Boost Insurance has nailed down a dedicated reinsurance facility to help support its B2B insurtech development platform.
Nephila is leading the facility with participation from Markel Digital, the insurtech group within Markel Corp., and RenaissanceRe Holdings, Ltd.
New York-based Boost is an MGA appointed by State National that provides infrastructure to insurtechs.
According to founder and CEO Alex Maffeo, the company develops bespoke insurance products for their programs on State National paper, and the insurtech then sells them and handles customers directly. Boost handles insurtechs’ back-end functions such as policy administration, claims and reporting through a proprietary API-driven technology system.
Mafffeo says limited access to licensed insurance paper and risk capacity is the biggest barrier to entry for insurtech startups. He also sees it as a “huge impediment to innovation” in the industry.
He said his firm spent the last year developing relationships with the “most forward-thinking (re)insurance capital providers” in the world. “These partners are willing to put their money where their mouth is to help insurtech startups succeed and we couldn’t be happier to receive their trust and support,” he said.
He said Boost has two main priorities: First is making it easier for insurtechs to prove their concepts, and second is giving carrier and capital partners early access to these startups so they can create better offerings for their customers. “It’s a highly collaborative effort,” he said.
In announcing the reinsurance facility, Boost claimed that the arrangement makes it a “truly one-stop shop for insurtech startups looking to bring their ideas from concept into reality.”
Boost’s management team includes venture capital, insurance and technology professionals who help identify, vet and support insurtech startups.
Boost said it will announce its first insurtech partners in the weeks ahead.
Source: Boost Insurance
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