InsurTech NY News: It’s Wildfire and Accelerator Season

In this issue of the InsurTech NY Newsletter:

• Read about how to support InsurTechs that help predict, prevent, and mitigate wildfires
• See upcoming InsurTech Community Events and Programs
• Follow the latest InsurTech East Coast Deals
• See open roles in the industry

Subscribe to receive the InsurTech NY Newsletter monthly

It’s Wildfire and Accelerator Season

14,722,000 acres have burned.  That’s nearly the size of West Virginia.

As of mid-June, there were 330 active wildfires in Canada. With apocalyptic burnt red pictures of Manhattanhenge and regular citing of red on the air quality index, it makes you wonder: What can I do?

It is clear: “If you don’t burn it when you want to, nature burns when it wants to . . .” said Ivan O’Neill, CEO of Wuuii, on the InsurTech Amplified Podcast. “If you don’t tend the land . . . it accumulates and a catastrophic fire happens.”

Now is our time to step up and support InsurTechs like Wuuii that predict, prevent, and mitigate wildfires and other related perils (and tune into InsurTech Amplified).

You can do your part by supporting the upcoming InsurTech accelerators that help startups to predict, prevent, and mitigate property risks.

Early Stage: Pre-Seed – Seed
> Lloyds Lab (Apply til 7/9)

Growth Stage: Seed – Series B
> InsurTech NY Growth Stage (Apply til7/15)

MGA Focused: Any Stage
> Digital MGA Lab (Apply til 7/15)

Upcoming InsurTech Community Events and Programs

InsurTech NY Growth-Stage Accelerator (Applications Open until July 15) Program Oct-Nov 2023
Helps startups looking to partner with leading carriers and brokers  by providing them mentorship, education, and introduction to industry players who can support their organizational objectives.
More Info and Apply: https://www.insurtechny.com/accelerator/

InsurTech NY MGA Lab  (Applications Open until July 15) Program Sept-Nov 2023
Works with startups looking to become MGAs.  The lab program condenses the time it takes for startups to develop their MGA product and gain capacity and distribution.
More Info and Apply: https://www.insurtechny.com/mga-lab/

InsurTech Amplified Podcast – Just launched this month.  We have partnered with Michael Waitze Theres Blissing to share audio content with you. Check for episodes with Tony and David each month.

InsurTech NY Sponsors

Thank you to our 2023 event sponsors.

If you are interested in sponsoring a future InsurTech event, send us a note at contact@insurtechny.com.

InsurTech East Coast Deals, Partner Events, and Open Roles

Discover a curated mix of April and May InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

SageSure ($250M, Amwins): P&C: MGU serving coastal markets with quoting and binding through their own platform and risk modeling.

Westhill ($13.5M, Eos Venture Partners): P&C: Claims support platform aiming for increased efficiency by matching contractors to carriers and policyholders.

Faye ($10M, Munich Re Ventures): Travel Ins.: App-based comprehensive travel coverage offering single platform coverage purchase, management, and claims.

Sixfold AI ($6.5M, Bessemer Venture Partners): Saas: Underwriting automation platform built to collect and examine 3rd party data for more timely quote and coverage recommendations.

Precedent ($9M, Adir Ventures): SaaS: Carrier technology utilizing AI, ML, and LLM to streamline communication between carriers and attorney-represented damage claims.

Partner Events and Programs
Reuters Future of Insurance USA (June 27-28)
Surplus Lines Insurance for InsurTechs Webinar (June 28)
NAIC InsurTech Forum (Sept 13)
InsurTech Leaders Summit (Sept 20-21)
Reuters Connected Claims (Sept 26-27)

DFS Exchange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.

See more information and register: www.insurtechny.com/upcoming-insurtech-conferences

Jobs In Carrier/Broker Innovation and Venture Teams

Fenris Digital – Financial Operations Lead
Fenris Digital – Marketing Manager

See more information and apply: https://www.insurtechny.com/jobs

Looking to support MGAs?

If you are a carrier or broker looking to support MGAs, let us know. We have two private program days in NYC where you can meet curated MGAs to offer capacity or distribution. To learn more or request an invite please reach out to contact@insurtechny.com.

InsurTech NY News: The X-Date is Coming

In this issue of the InsurTech NY Newsletter:

• Understand why June 1 matters for insurance & adjacent industries
• See upcoming InsurTech Community Events and Programs
• Follow the latest InsurTech East Coast Deals
• See open roles in the industry

Subscribe to receive the InsurTech NY Newsletter monthly

The X-Date is Coming: Why it Matters for Insurance & Adjacent Industries

Why June 1 Matters.

Every year the US Government spends more money than it takes in. To fund all of that spending, the government borrows money. Only Congress has the power to limit how much debt is taken on. Right now that limit is $31.4 Trillion. To spend more money, Congress must raise or suspend the debt limit.

Flashback to 2011, a political standoff on the debt limit brought the government within days of defaulting on its debt, resulting in a credit downgrade. At the time, the date of default was nebulous.

That year, a policy researcher at the Bipartisan Policy Center, Shai Akabas, coined the X-Date. The X-Date is the last day the US Government can meet its obligations. The day after it will default.

