NEW YORK, Jan. 21, 2021 /PRNewswire/ — InsurTech NY, a global InsurTech hub, and the Bermuda Business Development Agency (BDA), Bermuda’s independent economic development public-private partnership, have come together for the 2021 InsurTech Early-Stage Competition (www.insurtechny.com/competition).
The competition attracts up to 100 promising startups from around the world with an opportunity to showcase their business and market potential to early-stage investors and insurance leaders.
Adding to the existing prize pool of $200,000, the BDA will award the winning team with a four-night stay in Bermuda, a business concierge service to connect startup founders to professional advisors, and pay the fees associated with participating in the Bermuda Monetary Authority (BMA) regulatory sandbox or innovation hub. The winning team’s proposal will be subject to the BMA’s formal application review, and once approved, will benefit from the Regulator’s extensive guidance.
Susan Pateras, a BDA board member and an insurance industry expert with more than two decades of experience, will join the venerable list of investor and insurance carrier judges. Judges comprise angel investors, venture capitalists, and insurance carriers including New York Angels, Park City Angels, Anthemis, Six Thirty, Sure Ventures, Luge Capital, Transverse, Nationwide, GreenlightRe, and Grange Insurance.
“Finding an initial regulatory sandbox and access to reinsurance partners is one of the biggest challenges for new digital MGAs,” said David Gritz, co-founder of InsurTech NY. “The Bermuda market represents an exceptional opportunity for new InsurTechs and our partnership with the Bermuda Business Development Agency is one example of how we strive to be an international gateway for InsurTechs to find global opportunities for growth.”
“The InsurTech Competition will connect some of the brightest InsurTech founders to Bermuda’s world-leading and innovative insurance and reinsurance market,” said Jasmine DeSilva, the BDA’s Business Development Manager responsible for Risk and Insurance Solutions. “We encourage those looking to accelerate innovation in the industry to apply and look forward to welcoming the winning team to Bermuda, the world’s risk capital with over $100 billion in reinsurance premium, access to specialty market carriers, and a friendly regulatory environment for quality startups.”
Early-stage companies eligible for the competition are InsurTechs that generated less than $250,000 in annual revenue in 2020. The top 10 finalists will be invited to present at the InsurTech Spring Conference and will be announced in early March 2021. The deadline for submissions is January 29, 2021.
About InsurTech NY
InsurTech NY supports the insurance innovation community in the New York metro area. Founded in 2019, InsurTech NY brings together carriers, brokers, investors, and InsurTech startups via bi-monthly programs. InsurTech NY’s mission is to drive talent to insurance, make regulation innovation-friendly, attract InsurTechs to the New York metro area, and improve access to investment. Learn more at www.insurtechny.com or follow us on LinkedIn (linkedin.com/company/insurtechny).
About Bermuda Business Development Agency (BDA)
The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Learn more at www.bda.bm.
Contact: David Gritz
SOURCE InsurTech NY