A promising insurance technology start-up could be heading to the island as a result of a partnership between the Bermuda Business Development Agency and a New York-based insurtech hub.

The BDA has agreed to reward the winning team in the InsurTech Early-Stage Competition, organised by InsurTech NY, with four-night stay in Bermuda and a business concierge service to connect start-up founders with professional advisers.

The BDA will also pay the fees associated with participating in the Bermuda Monetary Authority’s regulatory sandbox or innovation hub. The start-up will be subject to the BMA’s formal application process.

The competition attracts up to 100 promising start-ups from around the world with an opportunity to showcase their business and market potential to early-stage investors and insurance leaders. The BDA prizes will add to the existing prize pool of $200,000.

Susan Pateras, a BDA board member and an insurance industry expert with more than two decades of experience, will join the investor and insurance carrier judges. Judges comprise angel investors, venture capitalists, and insurance carriers including New York Angels, Park City Angels, Anthemis, Six Thirty, Sure Ventures, Luge Capital, Transverse, Nationwide, GreenlightRe, and Grange Insurance.

David Gritz, co-founder of InsurTech NY, said: “Finding an initial regulatory sandbox and access to reinsurance partners is one of the biggest challenges for new digital MGAs [managing general agents].

“The Bermuda market represents an exceptional opportunity for new insurtechs and our partnership with the BDA is one example of how we strive to be an international gateway for insurtechs to find global opportunities for growth.”

Jasmine DeSilva, the BDA’s business development manager responsible for risk and insurance solutions, said: “The InsurTech Competition will connect some of the brightest insurtech founders to Bermuda’s world-leading and innovative insurance and reinsurance market.

“We encourage those looking to accelerate innovation in the industry to apply and look forward to welcoming the winning team to Bermuda, the world’s risk capital with over $100 billion in reinsurance premium, access to specialty market carriers, and a friendly regulatory environment for quality start-ups.”

Early-stage companies eligible for the competition are insurtechs that generated less than $250,000 in annual revenue in 2020. The top ten finalists will be invited to present at the InsurTech Spring Conference and will be announced in early March 2021.

The deadline for submissions is January 29, 2021.

• InsurTech NY has a website at www.insurtechny.com