This time, the X-Date is projected to be June 1 by the Treasury. And, the bond market shows signs of worry. 1 Month T- Bills are trading 100 basis points higher than a week ago.

A government default could have a serious impact on insurers, which hold around 3% of the domestic debt holdings.

This situation demonstrates that the insurance industry does not exist in a bubble. We must be regularly vigilant about other adjacent industries like public service, health care, and real estate. To help you stay informed, we are hosting our next event on InsurTech Adjacencies in Palo Alto on May 16th.

Learn more and register: InsurTech Adjacencies

Upcoming InsurTech Community Events and Programs

Investing in InsurTech Adjacencies (Bay Area – Palo Alto) – May 16 | 5:30pm – 8:30pm
– Panels Include: Health & Wellness Investment Trends, Spotting PropTech opportunity in a declining market
More info and Join Registration

The Art of Distribution (NYC) – June 8 | 4:30pm – 8:00pm
– Event Highlights: Art Exhibition, Zen & the Art of Insurance, How to Distribute to Underserved Markets (proceeds go to non-profit orgs)
More Info and Join Registration

InsurTech Trails 2023 (Aspen) – June 20-21
-Founder and Investor Event – 2 days of outdoor activities, Programming and Startup Pitches
More Info and Join Registration

InsurTech NY Sponsors

Thank you to our 2023 event sponsors.

If you are interested in sponsoring a future InsurTech event, send us a note at contact@insurtechny.com.

InsurTech East Coast Deals, Partner Events, and Open Roles

Discover a curated mix of April and May InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

The Guarantors ($35M, CIBC Innovation Banking): P&C: Rental coverage for personal and commercial lease guarantees and security deposits.

Marble ($4.2M, Distributed Ventures): Distribution: Policy management and distribution platform integrating loyalty program with a digital wallet and policy comparison.

Novidea ($50M, Battery Ventures): AMS: End to end agency management system using  cloud-native, data-driven technology to manage customer and policy data.

Partner Events and Programs

Israeli Wine Tasting and InsurTech (June 6)
Insurtech Insights (June 7-8)
OnRamp Insurance Conference (June 21-22)
Surplus Lines Insurance for InsurTechs Webinar (June 28)
Reuters Future of Insurance USA (June 27-28)
InsurTech Leaders Summit (Sept 20-21)
DFS Exchange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.

See more information and register via our website: www.insurtechny.com/upcoming-insurtech-conferences

Jobs In Carrier/Broker Innovation and Venture Teams

Enterprise Ireland – Senior Market Advisor
TIAA – Director, FW Solutions
Verisk – Actuarial Associate

See more information and apply via our blog: https://www.insurtechny.com/jobs

Looking to become an MGA?

We open applications for our MGA Lab, a program to help startups become MGAs, in about 2 months. If you want to find out if the program is a fit for you, please reach out to contact@insurtechny.com.

Subscribe to receive the InsurTech NY Newsletter monthly

InsurTech NY News: Assessing costs: Healthcare is up, Real Estate is down

In this issue of the InsurTech NY Newsletter (Assessing costs: Healthcare is up, Real Estate is down):

• How to stay ahead of the curve regarding the impact of inflation?
• See upcoming InsurTech Community Events and Programs
• Follow the latest InsurTech East Coast Deals
• See open roles in the industry

Subscribe to receive the InsurTech NY Newsletter monthly

InsurTech News – Assessing costs: Healthcare is up, Real Estate is down

Insurers face a perplexing challenge when forecasting the future – navigating the impact of inflation.

As an insurer, fulfilling the promise of rebuilding lives after a crisis hinges on understanding the cost of repairs. While many keep a watchful eye on the Consumer Price Index (CPI) report, its status as a lagging indicator poses limitations. How can insurers stay ahead of the curve?

The April 12 report summarizing March seasonally adjusted change represented a magic number, an equilibrium: Fed Funds Rate (4.75 – 5.00) ≈ March CPI (5.0). In theory, that means the Fed will act differently moving forward and possibly pause rate hikes.

The latest forecasting data presents a split perspective, revealing an upward trend in healthcare costs while signaling a downturn in real estate. For healthcare costs, Mercer forecasted a 5.4% rise in healthcare benefits costs and AON projected a 6.5% increase in employer healthcare costs (Word & Brown).

In the context of real estate costs, Redfin predicts median home prices will fall 4% for 2023. Data from March showed home prices fell 1% in February, representing the first annual drop since 2012.

These divergent trends are impacting the world of InsurTech, and we’ve assembled a group to explore the implications on healthcare and real estate adjacency. If you’re interested in exploring this topic, we invite you to register for our next InsurTech SF event on May 16th.

Learn more and register: InsurTech Adjacencies

Reflections on InsurTech Spring + MGA Whitepaper

Three weeks behind us, we reflected on the 2023 InsurTech Spring Conference, which was a record year with over 950 registrations. Here are a few things we learned from the sessions:

> Measuring collaboration is a complex issue, as highlighted by the opinions of NFP, CRC, and NYSIF leaders during our Presidents Panel. Despite their insights, there is no universal answer. However, our upcoming book with Bryan Falchuk represents our best attempt to tackle this challenge.

