A Night of Big Ideas and Bigger Opportunities: InsurTech Hartford's Pitch Night IX

February 9, 2023 | Trinity Innovation Center | Hartford, CT

InsurTech Hartford's Pitch Night IX defied expectations and shattered the mold of previous pitch nights, delivering an unforgettable experience for all who attended. The atmosphere at Trinity Innovation Center was electric, with a buzz in the air that could be felt from the moment you walked in the door. The event brought together a diverse group of entrepreneurs, investors, and industry experts under one roof who were fully engaged and inspired by what they saw. It was clear that this was not just another pitch night, but a valuable opportunity for startups to connect with those who could bring their businesses to the next level.

The startups that took the stage brought a level of passion and drive that was contagious, and the judges were thoroughly impressed by their ideas and solutions to problems that have long plagued the insurance industry.?

The judges were handpicked for their expertise in start-up development, insurance, and technology, and included:

Josh Curry - Head of Distribution at SiriusPoint

Nick Daley - Investor at Fin Capital

Alexander Carvalho - Investor at Distributed Ventures

Zach Young, CPA, MBA - Scouting & Ventures Manager at Statefarm Insurance .?

The night's EMCEE, Aditya Shah - Principal at Hillside Ventures, an early-stage venture fund supporting companies founded by @UConn alumni or focused on #sustainability, #insurtech, or #edtech industries. With his rounded business insights and sharp wit, Shah kept the audience engaged and entertained throughout the presentations.

He then welcomed speaker, Bill Budde, CPCU to the stage. Budde leads CGI 's insurance management consulting services and solutions portfolio strategy as VP of Consulting Delivery. He also has a 25+ year track record of success in insurance, including overseeing global insurance teams for 惠普企业服务 and Gemini as well as a private consulting practice for a large network of insurers.

His TED Talk centered on "The #Ecosystem Paradox", the tension between the need for collaboration and integration within an ecosystem, and the need for independence and competitive differentiation. In the realm of insurance, this paradox is becoming increasingly relevant as insurers face pressure to stay competitive while also working together with partners and stakeholders to deliver innovative solutions.?

As someone with a deep understanding of the insurance industry, Bill noted that the use of predictive models and a customer-focused approach has revolutionized the creation of new insurance products. This has led to the development of ecosystems that are designed based on the specific needs of niche customers, allowing for the creation of tailored services and products. This shift towards customization is having a significant impact on the insurance industry and provides opportunities for companies to better meet the unique needs of their customers.

This is especially important for insurtech startups, as they often face a unique set of challenges in navigating the insurance industry. When startups effectively work with the competing demands of collaboration and competition, they will be well-positioned to thrive and succeed in the insurance industry. He concluded with the sentiment that a company's success is dictated by its ability to strive for collaboration before competition, emphasizing the importance of putting the customer first in any business endeavor.

This was followed by the highly anticipated pitches by the startups, each presenting their unique solution to problems faced in the insurance industry. Six startups took the stage, eager to showcase their businesses and pitch their ideas to the judges and attendees:

Optimalex | Presented by Frank S. Giaoui, MBA, PhD, JSD

Provides groundbreaking #AI and predictive analytics software to predict property and casualty insurance claims outcomes as well as improve efficiency, consistency, and fairness.

Concordia Exchange | Presented by Joffrey Smith, MBA, CFP?, CLU?, ChFC?

Using digital strategies to offer brokers the best prices for employee group insurance.

PluggdIn ?| Presented by Eric Grunfeld

Putting an end to distracted driving with patented #IoT technology that enables drivers to earn however much money they want for safe driving.

Feesible | Presented by William Sale

Provides simple and affordable protection against special assessments for condo & #HOA owners.

Suretys | Presented by Josh Minsky

Using #AI and machine learning to replace the need for a cosigner for auto sales and leases.

ForMotiv | Presented by Woody Klemmer

Using Behavioral Data Science to help financial service companies predict user intent.

The judges were impressed by the quality and diversity of the ideas presented, making their decision on the winners a difficult one. The winners were chosen for their exceptional problem-solution fit, innovative approaches, and potential for disruptive change in the insurance industry. In the end, the winners are as follows:

• Highest Potential: ForMotiv
• Most Innovative: ForMotiv
• Most Disruptive: ForMotiv & Suretys
• Best Problem/Solution Fit: Suretys
• Audience Favorite: ForMotiv
• Judges All-Around Favorite: Suretys

The startups that participated received invaluable feedback from the judges and made valuable connections with attendees and experts in their field.? For the larger insurance scene in the area, Pitch Night IX was a testament to the growing importance of insurtech and the significant impact it is having on the industry. This event demonstrated the robust ecosystem of innovation and entrepreneurship in Hartford and the surrounding areas and left everyone eager to see what Pitch Night X will bring.

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#insurtechhartford #insuranceinnovation #startups #insurtechstartups #innovation #vc