(Image credit: Carl Solder/Unsplash.)
InsurTech NY (New York) has begun the application process for its third annual InsurTech Early-Stage Competition. At the end of the judging process, three winning teams will split $200,000 in prizes. InsurTech NY says startups will be selected as finalists based on their growth potential and market opportunity. The top teams will be invited to present at the InsurTech Spring Conference held on March 7th at the New York Marriott Marquis.
InsurTech NY reports that finalists from the previous years’ competitions gained broad industry recognition and were able to raise investment rounds shortly following the competition conclusion. For example, Honeycomb Insurance (2020) and Delos Insurance (2021) raised $3.3M and $5.4M shortly after the competition.
“Growing Delos as a business has been a long path,” comments Kevin Stein, CEO, Delos and winner of the 2021 early-stage competition. “Winning the InsurTech NY competition was a very important step along that journey and helped us get the exposure we needed to get to the next level.”
The judges of the competition include angel investors, insurance carriers, and venture capitalists. Particular judges named by InsurTech NY include investors and business leaders from Avanta Ventures, CNO Financial, DealerPolicy, Gallagher, Lockton, Nationwide Ventures, New York Angels, Park City Angels, and Transverse. InsurTech NY notes that in addition to ranking the competitors, the judges seek opportunities to invest in the competitors or undertake proofs of concept with them.
Striving to Make Every Competition Better
“We are proud to be a catalyst for early-stage InsurTechs to gain recognition and relationships to scale their business,” comments David Gritz, co-founder of InsurTech NY. “Each year we strive to make the competition better. This year, one of the winners will be awarded by InsurTech NY, and the winner will be strongly considered for investment from InsurTech Fund up to $50k.”
Early-stage InsurTechs are eligible to compete if they had less than $250,000 in revenue in 2021. The deadline for submission is January 28, 2022. Startups can apply to the 2022 competition at www.insurtechny.com/competition.