InsurTech NY to launch new InsurTech accelerator

InsurTech community InsurTech NY has announced plans to open a new accelerator for the industry.

It said that the new InsurTech NY Accelerator will be the first dedicated New York-based accelerator for growth-stage InsurTech startups.

InsurTech NY Accelerator will focus on traction, talent, and financing.  The programme will provide access to insurance carriers and brokers looking to deploy new technologies and provide financial backing to digital managing general agencies.

The first batch is set to kick off in October, but the accelerator will start to accept applications from late July. The first cohort will run for six weeks and InsurTech startups will not give up equity to be part of the programme.

“Growth stage InsurTechs will benefit from a dedicated advocate to help them navigate the partnership process with insurance carriers and brokers,” said David Gritz, managing director at InsurTech NY. “Our community has been there to support the needs of the InsurTech ecosystem. We are pleased to introduce a platform for those that want to rapidly expand their business through our partners.”

Paul Tyler, CMO of Nassau Re, added, “New York is known as the home to three InsurTech unicorns: Lemonade, Oscar, and Policy Genius. We hope to use the InsurTech NY platform to find and support the next set of InsurTech unicorns.”

The initial carriers and brokers in the programme include Arch Capital, Flagship Insurance, Greenlight Re, Nassau Re, Nationwide, Swiss Re, Transverse Insurance, and five others to be announced. Participating corporations will rotate in hosting InsurTechs during the programme.

Copyright © 2020 FinTech Global

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