InsurTech NY Accepting Applications for Digital MGA Lab

InsurTech NY has opened its application window for its Digital Managing General Agency (MGA) Lab. Applications for the cohort will be accepted through July 15.

InsurTech NY brings together carriers, brokers, investors, and insurtech startups for educational conferences, a competition, and an accelerator.

The Digital MGA Lab program is designed for founders that have developed a proprietary underwriting technology to help them build a managing general agency in North America. The program will feature more than 20 capacity providers ranging from Lloyd’s market capacity providers like Atrium Underwriters to large global reinsurers like Munich Re. The program will feature three days in New York City – Model Day on September 14, Capacity Day on October 19, and Distribution Day on November 8.

The lab is a 12-week program focused on the needs of MGAs – actuarial modeling, risk capacity, and distribution. Startups in the program will gain access to contacts at fronting carriers, program administrators, and reinsurers that can work with them on product development.

Participants will also gain access to mentors who have built MGAs from the ground up such as Ahoy, Coverwhale, Foresight Hippo, and Steadily.

Digital brokers, UK or EU MGAs, or analytics startups are eligible. Companies will be accepted at any funding stage from pre-seed to pre-IPO.

“Digital MGAs represent one of the largest opportunities in the InsurTech space,” said David Gritz, managing director of InsurTech NY. He cited a Conning Research study that found MGAs make up 7% of the overall commercial property/casualty market.

Applications can be submitted via the MGA Lab Webpage.