InsurTech NY Opens Applications for Digital MGA Lab Cohort III

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Jun 03, 2024, 08:41 ET

NEW YORK, June 3, 2024 /PRNewswire/ -- InsurTech NY, the leading InsurTech community in North America, is pleased to announce it opened applications for its Digital MGA Lab Cohort Three.

Applications for the third cohort will be accepted from May 15 through July 15, providing an opportunity for startups to develop insurance products in record time. The program is tailored to assist founders who have developed a proprietary underwriting advantage in building and launching an MGA (Managing General Agency) in North America. Ideal candidates include digital brokers, UK or EU MGAs, or analytics startups. Startups will be accepted at any funding stage from pre-seed to pre-IPO.

"We have accelerated 20 digital MGAs to date across all lines of business," said David Gritz, Managing Director of InsurTech NY. "Our program is a proven process to get MGAs live with new products in half the typical time. We can support both pre-market and in-market MGAs."

The 12-week Lab is tailored to address the specific needs of MGAs. It focuses on the critical areas of development including actuarial modeling, risk capacity, and product distribution. The Lab is backed by mentors who have helped scale MGAs to $100M+ in premiums at recognized InsurTechs including Clearcover, Hippo, Root, and Next.

"With all the concerns about InsurTechs launching with loss-making operations, this program is a refreshing change," said Somil Jain, Principal at Lewis & Ellis. "We are proud to support the program and provide actuarial modeling and coaching to founders launching MGAs with profitable underwriting from the start."

The program boasts the involvement of over 30 capacity providers, ranging from Lloyd's market capacity providers such as Atrium Underwriters to major global reinsurers like Munich Re. Three intensive days in New York City are scheduled throughout the program, including Model Day on September 10, Capacity Day on November 5, and Distribution Day on November 6. Startups interested in applying can do so at www.insurtechny.com/mga-lab/.

About InsurTech NY

InsurTech NY serves as an international nexus for the insurance innovation community, bringing together carriers, brokers, investors, and InsurTech startups through educational conferences, competitions, and accelerators. The organization's mission is to accelerate corporate innovation, attract talent to the insurance sector, foster innovation-friendly regulations, and enhance access to investment opportunities. For more information, visit insurtechny.com.

Contact: David Gritz
212-634-9516
[email protected]

SOURCE InsurTech NY