> InsurTech’s global reach was evident in the top finalists from the UK, Mexico, Ireland, and Nigeria, with the ultimate winners hailing from Mexico (Journey Sports) and Ireland (Kayna).

> Despite the emergence of companies like Lemonade, MGAs remain the optimal choice for insurer-insurtech collaboration, as they continue to underwrite more profitable businesses than traditional underwriters. Learn more in our whitepaper with Novidea.

Read the MGA Whitepaper: MGA Whitepaper

Check out the Photos: Flickr Photo Library

Pre-order the Book – FOI Vol III. The Collaborators: future-of-insurance.com

Upcoming InsurTech Community Events and Programs

Investing in InsurTech Adjacencies (Bay Area – Palo Alto) – May 16 | 5:30pm – 8:30pm
Panels Include: Health & Wellness Investment Trends, Spotting PropTech opportunity in a declining market
More info and Join Registration

The Art of Distribution (NYC) – June 8 | 4:30pm – 8:00pm
Event Highlights: Art Exhibition, Zen & the Art of Insurance, How to Distribute to Underserved Markets
More Info and Join Registration

InsurTech Trails 2023 (Aspen) – June 20-21
Founder and Investor Event – 2 days of outdoor activities, Programming and Startup Pitches
More Info and Join Registration

InsurTech NY Sponsors

Thank you again to our sponsors of our InsurTech Spring Conference this past March in NYC.

If you are interested in sponsoring a future InsurTech event, send us a note at contact@insurtechny.com.

InsurTech East Coast Deals, Partner Events, and Open Roles

Discover a curated mix of March and April InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

Fairmatic ($46M, Battery Ventures): P&C: Commercial fleet coverage using AI to provide realtime data to fleet owners to reduce risk and premium costs.

SageSure ($50M, Wintrust Financial Corp): P&C: MGU focused catastrophe coverage in underserved coastal markets with proprietary risk modeling and binding.

Zorro ($11.5M, Pitango): Health: End-to-end broker platform for employer-based health coverage using API modeling to provide custom coverage to individual employees.

Axle ($4M, Gradient Ventures): Data: Continuous-access insurance verification platform for consumer and commercial to verify and monitor contractor and employee coverages in real time.

Partner Events and Programs

insureNXT Congress and Expo (April 26 & 27)

InsurTech Hartford Symposium (May 2-3)

OnRamp Insurance Conference (June 21-22)

Reuters Future of Insurance USA (June 27-28)

InsurTech Leaders Summit (Sept 20-21)

DFS Exchange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.

See more information and register via our website: www.insurtechny.com/upcoming-insurtech-conferences

Jobs In Carrier/Broker Innovation and Venture Teams

Enterprise Ireland – Senior Market Advisor
Ethos Life – Director, Actuarial
Starr – Internal Management Consultant
Verisk – Actuarial Associate

See more information and apply via our blog: https://www.insurtechny.com/jobs

Looking to become an MGA?

We open applications for our MGA Lab, a program to help startups become MGAs, in about 2 months. If you want to find out if the program is a fit for you, please reach out to contact@insurtechny.com.

Subscribe to receive the InsurTech NY Newsletter monthly

InsurTech NY News: Insurance lessons from SVB Failure + Competition Finalists

In this issue of the InsurTech NY Newsletter (Insurance lessons from SVB Failure + Competition Finalists):

• Read our takeaway for insurers about the crash of Silicon Valley Bank (SVB)
• See upcoming InsurTech Community Events and Programs
• Follow the latest InsurTech East Coast Deals
• See open roles in the industry

Subscribe to receive the InsurTech NY Newsletter monthly

Insurance lessons from SVB Failure

Substantial analysis has been done on the timeline and actions that crashed Silicon Valley Bank (SVB).

So we will skip the timeline and share our takeaway for insurers.

First, Banking 101 – Banks safeguard customer money. Most money is held as demand deposits able to be withdrawn at any time. Banks leverage customer deposits to originate loans. The yield spread between loans and interest paid on deposits covers operations.

What happens if you have more deposits than you can safely underwrite loans (like SVB)

Some banks do nothing and accept lower profit. Other banks invest the money. Investments can range from short term treasuries to more esoteric options like venture debt and mortgage backed securities. SVB went too long on duration and was too concentrated in esoteric, correlated risk.

Insurers are similar to banks except they receive premiums that are held in reserve for claim payments. Insurers can shield themselves from the risks by:

-Matching duration of risk to duration of investment (e.g. 10 year life policy to 10 year treasury)

-Avoiding correlated risk in a single correlated “mega-class” like VC-backed startups

-Not underwriting beyond their capacity and building redundancy in the reinsurance stack

-Protecting their image and reputation with careful PR and communications

For more commentary on the topic, listen to our podcast with Michael Waitze of InsurTech Asia.

Spotlight: InsurTech Competition Finalists + Conference Discount Expiring

This year we received more than 125 applications to our Global InsurTech Competition. More than 25 judges representing carriers, brokers, and investors reviewed the applications and selected the top nine. Then you voted for the wildcard to make the top ten. More than 3,000 votes were cast across 26 companies.

Top ten startups are: Redkik, Otonomi, InsurX, Kayna, Mitigate, Stream Claims, FireBreak Risk, Journey Sports, Futura Genetics, and Octamile (wildcard).

