Three startups shine in first InsurTech NY competition
InsurTech startups and industry incumbents have become less competitive and more collaborative in recent years.
A commercial real estate startup with offices in San Francisco and Tel Aviv, an insurance-process automation company based in New York City, and a mobile-first auto insurance provider, also in New York, recently took top honors in the first 2020 InsurTech Competition hosted by InsurTechNY.
In a shift that benefits both camps, InsurTech startups and industry incumbents have become less competitive and more collaborative in recent years, according to industry experts. “Carriers should keep in mind that InsurTech is very much a global phenomenon, and therefore, should look for investment and development opportunities around the world,” Deloitte researchers wrote in a summary of that firm’s 2020 Insurance Outlook.
During an interview with PC360 earlier this year, InsurTech NY Co-founder David Gritz said the aim of InsurTech NY is to draw attention to the busy startup community developing in and around New York City.
Competition judges awarded first, second and third prizes (respectively) to Agilius, Prostosure and Sigo. These companies, which secured a cash prize for future growth, stood out among 200 applicants. Winners were announced during the InsurTech NY Spring Conference.
“Congratulations to the winners of this year’s InsurTech NY competition,” Gritz said in a press release about the contest and its winners. “Insurance technology is one of the most robust and underserved investment areas, and competitions such as these highlight the most impressive companies that are pushing this industry forward.”
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