The final submission deadline for the InsurTech Early Stage Competition 2021 is approaching January 29, 2021.
Global insurtech hub InsurTech NY and the Bermuda Business Development Agency (BDA), Bermuda's independent public / private partnership for economic development, have joined forces for the competition, which will attract up to 100 startups from around the world with the opportunity to showcase their business and market potential for aspiring investors and insurance leaders.
Start-up companies eligible for the competition are insurtechs that generated less than $ 250,000 in annual revenue in 2020.
“We encourage those who want to accelerate innovation in the industry to sign up and look forward to welcoming the winning team to Bermuda, the world's venture capital with more than $ 100 billion in reinsurance premium, access to specialist market carriers and a friendly regulatory environment for quality startups., ”said Jasmine DeSilva, business development manager responsible for risk and insurance solutions at BDA, in a press release.
In addition to the existing $ 200,000 prize pool, the BDA will reward the winning team with a four-night stay in Bermuda and a corporate concierge service to connect start-up founders with professional advisors, and pay the fees associated with participating in the Bermuda Monetary Authority (BMA) regulatory sandbox or innovation hub.
The proposal of the winning team will be subject to the formal assessment of the application by the BMA and will benefit from the regulatory guidelines upon approval.
Susan Pateras, a BDA board member with more than 20 years of experience in the insurance industry, will join the list of investor and insurance judges. Judges include angel investors, venture capitalists, and insurance companies 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, in a release. "The Bermuda market offers an exceptional opportunity for new insurtechs, and our partnership with the Bermuda Business Development Agency is an example of how we aim to be an international gateway for insurtechs to find global growth opportunities."
The top 10 finalists will be invited to present at the InsurTech Spring Conference and will be announced in early March 2021.
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