The top ten startups will be pitching live at the InsurTech Spring Conference on March 29-30. Today is your last chance to save 10% on tickets.

More info and Register: https://www.insurtechny.com/insurtech-spring-conference/

Upcoming InsurTech Community Events and Programs

InsurTech Spring Conference: Competing on Collaboration
March 29-30 | NYC (Chelsea – Pier 60)
700+ attendees – Parallel tracks for: Life & Health and Property & Casualty
Speakers include: NFP President, Munich Re Head of Innovation, Palomar CLO, & TIAA CIO
More Info and Join Registration

InsurTech NY Sponsors

Thank you to our sponsors of our InsurTech Spring Conference in NY.

If you are interested in sponsoring a future InsurTech event, send us a note at contact@insurtechny.com.

InsurTech East Coast Deals, Partner Events, and Open Roles

Discover a curated mix of January InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

OpenEyes ($18M, Insight Partners): Commercial P&C: Full-stack carrier based on utilizing real-time data capture to mitigate risk and reduce costs for commercial fleets.

Opkit ($1M, Global Founders Capital): Health: Verification platform focused on automated data delivery to virtual and telehealth providers.

Assured Allies ($42.5M, FinTLV Ventures): LTC: Platform for traditional LTC carriers to provide support and preventative measures for clients through machine learning and predictive analysis.

Partner Events and Programs

insureNXT Congress and Expo (April 26 & 27)

InsurTech Hartford Symposium (May 2-3)

InsurTech Leaders Summit (May 24-25)

OnRamp Insurance Accelerator (Applications Due April 10)

OnRamp Insurance Conference (June 21-22)

DFS Exchange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.

See more information and register via our website: www.insurtechny.com/upcoming-insurtech-conferences

Jobs In Carrier/Broker Innovation and Venture Teams

Enterprise Ireland – Senior Market Advisor
Ethos Life – Director, Actuarial
Starr – Internal Management Consultant
Transverse – Program Manager
Verisk – Actuarial Associate

See more information and apply via our blog: https://www.insurtechny.com/jobs

InsurTech NY News: Is a Super Bowl Ad worth it?

Subscribe to receive the InsurTech NY Newsletter monthly

The Super Bowl is an excellent time for family and friends to bond over sports or maybe just an excuse to consume excessive amounts of snacks and yell at the TV (you choose).

Beyond personal experience, it is big business for marketing organizations. According to AdAge, a 30-second spot costs $7 million and is expected to reach 100 million viewers. That translates into $70 for every 1,000 viewers (CPM). AdStage benchmarked the median CPM at $41 in a 2019 study.

So if it is not the most cost-effective, it must certainly expand brand value. Let’s check 7 advertisers from 2022 and their Year-over-Year change in market capitalization to see if that rings true.

Budweiser (CPG) : (4%)
Amazon (Tech) : (35%)
T-Mobile (Telecom) : 19%
General Motors (Auto) : (19%)
Planet Fitness (Fitness) : (7%)
FTX (FinTech) : (100%) / Bankrupt
Rocket Mortgage (Banking) : (16%)

Excluding FTX, the average impact on market cap was (10%). Including FTX, it was (23%). Compared to the S&P 500 at (8%), a Super Bowl ad is not guaranteed to boost your brand.

There is good news in all of this. Zero insurers advertised in the 2022 Super Bowl.

And, if you are a new startup and you are still itching to pitch in a competition our Global InsurTech competition applications are open until February 10th. Best of all, making a video ad is totally optional.

Apply or share with your friends: http://www.insurtechny.com/competition

Spotlight: Embedded Insurance Webinar with InsureMO

Embedded Insurance is expected to exceed $70B in GWP by 2030.

The challenge is today most embedded insurance offerings exist for non-complex lines of business like mobile phone warranties or mobility products. For embedded insurance to reach its full potential, it requires the right infrastructure and experience to build a working system.

Learn from Volvo Financial Services and InsureMo on how to build an embedded insurance system that works with more complex lines of business.

More info and Register: https://www.insurtechny.com/event_program/embeddedinsurance/

Upcoming InsurTech Community Events and Programs

Embedded Insurance with InsureMO
Feb 16, 2:00pm-2:30pm ET | Webinar
Speakers: Director, Volvo Financial Service; Head of North America Operations, InsureMO
Learn how to build embedded systems for complex lines
More Info and Registration

InsurTech Spring Conference: Competing on Collaboration
March 29-30 | NYC (Chelsea – Pier 60)
700+ attendees – Parallel tracks for: Life & Health and Property & Casualty
Speakers include: NFP President, Munich Re Head of Innovation, Palomar CLO, & TIAA CIO
More Info and Join Registration

InsurTech NY Sponsors

Thank you to our sponsors of our InsurTech Spring Conference in NY.

If you are interested in sponsoring a future InsurTech event, send us a note at contact@insurtechny.com.

InsurTech East Coast Deals, Partner Events, and Open Roles

Discover a curated mix of January InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

Walnut Insurance ($4M, ATB Financial): Life, P&C: API-driven embedded distribution infrastructure providing businesses with streamlined incorporation of insurance products into their products.

