncertainty, and a hard market. Meanwhile, InsurTech startups discovered how to go public via SPACs (Clover Health and Metromile) and the traditional route (Root and Lemonade), were awarded unicorn valuations (DataRobot, Hippo, and Unqork), and continued to gain market traction even during economic uncertainty.
The big lesson from 2020 is that those who invested to position themselves for the future came out ahead. Life insurers positioned with automated underwriting keep selling policies. Property insurers with virtual claims processes kept their adjusters safe and adjustment expenses down. Risk managers with high safety ratings positioned themselves for a hard market.
At InsurTech NY, we decided to heed the lesson of 2020, by investing in the future. This week, we launched our Annual InsurTech Competition choosing to focus on the future, early-stage InsurTechs with under $250,000 in revenue.
If you know an InsurTech founder who is just getting started or wants to get discovered, please help us spread the word.
Full details here: https://www.insurtechny.com/competition/
Upcoming InsurTech Events and Programs
InsurTech Spring 2021 Conference: Catering to the Customer of 2025 (Pre-registration)
Mar 10 – 11 | 2 Full Days | Educational Content, Virtual Expo, and Networking | Virtual
– 75+ speakers, 20+ startup pitches, and a global startup competition
– Two most active InsurTech communities in North America join forces
InsurTech Early Stage Competition (Apply until Jan 29)
Simple Application | Finalists present at Spring Conference
– Judges include angel investors, early-stage VCs, and carriers looking for pilots
– Contestants can receive over $200,000 in awards
InsurTech NY Sponsors
Thank you to our sponsors for supporting the community: E2Value, EY, ClarionDoor, Locke Lord, Britecore, Guidewire, Eversheds Sutherland, EIS, Vymo
InsurTech New York Area Deals and Opportunities
Discover a curated mix of December and early January insurance financings, exits, partnerships, and opportunities in the New York area.
BigID ($70M Salesforce Ventures) Cyber Lines: Machine learning platform that helps enterprises better protect their customer and employee data at petabyte scale.
Vesttoo (Undisclosed Amount, Axon Fund) Multi-line: Risk modeling and alternative risk transfer for the Life and P&C insurance markets.
Interested in Volunteering?
InsurTech NY is actively looking for individuals looking to connect deeper into the InsurTech community. If you are interested, email us at email@example.com.
David and Tony
InsurTech NY Team