NEW YORK, June 1, 2023 /PRNewswire/ — InsurTech NY, North America’s largest InsurTech community opened its application window for its Digital MGA Lab.
Applications for the second cohort will be accepted from June 1 through July 15. Applications can be submitted via the MGA Lab Webpage. The program is designed to help founders that have developed a proprietary underwriting advantage to build and launch an MGA in North America. The ideal candidates are digital brokers, UK or EU MGAs, or analytics startups. Companies will be accepted at any funding stage from Pre-seed to Pre-IPO.
“Digital MGAs represent one of the largest opportunities in the InsurTech space,” said David Gritz, Managing Director of InsurTech NY. “A Conning Research study found MGAs make up 7% of the overall commercial P&C market. Startups MGAs can cut through all the challenges of launching new products and provide new opportunities for carriers to test and learn together with InsurTechs.”
The Lab is a twelve-week program focused on the needs of MGAs – actuarial modeling, risk capacity, and effective distribution. Startups in the program will gain access to the right contacts at fronting carriers, program administrators, and reinsurers that can work with them on product development. Founders will also gain access to world-class mentors who have built and scaled MGAs from the ground up. Mentors built MGAs like Ahoy, Coverwhale, Foresight Hippo, and Steadily.
“Equinox (Re)Insurance Intermediaries is excited to support the next cohort of the MGA Lab,” said Bill Cleave, Reinsurance Consultant at Equinox (Re)Insurance Intermediaries. “We have supported ground-up MGAs to find capacity and we are actively looking to support more founders through the MGA Lab.”
The program will feature more than 20 capacity providers ranging from Lloyds market capacity providers like Atrium Underwriters to the largest global reinsurers like Munich Re. The program will feature three intensive days in New York City – Model Day on September 14, Capacity Day on October 19, and Distribution Day on November 8. Startups can apply at Insurtechfund.com/mga-lab.
About InsurTech NY
InsurTech NY is an international gateway to bring together the insurance innovation community. It brings together carriers, brokers, investors, and InsurTech startups via educational insurance conferences, a competition, and an accelerator. InsurTech NY’s mission is to accelerate corporate innovation, drive talent to insurance, make regulation innovation-friendly, and improve access to investment. See more at www.insurtechny.com.
SOURCE InsurTech NY