InsurTech NY, the preeminent InsurTech community in North America, has announced the opening of applications for its highly anticipated Digital MGA Lab Cohort Three. This program presents a unique opportunity for startups to develop and launch insurance products in record time, with applications being accepted from May 15 through July 15. The Lab is designed to support founders who have developed a proprietary underwriting advantage in building and launching an MGA, Managing General Agency, in North America, with ideal candidates ranging from digital brokers and UK or EU MGAs to analytics startups, regardless of their funding stage.
David Gritz, Managing Director of InsurTech NY, emphasized the program's proven track record, stating, "We have accelerated 20 digital MGAs to date across all lines of business. Our program is a proven process to get MGAs live with new products in half the typical time. We can support both pre-market and in-market MGAs." This statement underscores the Lab's effectiveness in streamlining the development and launch process for insurance products.
The 12-week Lab is meticulously tailored to address the specific needs of MGAs, focusing on critical areas such as actuarial modeling, risk capacity, and product distribution. The program is backed by a team of experienced mentors who have helped scale MGAs to $100M+ in premiums at recognized InsurTechs, including Clearcover, Hippo, Root, and Next. This wealth of expertise ensures that startups receive the guidance and support necessary to succeed in the competitive insurance market.
Somil Jain, Principal at Lewis & Ellis, praised the program's approach, stating, "With all the concerns about InsurTechs launching with loss-making operations, this program is a refreshing change. We are proud to support the program and provide actuarial modeling and coaching to founders launching MGAs with profitable underwriting from the start." This endorsement highlights the Lab's commitment to fostering sustainable and profitable insurance ventures.
The program boasts an impressive roster of over 30 capacity providers, ranging from Lloyd's market capacity providers like Atrium Underwriters to major global reinsurers such as Munich Re. This diverse range of partners ensures that startups have access to the necessary risk capacity to launch and scale their insurance products successfully.
Three intensive days in New York City are scheduled throughout the program, each focusing on a critical aspect of MGA development. Model Day, set for September 10, will delve into the intricacies of actuarial modeling, while Capacity Day on November 5 will explore risk capacity and partnership opportunities. Finally, Distribution Day on November 6 will focus on strategies for effectively distributing insurance products to target markets.
InsurTech NY's Digital MGA Lab Cohort Three represents a significant opportunity for startups to accelerate their growth and make a lasting impact on the insurance industry. By providing a comprehensive support system, experienced mentorship, and access to key industry partners, the program is poised to drive innovation and reshape the future of insurance.
