InsurTech Fund, a venture capital fund associated with InsurTech NY, announced that it will be accepting applications for its first Digital MGA Lab.
Applications will be accepted July 7-27 and are available through the InsurTech Fund website. The program is designed for digital brokers, analytics startups and European MGAs seeking to become MGAs in North America. Companies will be accepted at any funding stage from Series Seed to Pre-IPO.
“Digital MGAs and startup carriers have been the most successful class of InsurTechs in terms of revenue growth and ability to attract funding,” said David Gritz, InsurTech NY managing director, in a statement. “Some early missteps with loss ratios have placed a long shadow on MGAs. However, we believe that the next generation of digital MGAs will outperform the current crop. We created this program to help digital MGAs get established properly from the beginning.”
The MGA Lab is a three-month program focused on the unique needs of MGAs: actuarial modeling, insurance capacity and retail distribution. Startups in the program will gain access to program administrators, fronting carriers and reinsurers looking to provide insurance capacity across all major lines of property/casualty insurance. Founders will also gain access to world-class mentors who have built or supported the insurance stack for companies like Hippo, Foresight and Cowbell Cyber.
The program will feature more than 20 capacity providers ranging from startup capacity providers like Accelerant to the largest global reinsurers like Munich Re. The program will feature three intensive days in New York City: Model Day on Sep. 26, Capacity Day on Oct. 13 and Distribution Day on Nov. 14.
InsurTech Fund will be supporting the MGA Lab in parallel with the InsurTech NY accelerator, and MGA Lab participants will be eligible to present at the InsurTech NY demo day where more than 30 dedicated InsurTech investors attend. Startups are eligible to participate in both programs.