17 Aug 2022
This article was originally published August 2022. For up to date industry information, including further on Startup carrier insurtech companies, click here.
What’s the difference between a startup and a startup carrier?
Simply put: distribution.
Many people remark on the rapid growth of the InsurTech used-to-be Unicorns. And, they attribute that growth to being able to hack direct-to-consumer digital distribution.
However, the real story is the untold story of startup carriers that have grown responsibly.
Palomar – Started in 2014, hit $251M in GWP in first year public (2019) at a 91% combine ratio
Transverse Ins. – Founded in 2019, acquired by MS&AD for an estimated $400M
Convex Ins. – Founded in 2019 by Steven Catlin, reached $2.1B in GWP in 2022
These startup carriers took a different approach. They leveraged long-term relationships from industry veterans like Steven Catlin and Erik Matson to jumpstart new brands optimizing traditional broker distribution.
Curious how you can combine lessons from both startup and legacy carriers / distributors? Then join us on August 25 in NYC at the Digital Distribution program.
Learn more at: https://digitaldistributor.eventbrite.com
ITC Vegas: Sep 20-23 + Our Happy Hour
Have you picked up your tickets for ITC Vegas?
If not, you can learn more and access discounted registration here.
Also, InsurTech NY is teaming up with The Financial Revolutionist to host a curated, invite-only happy hour on Sep 21. (Note: This is NOT an official ITC Vegas event). Carriers, brokers and investors can request invitations below:
Upcoming InsurTech Community Events and Programs
The Digital Distributor
August 25 | 4:30pm – 8:00pm | NYC
– Speakers include: Insuritas CEO, SVP at Marsh, and Head of Growth Offerings at Travelers
Blues Bash Happy Hour Vegas
Sept 21 | 6:00pm – 9:00pm PT | Las Vegas
– Invitation Only Event
Underwriting Data: What Matters?
Nov 15 | 4:30pm – 8:00pm | NYC
-Panels discussing future of underwriting tables and new data
Resilience and Claims (Insurtech SF)
Dec 8 | 5:00pm – 8:00pm PT | Bay Area
– Topics include Property and Climate Change, Single Day Claims Cycle
Sponsored Content (By Amazon)
Gain insights from open finance experts
Open finance enables secure, consent-based sharing of and access to financial capabilities, data, and account information. Listen to Jacob Morgan at Forrester, Shaheen Kanda at Amazon Web Services, Christian Ball at Yapily, and Betty DeVita at FinConecta as they talk about open finance trends, perspectives, and real-world success stories. Register here
InsurTech NY Sponsors
Thank you to our sponsors of our August event.
If you are interested in sponsoring our events, send us a note at contact@insurtechny.com.
InsurTech East Coast Deals, Opportunities, and Partner Events
Discover a curated mix of July InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.
InsurTech News and Deals
Bento ($8.1M, Schooner Capital): Health: End-to-end dental coverage platform and provider for the group benefits market.
Reserv ($8M, Altai Ventures): Claims: Digital TPA for Property & Casualty adjusters providing real-time metrics and AI-driven solutions to complex claims.
Koffie Ins ($11M, Anthemis Group): P&C: Digital MGA focused on the trucking industry using machine learning and telematics for risk reduction and accelerated underwriting.
Ranger ($5.25M, Lerer Hippeau Ventures): P&C: Agent-focused platform designed to support accuracy in homeowner policy valuation and cross sales.
Partner Events and Programs
The Digital Insurer – World’s Digital Insurance Awards (Due Sept 1): Now accepting applications from Americas for Insurtech Innovation.
ITC Vegas (Sept 20-22): Use 200ITC787 for 200-off
The World’s Largest Gathering of Insurance Leaders and Innovators
Global Insurance Accelerator (Applications Close Sept 23)
Early stage companies are provided seed funding, networking with our mentors, 100-days of ongoing support and a final presentation to a large audience of insurance professionals.
DFS Exhcange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.
Columbia University Actuarial Science Career Fair (Employer Registration) (Sept 28)
For more information and registration for these events and programs, visit our website: https://www.insurtechny.com/upcoming-insurtech-conferences/
Jobs at startup carrier / broker innovation and venture teams
Employers Ins – Senior Product Manager
Employers Ins – IT/Product (SDLC) Roles
CSAA Insurance Group – Sr. Associate – Venture Capital
InsurTech NY – Copywriter
For more information and applications visit our blog: https://www.insurtechny.com/jobs
Looking for Additional Capacity Providers
Does your organization provide capacity for Digital MGAs? Whether you have a delegated authority program, a fronting business, or provide reinsurance, we are looking for additional capacity providers to join us on Oct 13 for Capacity Day in NYC to meet new Digital MGAs.
For more information reach out at contact@insurtechny.com.