Recognizing the unique opportunities that Bermuda offers early stage InsurTech startups, InsurTech NY, a global InsurTech hub, joins with the Bermuda Business Development Agency (BDA) for the upcoming 2021 InsurTech Early-Stage Competition. The BDA touts Bermuda’s appeal of being “the world’s risk capital with over $100 billion in reinsurance premiums” in addition to offering access to specialty market carriers in a “friendly regulatory environment for quality startups”.
By competition’s end three winners will share prizes totaling$200K in these three categories: Carrier/Broker Prize: $100,000 in Prize Value, Venture Capital Prize: $50,000 in Prize Value, and Angel Investor Prize: $50,000 in Prize Value.
Other significant benefits are gained such as presenting their startup to 10+ early-stage investors and insurance leaders focused on InsurTech, gaining significant exposure to carrier and broker buyers and being seen by 400+ insurance influencers involved in the competition. In addition the BDA awards the winning team a four-night stay in Bermuda for them to connect with professional advisors, while also paying the fees for their participation in the Bermuda Monetary Authority (BMA) regulatory sandbox or innovation hub.
“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.”
The judges for the competition bring a range of industry and funding experience: angel investors, venture capitalists, and insurance carriers that includes New York Angels, Park City Angels, Anthemis, Six Thirty, Sure Ventures, Luge Capital, Transverse, Nationwide, Greenlight, and Grange Insurance.
The eligibility early-stage venture requirements include: InsurTechs that generated less than $250,000 in annual revenue in 2020.
The top 10 finalists will be invited to present at the InsurTech Spring Conference and will be announced in early March 2021. The deadline for submissions is January 29, 2021.
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