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InsurTech NY and the Bermuda Business Development Agency Join Forces for Early-Stage InsurTech Competition

InsurTech-NY-and-the-Bermuda-Business-Development-Agency-Join-Forces-for-Early-Stage-InsurTech-Competition

InsurTech NY, a global InsurTech hub, and the Bermuda Business Development Agency (BDA), Bermuda’s independent economic development public-private partnership, have come together for the 2021 InsurTech Early-Stage Competition.

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The competition attracts up to 100 promising startups from around the world with an opportunity to showcase their business and market potential to early-stage investors and insurance leaders.

Adding to the existing prize pool of $200,000, the BDA will award the winning team with a four-night stay in Bermuda, a business concierge service to connect startup founders to professional advisors, and pay the fees associated with participating in the Bermuda Monetary Authority (BMA) regulatory sandbox or innovation hub. The winning team’s proposal will be subject to the BMA’s formal application review, and once approved, will benefit from the Regulator’s extensive guidance.

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Susan Pateras, a BDA board member and an insurance industry expert with more than two decades of experience, will join the venerable list of investor and insurance carrier judges. Judges comprise angel investors, venture capitalists, and insurance carriers including New York Angels, Park City Angels, Anthemis, Six Thirty, Sure Ventures, Luge Capital, Transverse, Nationwide, GreenlightRe, and Grange Insurance.

“Finding an initial regulatory sandbox and access to reinsurance partners is one of the biggest challenges for new digital MGAs,” said David Gritz, co-founder of InsurTech NY. “The Bermuda market represents an exceptional opportunity for new InsurTechs and our partnership with the Bermuda Business Development Agency is one example of how we strive to be an international gateway for InsurTechs to find global opportunities for growth.”

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