Boost Insurance has nailed down a dedicated reinsurance facility to help support its B2B InsurTech development platform.
Nephila is leading the facility with participation from Markel Digital, the InsurTech group within Markel Corp., and RenaissanceRe Holdings, Ltd.
New York-based Boost is an MGA appointed by State National that provides infrastructure to InsurTechs. Founder and CEO Alex Maffeo, via email, explained that the company develops bespoke insurance products for their programs on State National paper, and the InsurTech then sells them and handles the customer directly.
In other words, Boost handles InsurTechs’ back-end functions such as policy administration, claims and reporting through a proprietary API-driven technology system.
“Our top priorities are 1., Making it easier for InsurTechs to prove their concepts, and 2., giving our carrier and capital partners early access to these startups so they can create better offerings for their customers,” Maffeo said. “It’s a highly collaborative effort.”
In the release announcing the reinsurance facility, Maffeo explained that the arrangement “makes us a truly one-stop shop for InsurTech startups looking to bring their ideas from concept into reality.”
Boost’s management team includes venture capital, insurance and technology professionals who help identify, vet and support InsurTech startups.
Boost said it will announce its first InsurTech partners in the weeks ahead.
Source: Boost Insurance