Wunderite ($7.2M, Insider Spark Capital): SaaS: Automation platform for agencies to streamline policy issue through a fully digital process.

Dayforward ($25M, AXA Venture Partners): L&H: Full-stack digital carrier driven by automated underwriting and streamlined front-end for customized policies.

Coverdash ($2.5M, Bling Capital): P&C: End-to-end digital broker focused on small businesses offering binding and payment of multiple lines in one transaction.

Partner Events and Programs

insureNXT Congress and Expo (April 26 & 27)

InsurTech Hartford Symposium (May 2-3)

OnRamp Insurance Accelerator (Applications Due April 10)

OnRamp Insurance Conference (June 21-22)

RevTech Labs Class 18 Accelerator (Applications Due Feb 17th)

DFS Exchange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.

See more information and register via our website: www.insurtechny.com/upcoming-insurtech-conferences

Jobs In Carrier/Broker Innovation and Venture Teams

AAA Mid Atlantic – Senior Insurance Analyst – Digital Transformation
Enterprise Ireland – Senior Market Advisor
Ethos Life – Director, Actuarial
Starr – Internal Management Consultant
Transverse – Program Manager
Verisk – Actuarial Associate

See more information and apply via our blog: https://www.insurtechny.com/jobs

Want to Judge our Early-Stage Startup Competition?

Do you run a VC fund, angel syndicate, or corporate venture unit? If so, we are looking for judges who can review the applications for our early-stage startup competition. Judges are required to register for the event. If you would like to be considered as a judge, please reach out at contact@insurtechny.com.

InsurTech NY News: Will Insurance Have its Southwest Moment?

In this issue of the InsurTech NY Newsletter (Insurance Southwest Moment? How to avoid it):

• Will Insurance Have its Southwest Moment?
• Read our Spotlight on the CEO and Presidents Panel at InsurTech Spring
• See upcoming InsurTech Community Events and Programs
• Follow the latest InsurTech East Coast Deals
• See open roles in the industry

Subscribe to receive the InsurTech NY Newsletter monthly

Will Insurance Have its Southwest Moment?

Southwest Airlines made headlines over the holiday season when they canceled 16,700 flights over a 10-day period. The company initially blamed it on weather from the polar vortex. But word got out that the real cause was a computer system outage that snowballed with staff shortages and lost baggage. Total costs are estimated at $825 million to Southwest.

Airlines have a number of parallels to insurers. Both are capital-intensive, manage weather risk, and rely on customer loyalty for profitability.

For airlines, time is of the essence. Every plane must fly full every day to maximize revenue. An empty plane or flight not flown is lost revenue. Similarly, every policy must renew before its expiration date. And both industries benefit from frequent flyers that stay with their brand for every transaction.

So, if you end up like Southwest and your policy admin or quoting system fails. A lost day is not only lost customers for that day, but lost loyalty. If it can happen to Southwest, it can happen to you. Now is the time, during the quiet period of early January, to look at your systems and do a “Southwest Sanity Check”.

For InsurTech NY, we have our own “Southwest Sanity Check” on innovation. Asking ourselves:

• Are we missing any trends?
• What technologies will matter for the next 5 to 10 years?
• Are there any up-and-coming InsurTechs that we’re overlooking?

To help us answer those questions, we are launching the 2023 early-stage competition. InsurTechs will compete for a pool of $200,000. The competition will be judged by the leading VCs and carriers in the industry.

If you are interested or have friends starting an InsurTech, check out the competition here: http://www.insurtechny.com/competition

Spotlight: CEO and Presidents Panel at InsurTech Spring (March 30)

Thanks to inspiration by the Global Insurance Symposium, we are bringing the CEO and Presidents Panel to NYC. Get a chance to hear from Mike Goldman, President of NFP and Gaurav Vasisht, CEO of NYSIF discuss collaboration across the value chain as a competitive advantage.

The insurance industry is inherently collaborative. Risk takers need distributors and everyone needs reinsurers to manage Cat risk. When the relationships work, there is a seamless experience and policyholders don’t even know who is in the chain. But, when there is friction everyone feels the pain. Policyholders start to question what they can do themselves and relationships break down.

Learn how you can work more effectively with your brokers, carriers, reinsurers, and InsurTech partners. Find out more about this panel and the InsurTech Spring Conference on March 29-30.

https://www.insurtechny.com/insurtech-spring-conference/

• Newsletter subscribers can save 5% if you register by Jan 13 with code: “Subscriber113”

Upcoming InsurTech Community Events and Programs

InsurTech Investor & Founders Forum
Jan 30 – Feb 1 | Beaver Creek, CO | 1 Day of Content, 1 Day of Networking
– Investors attend include: Anthemis, Allstate Ventures, AmFam Ventures, FFVC, Munich Re Ventures, QBE Ventures, Sandalphon Capital, and more.

InsurTech Spring Conference: Competing on Collaboration
March 29-30 | NYC (Chelsea – Pier 60)
700+ attendees – Parallel tracks for: Life & Health and Property & Casualty
Speakers include: NFP President, Munich Re Head of Innovation, Palomar CLO, & TIAA CIO
More Info and Join Registration

InsurTech NY Sponsors

Thank you to our sponsors of our InsurTech Spring Conference in NY.

