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 from July 7th through July 27th. The application is 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.
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“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. “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.”
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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 the most InsurTech active program administrators, fronting carriers, and reinsurers looking to provide insurance capacity across all major lines of property and 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.
“Everspan is pleased to support the MGA Lab,” said Steve Dresner, Chief Underwriting Officer and Chief Reinsurance Officer for participatory fronting carrier Everspan Group. “Everspan has capacity available across various property and casualty lines of business and regularly partners with InsurTech MGAs. We view the MGA Lab as an opportunity to educate startups about the fronting market and evaluate prospective program partners.”
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