InsurTech NY, the largest InsurTech community in North America, announced that they will be conducting a benchmark study on Corporate Venture Capital.
InsurTech NY has partnered with the IQONIC Hub for Entrepreneurship Research & Education at Tilburg University in the Netherlands to study the organizational structure, best practices, and common themes across insurance carrier and broker affiliated corporate venture groups.
The research will be aggregated, anonymized, and shared at the Corporate Forum organized by InsurTech NY on September 21 in New York City. The IQONIC Hub for Entrepreneurship Research will analyze the data and compare it to their existing body of research on corporate venturing across several industries including broader financial services.
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“The corporate venture community in insurance is one of the fastest forming investment groups. Insurance industry venture capital went from near non-existence in 2013 to more than 200 insurance entities having made investments in startups today,” said David Gritz, Managing Director at InsurTech NY. “We want to learn from the segment’s rapid growth over the past decade and apply the learnings to future initiatives.”
“The IQONIC Hub for Entrepreneurship Research is one of the only academic institutions worldwide to dedicate research efforts to understanding corporate venturing,” said Joshua Eckblad, Director of the IQONIC Hub for Entrepreneurship Research. “My research focuses on the practices of corporate venturing units and on the knowledge flows between large established firms and startups. InsurTech is one of the true examples of a symbiotic relationship between incumbents and startup firms working together to grow the industry.”
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The research study will include a range of participants from super-regional carriers to Top 5 carriers and brokers. It will include a variety of portfolios, from insurers who have made ad-hoc off-the-balance sheet investments to established corporate venture funds working on their second or third funds.
“NFP Ventures is excited to contribute to this body of research,” said Adam Blumencranz, VP at NFP Ventures. “We are preparing to launch our second fund and the insights we gain from this aggregate research will help us to continue to implement best practices internally and across our broader strategic ecosystem.”
“Transverse started as a venture investor off its balance sheet and now has a venture capital group and special purpose acquisition vehicle (SPAC) to help augment our value proposition to Digital MGAs,” said Mark Hong, Managing Director at Transverse Insurance. “Better understanding our peers will help us to continue to expand our platform to provide the optimal mix of services for our InsurTech partners.”
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