New York City (Credit: Thinkstock)

The insurtech community in New York City will be competing harder with the insurtech community in Iowa to 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 be competing with the Global Insurance Accelerator program in Des Moines, Iowa.

The 2020 Des Moines event will show off the work of eight startups 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 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 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 after the original version of this article appeared that the New York contest has reached out to bring in someone from the Des Moines program to serve as a contest judge, and that the Des Moines program does not see itself as being in competition with the New York program.

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

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