The New York State Vitality Analysis & Improvement 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 vitality effectivity, renewable vitality, and emissions discount throughout New York’s financial system. Since 2016, NYSERDA has invested over USD 600 million in applications to advance clear vitality innovation. By way of its Tech to Market portfolio, NYSERDA has supported the launch of over 700 vitality applied sciences firms, which have raised USD 4.2 billion in subsequent financing.
A lot in the way in which biotech disrupted pharma within the Nineteen Nineties, renewables are disrupting oil and gasoline in the present day. The insurance coverage marketplace for clear vitality belongings alone is anticipated to achieve US$ 15 billion by 2030; there may be additionally a ripe alternative for creating new climate-focused merchandise and insurance policies within the USD 230 billion house insurance coverage and USD 330 billion auto insurance coverage sectors.
The Innovation Prize
The purpose of the Prize is to create new insurance coverage merchandise and insurance policies that fill gaps within the vitality 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 accessible to supply technical recommendation and help to potential candidates, and so they strongly advocate that candidates attain out upfront of the appliance deadline.
The Knowledge Sandbox
The purpose of the Sandbox is to supply insurance coverage innovators with the local weather, claims, and expertise 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 tough to acquire, creating an impediment for brand spanking new market entrants. The Sandbox makes an attempt to fill that hole.
The Sandbox might be accessible to Prize winners and different potential insurance coverage innovators who take part in a collection of hackathons. Entry agreements might be negotiated straight with the info 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 providers from numerous 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, business service or product choices, and instruments that allow the scaling of local weather options by means of buyer acquisition or elevated capital flows.
What Kinds of Options Are Being Thought-about?
To be eligible for funding, merchandise or insurance policies ought to deal with accelerating local weather change mitigation (i.e., supporting the deployment of applied sciences that cut back greenhouse gasoline emissions). Merchandise or insurance policies completely centered on adapting to life with local weather change will not be eligible for funding. Some examples of merchandise and insurance policies the innovation prize helps embrace, 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 mission supply resembling masking the monetary danger of geothermal drilling.
- Off-taking danger to speed up consumer adoption by offering a guaranty for bidirectional charging.
Who can apply?
Candidates could also be positioned wherever on the earth.
Nonetheless, candidates should show 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 even must show 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 fulfill New York State’s nation-leading Local weather Management and Group Safety Act targets, together with an 85 % discount in greenhouse gasoline emissions by 2050.
“Eradicating obstacles to revolutionary local weather applied sciences that decrease carbon emissions is a important a part of reaching New York’s formidable local weather targets,” New York State Governor Kathy Hochul stated. “By supporting new insurance coverage insurance policies for New Yorkers buying cutting-edge, climate-friendly merchandise, we will provide safety and reassurance for shoppers and corporations alike to assist guarantee our state continues to guide in local weather innovation.”
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