If you are interested in sponsoring a future InsurTech event, send us a note at contact@insurtechny.com.

InsurTech East Coast Deals, Partner Events, and Open Roles

Discover a curated mix of October InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

Oyster ($3.6M, New Stack Ventures): P&C: Digital platform offering both direct to consumer and point of sale coverage offerings for personal property.

Get Covered ($6M, RET Ventures): P&C : White labeled platform for rental property owners to ensure and manage coverage while offering additional options to renters.

Enthea ($2M, Tabula Rasa Ventures): Health: Administrator of health riders and single case services for psychedelic healthcare.

Partner Events and Programs

insureNXT Congress and Expo (April 26 & 27)

InsurTech Hartford Symposium (May 2-3)

InsurLab Germany Accelerator (Applications Due Feb 7)

RevTech Labs Class 18 Accelerator (Applications Due Feb 17th)

DFS Exchange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.

See more information and register via our website: www.insurtechny.com/upcoming-insurtech-conferences

Jobs In Carrier/Broker Innovation and Venture Teams

Employers Ins – Senior Product Manager

Ethos Life – Director, Actuarial

Starr – Internal Management Consultant

Transverse – Program Manager

Verisk – Actuarial Associate

See more information and apply via our blog: https://www.insurtechny.com/jobs

Want to Judge our Early-Stage Startup Competition?

Do you run a VC fund, angel syndicate, or corporate venture unit? If so, we are looking for judges who can review the applications for our early-stage startup competition. Judges are required to register for the event. If you would like to be considered as a judge, please reach out at contact@insurtechny.com.

InsurTech NY News: What Skyrocketing Loss Ratios Means for Collaboration in Insurance?

In this issue of the InsurTech NY Newsletter (What Skyrocketing Loss Ratios Means for Collaboration in Insurance):

• How can you combat the macro trend of losses for your business?
• Read our Spotlight on the CEO and Presidents Panel at InsurTech Spring
• See upcoming InsurTech Community Events and Programs
• Follow the latest InsurTech East Coast Deals
• See open roles in the industry

Subscribe to receive the InsurTech NY Newsletter monthly

What Skyrocketing Loss Ratios Means for Collaboration in Insurance?

S&P Global projects 2022 P&C loss ratios to be over 100 with combined ratios to be near 110.

Extrapolating the average, this means some carriers could lose as much as 30 cents on every premium dollar which could result in:

• Brokers and MGAs will not be getting their bonuses.
• 2023 could be an austere year for carriers
• Reinsurers will be bumping premiums (we have heard 40%+ in LatAm)

How can you combat the macro trend for your business?

Collaboration

The biggest challenge for our industry is to get the entire value chain to work as one cohesive unit. That means commercial accounts bringing process reengineering from reinsurer best practices through carrier loss control to policyholders, delivered by brokers (outside or renewal time). It also means brokers and carriers must educate consumers about the risks of construction that marginally meets code, especially in cat exposed areas.

InsurTech NY is here to make collaboration across the value chain easy. We are hosting a two day conference to discuss this topic between reinsurers, carriers, brokers, and InsurTechs.

Learn more and register before 12/12 for the early bird special (20% off): www.insurtechny.com/insurtech-spring-conference/

Spotlight: Resilience and Claims (Palo Alto on Dec 8)

It might not feel like it, but Ian is projected to be in the top 10 most damaging storms in U.S. history. It is part of a string of storms in the past three years that have made landfall at 150 MPH or more – Ian (2022), Ida (2021), and Laura (2020).

However, in all the devastation, there was a glimmer of hope in Babcock Ranch, FL., America’s first solar powered town. The town essentially survived unscathed through hurricane-force winds.

Insurers must face the reality that risk transfer is not enough in an environment of a changing climate. Insurers must work with their policyholders to harden property and process claims faster to expedite the repair process.

We have decided to discuss the topic of resilience in another Cat exposed state, California. Join us in Palo Alto on Dec 8th to discuss Resilience and Claims.

Learn more and register: https://resilienceclaims.eventbrite.com

Upcoming InsurTech Community Events and Programs

Resilience and Claims (InsurTech SF)
Dec 8 | 5:00pm – 8:00pm PT | Bay Area
– Speakers include leaders from: Tokio Marine, Avanta Ventures, and Gigaforce

InsurTech Investor & Founders Forum
Jan 30 – Feb 1 | Beaver Creek, CO | 1 Day of Content, 1 Day of Networking
– Investors attend include: Anthemis, Allstate Ventures, AmFam Ventures, FFVC, Munich Re Ventures, QBE Ventures, Sandalphon Capital, and more.

InsurTech Spring Conference: Competing on Collaboration (Early bird tickets available)
March 29-30 | NYC (Chelsea – Pier 60)
700+ attendees – Parallel tracks for: Life & Health and Property & Casualty
Speakers include: NFP President, Munich Re Head of Innovation, Palomar CLO, & TIAA CIO
More Info and Join Registration

InsurTech NY Sponsors

Thank you to our sponsors of our Resilience and Claims event in SF and InsurTech Spring Conference in NY.

If you are interested in sponsoring our events, send us a note at contact@insurtechny.com.

