New York City (Credit: Thinkstock)

The insurtech community in New York City will be borrowing an idea from the insurtech community in Iowa and organizing a major event that will showcase hot new insurtech startups.

InsurTechNY, the most visible insurtech organization in the New York area, is launching an effort to identify interesting insurtech startups.

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The group recently opened an application window for a 2020 InsurTech Startup Competition.

The competition managers will award $300,000 in prizes to six winning teams.

Startups in an early-stage track will compete for the title of the most investable startup.

The startups in a second, growth-stage track will compete to show the highest year-over-year growth potential.

The finalists will get to pitch their businesses or demonstrate their systems March 19, at the InsurTechNY Spring Conference. Judges at the conference will choose the six winners.

Some of the judges will come from New York Angels, Anthemis, CT Innovations, and other investment organizations. Other judges may come from the startup funding arms of insurers or insurance distributors.

Submissions are due Feb. 7.

Resources

  • A link to more information about New York’s InsurTech Startup Competition 2020 program and application process is available here.
  • A link to more information about the Global Insurance Accelerator program in Des Moines is available here.

The new New York event will join the Global Insurance Accelerator program’s startup demo day, which takes place in Des Moines, Iowa, on the insurtech world’s calendar.

The Global Insurance Accelerator program is a different type of program that the New York program: the Global Insurance Accelerator program offers a 100-educational and mentorship session in Des Moines. The New York organization does not currently offer that kind of intensive educational experience.

But the 2020 Des Moines event will show off the work of the eight startups in its program April 22, at a demo day event at the 2020 Global Insurance Symposium, in Des Moines.

The Des Moines program managers picked the 2020 companies in their coaching program through an application process that had an Oct. 23 application deadline.  That program offers a coaching program that started Jan. 14 and runs for 100 days.

The list of companies participating in the Des Moines program includes, for example, Summary Medical, a company that uses an artificial intelligence system to help life insurers review applicants’ medical records, and TCare, a family caregiver support program.

The Des Moines accelerator program introduces startup founders to representatives from about 14 insurance-sector investors.

The 2020 Des Moines symposium, which is set to run from April 21 through April 23, will give the startup founders a chance to meet about 700 attendees from the insurance industry and the technology sector.

A representative from the Des Moines program said that the organizers of the New York contest will bring in someone from the Des Moines program to serve as a contest judge.

Clarification: An earlier version of this article misinterpreted the nature of the relationship between the new New York event and the Des Moines accelerator program. The New York event and the Des Moines accelerator program are different types of programs and have a friendly relationship.

— Read How a Top Principal Executive Sees Insurtech: Idea File, on ThinkAdvisor.

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