By Alex Maffeo, Founder & CEO of Boost Insurance
We’ve been heads-down building for the last several months, the core team came together about 4 months ago, and I have personally lost some hair and gained some lbs. All worth it, because today we get to announce a massive accomplishment — one that we think other insurtech startups will be happy about.
Boost has secured reinsurance capacity commitments from some of the smartest, most innovative, and formidable capital providers in the (re)insurance industry. We officially welcome Nephila (well, technically they were already here!), Markel Digital, and RenaissanceRe to the Boost party as participants on Boost’s dedicated reinsurance facility.
It took a REALLY long time to get here — 1.5 years to be exact (6 months after our seed round plus a year prior to that)— with countless frustrating meetings with folks who were curious about us, but reluctant to deviate from their script. Ones that wanted to dip their toe in insurtech, but not willing to take the plunge. Ones that were just mining us for information and looking for free startup deal flow. It was hard. Really hard. We knew that going into this and, as one of our newly minted reinsurance partners said to me yesterday, I’m glad it was hard — otherwise why would we be doing this?
We pounded the pavement and endured this process so that our future insurtech partners won’t have to. We are sick of watching insurtech startups waste precious time and resources on meetings that will go nowhere with partners that don’t appreciate the sacrifices entrepreneurs make, lack the creativity and gusto to let startups innovate, or are just looking for some shiny PR.
Now we’ve experienced this rigmarole ourselves and were lucky enough to come out the other end — more motivated than ever to power our insurtech partners as they reinvent this industry from the ground up.
More than a Technology Platform
We knew Boost needed to be more than just a technology platform, startup accelerator, or even a broker to impact the insurtech movement the way we wanted to — and now we are. We’re a general agent appointed by State National with the authority to let insurtech startups plug in and manage their own insurance programs. And now we have more than enough reinsurance capacity from capital providers that are known for being outside-the-box thinkers.
These “analog” features of the Boost Insurtech Platform are arguably just as valuable as the end-to-end API-driven system we’ve built (which is pretty badass if I’m being honest).
We aren’t a broker. We’re not picking up the phone and arranging intro meetings for insurtech startups — the “send it and forget it” model. We’re a general agency offering every single thing an insurtech startup needs to launch and manage their own insurance program and will collaborate with you every step of the way.
We aren’t one of these “digital insurers” — forcing you to sell their own insurance products (“white label!”). We create bespoke products tailored to our insurtech partners needs (and their cool ideas). Bring us all your crazy stuff — alien abduction insurance? Sure! Zombie apocalypse insurance? Maybe!
We aren’t a technology company either. We’re a modern, technology-enabled insurance company.¹ No, you can’t just use our policy admin system!
Powering the Future of Insurance
I’m insanely proud of our team for getting this done. It’s a big step for us, but it’s only a small step towards the ultimate goal of powering the future of insurance. We are here to support insurtech startups and fuel their growth. Those are our core customers and our (re)insurance partners know that. They’re on board.
Want to join the party? Give us a shout and let us help you get from concept to reality (or if you just don’t like your current (re)insurance partners!).
¹ The fun police (our lawyers) will get mad if I don’t distinguish that we’re an AGENCY and not an insurance carrier.