The New York State Power Analysis & Growth Authority (NYSERDA) and InnSure invite you to use for the Insurance coverage Innovation Prize.
Funding for the Insurance coverage Innovation Prize comes from NYSERDA, a public profit company established in 1975, which works to advertise power effectivity, renewable power, and emissions discount throughout New York’s financial system. Since 2016, NYSERDA has invested over USD 600 million in applications to advance clear power innovation. By its Tech to Market portfolio, NYSERDA has supported the launch of over 700 power applied sciences firms, which have raised USD 4.2 billion in subsequent financing.
A lot in the best way biotech disrupted pharma within the Nineteen Nineties, renewables are disrupting oil and gasoline at this time. The insurance coverage marketplace for clear power property alone is predicted to succeed in US$ 15 billion by 2030; there’s additionally a ripe alternative for creating new climate-focused merchandise and insurance policies within the USD 230 billion residence insurance coverage and USD 330 billion auto insurance coverage sectors.
The Innovation Prize
The objective of the Prize is to create new insurance coverage merchandise and insurance policies that fill gaps within the power transition insurance coverage market. InnSure will competitively disburse as much as USD 5 million in non-dilutive funding to roughly 5 winners (or as much as USD 1 million per firm).
InnSure can be out there to offer technical recommendation and assist to potential candidates, they usually strongly advocate that candidates attain out prematurely of the applying deadline.
The Information Sandbox
The objective of the Sandbox is to offer insurance coverage innovators with the local weather, claims, and know-how efficiency information they should underwrite danger in new insurance coverage merchandise and insurance policies. The information sources essential to develop new insurance coverage merchandise are sometimes disaggregated, costly, and troublesome to acquire, creating an impediment for brand spanking new market entrants. The Sandbox makes an attempt to fill that hole.
The Sandbox might be out there to Prize winners and different potential insurance coverage innovators who take part in a sequence of hackathons. Entry agreements might be negotiated instantly with the information contributors to the Sandbox to develop mutually acceptable phrases for all events.
InnSure will competitively award insurance coverage innovators for the analysis and improvement of recent insurance coverage insurance policies and merchandise:
- USD 500,000 to USD 1 million in funding every for about 5 winners.
- Curated insurance coverage accelerator companies from varied resolution suppliers.
- Devoted enterprise advisor.
- Occasions/summits with ecosystem companions.
This program is supported by means of NYSERDA’s Novel Enterprise Mannequin and Providing initiative. It promotes new enterprise fashions, industrial service or product choices, and instruments that allow the scaling of local weather options by means of buyer acquisition or elevated capital flows.
What Sorts of Options Are Being Thought of?
To be eligible for funding, merchandise or insurance policies ought to give attention to accelerating local weather change mitigation (i.e., supporting the deployment of applied sciences that cut back greenhouse gasoline emissions). Merchandise or insurance policies solely centered on adapting to life with local weather change should not eligible for funding. Some examples of merchandise and insurance policies the innovation prize helps embody, amongst others, the next:
- Creating new fashions for first- and nth-of-a-kind financing, for instance, pooling danger for inexperienced hydrogen manufacturing.
- Creating product advantages through insurance coverage like guaranteeing income for rooftop photo voltaic.
- Off-taking dangers to unlock undertaking supply akin to protecting the monetary danger of geothermal drilling.
- Off-taking danger to speed up person adoption by offering a guaranty for bidirectional charging.
Who can apply?
Candidates could also be positioned wherever on the earth.
Nevertheless, candidates should exhibit a reputable path to bringing a brand new insurance coverage product or coverage to market in New York State inside 18 months of the grant date.
Candidates may also must exhibit how they’re fixing an insurance coverage hole with respect to availability or affordability.
Construct the Insurance coverage Merchandise of the Future to Help New York’s Decarbonization Targets
This program helps the adoption of recent applied sciences to satisfy New York State’s nation-leading Local weather Management and Neighborhood Safety Act objectives, together with an 85 % discount in greenhouse gasoline emissions by 2050.
“Eradicating obstacles to modern local weather applied sciences that decrease carbon emissions is a essential a part of reaching New York’s bold local weather objectives,” New York State Governor Kathy Hochul stated. “By supporting new insurance coverage insurance policies for New Yorkers buying cutting-edge, climate-friendly merchandise, we are able to provide safety and reassurance for shoppers and corporations alike to assist guarantee our state continues to steer in local weather innovation.”
Prepared to check and scale your modern power transition insurance coverage resolution with the Insurance coverage Innovation Prize? Apply now.
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