After 15 months in captivity, carrier and broker offices are trending towards reopening at full capacity. Although air travel is not in full swing yet, the hallmarks of in-person activities are all starting again. Agents are brokers are meeting with clients. Internal meetings are happening in conference rooms that hold more than a few people. And InsurTech conferences are now happening in person.
June 28th marked the first major in-person conference, the Global Insurance Symposium. More than 200 people gathered including insurance commissioners, carrier leaders, and InsurTech founders in Des Moines. But questions remain: will events still have to run hybrid? How many people is too many for events? When will Europe catch up to U.S. vaccination rates?
Seeking to find the right balance, InsurTech NY announced its 2021 accelerator program to run as a hybrid program (3 days in person in NYC, the remaining virtual) in the fourth quarter. Growth-stage startups will have the opportunity to meet 20+ carriers and brokers at the in-person selection day followed by virtual programming to support their business development, talent recruiting, and fundraising activities.
InsurTechs can read about the program and apply at: InsurTech NY Accelerator.
Or join our next information session at: Information session
On Aug 26th, we will be hosting our next virtual event. Core Systems upgrades and improvements continue to be a major theme for carriers looking to transition their products to a digital world. Moving from legacy systems to SaaS or hybrid cloud platforms can be a make-or-break project for IT departments.
It does not have to be that risky. Learn how carriers using agile methodologies to minimize the risk of core systems transformations and incremental upgrades to breathe new functionality into legacy systems. Beyond the core, sessions will explore how to automate claims using InsurTech solutions and robotic process automation (RPA).
Register at: https://coreandclaims.eventbrite.com/
The Perennial Core System and Claims Automation (Early-bird tickets available)
Aug 26 | 1PM – 3PM Edu Content and 3PM – 4PM Networking | Fully Virtual
– Featuring: CIO of EverestRe, CIO of Copper Point, and VP of Claims of Palomar
Building Digital Distribution Channel (Early-bird tickets available)
Oct 21 | 5:30PM – 8:30PM | New York + Virtual
Integrating Data to Save Lives – Wellness, Safety and Climate (Early-bird tickets available)
Nov 16 | 5:30PM – 8:30PM | New York + Virtual
Thank you to our sponsors for supporting the community: Avanta Ventures, Britecore
Discover a curated mix of May and June insurance financings, exits, partnerships, opportunities, and partner events on the East Coast.
Partner Events
Insurance AI and Innovative Tech USA 2021 (Sep 14-15): Register here for next Reuters virtual event here.
InsureTech Connect (Oct 4-6): If you have not registered yet, save $200 with our partner discount. Register here.
InsurTech Hartford Symposium (10/26). Pre-register now for discounts before they go live here.
InsurTech Deals
Branch Insurance ($50M, Anthemis Group): Home & Auto Insurance: Operator of insurance platform offering home, car, renter, and umbrella insurance services.
Corvus Insurance ($15M, FinTLV): Commercial: Developer of an AI-driven commercial insurance data platform designed to improve risk selection and management.
Mile Auto ($10M, Ulu Ventures): Auto UBI: Provider of pay-per-mile insurance services intended to offer car insurance for low-mileage drivers based on actual miles driven.
Boost Insurance ($20M, RRE Ventures): Embedded and API: Developer of a digital insurance platform designed to build, embed, and deliver insurance products.
Waffle Labs ($5M, Verve Ventures): Multi-line: Developer of an insurance application designed to provide customizable insurance plans for all products.
Planck ($20M, 3L Capital): Data Analytics: Operator of an AI-based data platform designed to offer real-time insurance-related data analytics insights to insurance providers.
The Colonial Pipeline hack is a reflection of the state of broader American infrastructure and cybersecurity. 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.
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
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
Thank you to our sponsors for supporting the community: Avanta Ventures, Locke Lord, Thompson & Prince. To sponsor an InsurTech NY Event, click here.
Discover a curated mix of April and early May insurance financings, exits, partnerships, opportunities, and partner events on the East Coast.
Did you know: NYC is home to 10 insurance Corporate VCs? Here is how that stacks up against other cities with clusters of active insurance corporate venturing groups:
NYC Metro: 10
Paris: 4
San Francisco Bay Area: 4
London: 3
Boston: 3
Columbus: 3
Curious to learn more about the trends in InsurTech investments and innovation, and how traditional VCs, corporate VCs, and angel investors are picking companies?
Join us for our InsurTech Investment Summit on May 20th.
Find the full details here: https://insurtechinvestment2021.eventbrite.com
On April 20th, InsurTech NY will host a private executive briefing for corporate innovation program members on the State of Digital MGAs jointly with EY. Carrier and broker innovation leaders and executives will discuss trends with digital MGAs and strategies for partnership. Also, seven digital MGAs across P&C and life lines of business will present.
Presenting startups include: Jenny Life, Deadhappy, Agilius, Branch Insurance, Cover Genius, Energetic Insurance, and Fleetr.
Read more about the program (here) or request an invite for our next executive briefing contact@insurtechny.com
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
– Highlighted CVCs + VCs: Aflac, AXA VP, CFMG, Guardian, Liberty Mutual, Nationwide, QBE, Unum
The Perennial Core System and Claims Automation (Early-bird tickets available)
Aug 26 | 1PM – 3PM Edu Content and 3PM – 5PM Networking | Fully Virtual
Parametric cover and Straight-through Processing (Register here)
Apr 22 | 12PM – 1:30PM | Hosted by InsurTech Hartford
Thank you to our sponsors for supporting the community: Avanta Ventures, EY, Locke Lord
Discover a curated mix of March and early April insurance financings, exits, partnerships, opportunities, and partner events on the East Coast.
InsurTech NY Competition Winners (Press Release): Over 100 early-stage InsurTechs applied from around the world and were judged by 26 investor judges. Four winners were selected, one from each group of judges. Winners are Tide, Loadsure, Delos, and RemitRix.
Vericred ($23M, Aquiline): Health Lines: Platform to connect carriers and employee benefits providers with new technology partners.
Pie Insurance ($118M, Allianz X): Workers Comp Lines: Digital MGA providing workers compensation insurance to SMBs.
Asteya ($10M, I2BF Venture) Income Insurance: Provides financial health and wellbeing by transforming the disability insurance space.
Hi Marley ($25M, Emergence Capital) Multiline: Enables hassle-free texting across the entire ecosystem, empowering insurance professionals and delighting policyholders.
Corvus Insurance ($100M, Insight Partners): Commercial: a leading provider of commercial insurance products built on advanced data science.
RatesDotCA ($51M, Ontario Teachers’ Pension Plan Board): Multiline: Rate comparison website that offers a quick and simple digital experience to compare the widest selection of insurance and money products in the market.
Beam Dental ($80M, Mercato Partners): Dental: Digital-first dental benefits provider that incorporates dental hygiene behavior into policy pricing
OnRamp Insurance Conference (May 4, Virtual): Learn more here and save 20% with code “InsurTechNY”
The Future of Insurance USA 2021 (Reuters Events): Registration is now available for the June 22 program, here.
Selected job openings and opportunities in our community.
Associate / Manager at InsurTech NY (AngelList)
Summer Associate at InsurTech NY (AngelList)
Venture Capital – Principal at Nationwide (Nationwide Careers)
Venture Capital Associate at Nationwide (Nationwide Careers)
Venture Capital – Head of Platform Operations at Nationwide (Nationwide Careers)
InsurTech VC Investor – Finance & Insurance at Hudson Structured (LinkedIn and LinkedIn)
Keep following Insurtech NY and the latest industry news here.