InsurTech East Coast Deals, Partner Events, and Open Roles

Discover a curated mix of October InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

LuckyTruck ($2.4M, Candid Ins. Investors): Commercial Trucking: End-to-end digital platform for the trucking industry providing distribution and management of commercial coverage.

Fursure ($3M, Andreessen Horowitz): Pet Coverage: Online pet coverage, savings, budgeting and education platform to help pet owners plan and prepare for pet care needs.

Cover Genius ($70M, Dawn Capital): E-Commerce: Embedded platform covering e-commerce warranties, purchase protection, and liability across multiple online industry and transaction types.

Surround Insurance ($2.5M, MM Catalyst Fund): P&C: Digital platform marketed to young, urban professionals for shared vehicles, freelancing, rental, and urban travel methods.

Partner Events and Programs

InsurTech Trends (Dec 8) – InsurTech Hartford – Hartford CT – A look at recent InsurTech trends and discuss how they will impact the industry in the year ahead.

2023 Living to 100 Symposium (Jan 15-18) – Society of Actuaries

What the Future of AI-enable Insurance Industry Looks Like – Wisedocs

DFS Exchange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.

See more information and register via our website: www.insurtechny.com/upcoming-insurtech-conferences

Jobs In Carrier/Broker Innovation and Venture Teams

Employers Ins – Senior Product Manager

Ethos Life – Director, Actuarial & Product Actuary

Ethos Life – Product Performance Actuary & Associate Actuary

Nationwide Ventures – Sr Investment Professional (Venture Capital)

Starr – Internal Management Consultant

Transverse – Program Manager

Verisk – Actuarial Associate

See more information and apply via our blog: https://www.insurtechny.com/jobs

Looking for Life & Health Carrier Speakers

We have several open spots for insurance carriers to speak on our Life & Health panels. Some of the topics include: Making Embedded and Affinity Relationships work in Life Insurance, Leveraging Third Party Data to Improve Health and Wellness, and Path to 100% Underwriting without Doctor Visits.

If you have an interest in speaking on a panel reach out at contact@insurtechny.com.

InsurTech NY News: Top InsurTechs Rankings and Demo Day

In this issue of the InsurTech NY Newsletter (Top InsurTechs Rankings and Demo Day):

• Read about some of the Top InsurTech companies and how to find the right partner among them
• See upcoming InsurTech Community Events and Programs
• Follow the latest InsurTech East Coast Deals
• See open roles in the industry

Subscribe to receive the InsurTech NY Newsletter monthly

Top InsurTechs Rankings and Demo Day

This week marked the release of two major Top 100 InsurTech companies Lists:

The Sonr InsurTech 100 and FinTech Global 100.

It’s incredible that two sophisticated and thoughtful groups can produce completely different results. In fact, based on our calculations, only five overlapping companies appear on both lists.

If you are a carrier or broker looking for solutions, these lists can be helpful, but they add to the noise of InsurTech. The question remains, which ones are the right partners for me?

On November 15th, we will explore that very question for underwriters. Join us as we discuss how to decipher the signal from the noise and identify new alternative data sources for better underwriting.

Learn more: https://uwdata.eventbrite.com

Spotlight: Accelerator + MGA Lab Demo Day

On November 15, we will be hosting our Demo Day in NYC where 40 startups will present.

Presenting startups will be from two programs: (1) InsurTech NY Growth-stage Accelerator and (2) The Digital MGA Lab. The accelerator startups were hand selected by our carrier and broker members based on their ability to address challenges or pursue opportunities for their business units. The MGA lab startups were chosen based on their uniqueness and market potential.

A limited number of spots are open for investors and capacity providers to watch.

Request a spot: https://uwdata.eventbrite.com

Upcoming InsurTech Community Events and Programs

Underwriting Data: What Matters?
Nov 15 | 4:30pm – 8:00pm | NYC
– Speakers include executives from: Hippo, Argo, and New York Life

Resilience and Claims (Insurtech SF)
Dec 8 | 5:00pm – 8:00pm PT | Bay Area
– Speakers include leaders from: Tokio Marine, Avanta Ventures, and Gigaforce

InsurTech Spring Conference: Competing on Collaboration
March 29-30 | NYC (Chelsea – Pier 60)
1,000+ attendees – Parallel tracks for: Life & Health and Property & Casualty
Speakers include: NFP, Munich Re, American Family, & Employers
More Info and Join Waitlist

InsurTech NY Sponsors

Thank you to our sponsors of our November and December events.

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 October InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

Stere ($5M, Vida Capital): Solutions: Full stack ecosystem providing capacity partner placement, analytics, and digital tools.

Elpha Secure ($20M, Canapi Ventures): Cyber: Provider of customized cyber coverage and security solutions for small businesses.

Otonomi ($3.4Mm ATX Ventures): Cargo: Digital MGA parametric platform automating logistics coverage and claims in real time.

Partner Events and Programs

InsurTech Hartford Innovation Challenge (Nov 17) – Applications Open: The Innovation Challenge Finals & Awards unveils revolutionary ideas and shines a light on brilliant entrepreneurs, students, and experienced professionals.

Reuter Connect Claims (Nov 2-4): Chicago

DFS Exhcange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.

The Reuters Insights Report: Overcoming Supply Chain and Inflationary Pressures with Technology

For more information and registration for these events and programs, visit our website: https://www.insurtechny.com/upcoming-insurtech-conferences/

Jobs at carrier/broker innovation and venture teams

Employers Ins – Senior Product Manager

Ethos Life – Director, Actuarial

Ethos Life – Product Actuary

Ethos Life – Product Performance Actuary

Ethos Life – Product Performance Associate Actuary

Verisk – Actuarial Associate

For more information and applications visit our blog: https://www.insurtechny.com/jobs

Looking for Brokers / Retail Agents to Meet Startups

Are you looking to find new unique products to distribute? Are you a broker? If so, we have an opportunity for you to meet the startups in our MGA Lab on Nov 14th in NYC. They will be presenting to brokers about their new product offerings to get feedback. Read more about the program: MGA Lab.

For more information reach out at contact@insurtechny.com.

InsurTech NY News: The Start of our MGA Lab & ITC Highlights

In this issue of the InsurTech NY Newsletter (The Start of our MGA Lab & ITC Highlights):

• Read about how to start an MGA
• Spotlight: the best of the Blues Bash Happy Hour at ITC Vegas
• See upcoming InsurTech Community Events and Programs
• Follow the latest InsurTech East Coast Deals
• See open roles in the industry

Subscribe to receive the InsurTech NY Newsletter monthly 

The Start of our MGA Lab & ITC Highlights

September 15 marked the start of a grand experiment, our MGA Lab.

With the right environment and nurturing, can you grow an MGA in a Lab?

Founders of aspiring MGAs met in NYC to learn the essential elements of an MGA business model and how to prepare to present to capacity providers. We are excited to welcome the first MGA Lab Cohort:

Boardwalk Insurance
Fursure
Lynxight
Pablow
Possum Insurance
Quantumerge
SingleKey
Sola
Zenployers

If you are interested in meeting the cohort or are a capacity provider that wants to be involved in the program, please reach out at contact@insurtechny.com.

Spotlight: Blues Bash Happy Hour at ITC Vegas

On September 21st, we connected the rock stars of the Insurtech world with a unique networking happy hour. This invite-only event joined 350+ professionals for a night of music and libations at the Las Vegas House of Blues.

It was a unique chance for insurance carriers, brokers, and startups to network while listening to a Grammy-nominated musician. We enjoyed seeing so many familiar faces and building new connections that will endure long beyond the conference.

Thank you to The Financial Revolutionist & Caliber Corporate Advisers and our sponsors Appian Corporation, Boost, Haven Technologies & Vymo for making Blues Bash Happy Hour a memorable night.

Upcoming InsurTech Community Events and Programs

Underwriting Data: What Matters?
Nov 15 | 4:30pm – 8:00pm | NYC
-Speakers include executives from Hippo, Instabase, and Planck

Resilience and Claims (Insurtech SF)
Dec 8 | 5:00pm – 8:00pm PT | Bay Area
– Topics include Property and Climate Change, Single Day Claims Cycle

InsurTech Spring Conference: Competing on Collaboration
March 29-30 | NYC (Chelsea – Pier 60)
1,000+ attendees – Parallel tracks for: Life & Health and Property & Casualty
Speakers include: Grange, Munich Re, American Family, & Employers
More Info and Join Waitlist

InsurTech NY Sponsors

Thank you to our sponsors of our November and December events.

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 August and September InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.

InsurTech News and Deals

• Modern Life ($15M, Thrive Capital): Life: Only brokerage supporting life agents with end-to-end capabilities for the sales and support process.
• Ledgebrook ($4.2M, Brand Foundry Ventures): Reinsurance: Excess and Surplus MGA using data-driven tech stack to serve the wholesale brokerage market.
• Fairmatic ($42M, Foundation Capital): P&C: Fleet insurance using predictive risk model based on mobile phone data and AI gathered in stealth.
• Planck ($23M, Vintage Investment Partners): Commercial: Automated underwriting platform designed to provide instant risk insights for commercial insurers.
• ProNavigator ($10M, Graphite Ventures): SaaS: Knowledge-sharing platform driven by AI to allow frontline insurance professionals to access detailed data in a simplified format.
• Pie Insurance ($315M, Centerbridge Partners): Workers Comp: Carrier for small business coverage using online platform combined with diverse data sets to more accurately assess risk.

Partner Events and Programs

• DFS Exhcange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.
• Climate and Insurance Risk Forum – Innsure – October 6th, cambridge, Mass
• Chubb Studio Innovation Challenge – Compete for $15k in prizes by designing and developing business proposals, APIs, and solutions with Chubb Studio technology. (Due Oct 7)
• The Reuters Insights Report: Overcoming Supply Chain and Inflationary Pressures with Technology

For more information and registration for these events and programs, visit our website: https://www.insurtechny.com/upcoming-insurtech-conferences/

Jobs at carrier/broker innovation and venture teams

• Employers Ins – Senior Product Manager
• Employers Ins – IT/Product (SDLC) Roles
• Verisk – Actuarial Associate
• Verisk – Senior Actuarial Associate Property and Casualty

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.

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:

Blue Bash Happy Hour Request

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 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.