NEW YORK, June 1, 2023 — InsurTech NY, North America’s largest InsurTech community opened its application window for its Digital MGA Lab.

Applications for the second cohort will be accepted from June 1 through July 15. Applications can be submitted via the MGA Lab Webpage. The program is designed to help founders that have developed a proprietary underwriting advantage to build and launch an MGA in North America. The ideal candidates are digital brokers, UK or EU MGAs, or analytics startups. Companies will be accepted at any funding stage from Pre-seed to Pre-IPO.

“Digital MGAs represent one of the largest opportunities in the InsurTech space,” said David Gritz, Managing Director of InsurTech NY. “A Conning Research study found MGAs make up 7% of the overall commercial P&C market. Startups MGAs can cut through all the challenges of launching new products and provide new opportunities for carriers to test and learn together with InsurTechs.”

The Lab is a twelve-week program focused on the needs of MGAs – actuarial modeling, risk capacity, and effective distribution. Startups in the program will gain access to the right contacts at fronting carriers, program administrators, and reinsurers that can work with them on product development. Founders will also gain access to world-class mentors who have built and scaled MGAs from the ground up. Mentors built MGAs like Ahoy, Coverwhale, Foresight Hippo, and Steadily.

“Equinox (Re)Insurance Intermediaries is excited to support the next cohort of the MGA Lab,” said Bill Cleave, Reinsurance Consultant at Equinox (Re)Insurance Intermediaries. “We have supported ground-up MGAs to find capacity and we are actively looking to support more founders through the MGA Lab.”

The program will feature more than 20 capacity providers ranging from Lloyds market capacity providers like Atrium Underwriters to the largest global reinsurers like Munich Re. The program will feature three intensive days in New York City – Model Day on September 14, Capacity Day on October 19, and Distribution Day on November 8. Startups can apply at Insurtechfund.com/mga-lab.

About InsurTech NY

InsurTech NY is an international gateway to bring together the insurance innovation community. It brings together carriers, brokers, investors, and InsurTech startups via educational insurance conferences, a competition, and an accelerator. InsurTech NY’s mission is to accelerate corporate innovation, drive talent to insurance, make regulation innovation-friendly, and improve access to investment. See more at www.insurtechny.com.

Contact: 
David Gritz
[email protected] 
212-634-9516

SOURCE InsurTech NY

MOUNTAIN VIEW, Calif., June 1, 2023 — Prodigal, the pioneer of consumer finance intelligence, announced today they are changing the name of one of their flagship products from ProVoice to ProInsight to reflect the app’s expanded capabilities.

An AI-powered tool to analyze customer interactions across the credit lifecycle, ProInsight has commonly been used by banking and lending teams for compliance and QA workflows, to stellar results. One customer reduced their QA team by 33%, and another now completes their reviews five times faster.

But over time, ProInsight has become much more powerful. It can evaluate and generate event tags, scorecards, visuals, and reports for chats, text messages, and emails in addition to calls. This reflects the growing interest in consumers for omnichannel communications and payment options.

And the product continues to expand. Prodigal recently announced an Expert Tips feature in ProInsight that draws information from customer data to help agents learn from top performing peers. This tool helps consumer finance companies achieve the goal of making every agent into their best agent.

“At Prodigal, we envision a world where all credit operations and processes are modernized with fresh insights powered by artificial intelligence,” said Shantanu Gangal, Prodigal’s CEO. “By renaming ProVoice to ProInsight, we are reinforcing our commitment to combining human expertise with AI-driven insight to fuel the success of consumer finance teams and benefit borrowers.”

Though the shift to ProInsight does not impact current customers’ workflows, Prodigal is supporting them in considering new uses of ProInsight as well as helping prospects understand the ways they can use the app to transform their business.

In addition to total compliance and QA call coverage, ProInsight, powered by Prodigal’s consumer finance trained AI Intent Engine, delivers actionable insights to help customers make informed decisions, create and revise strategies, and achieve their business goals.

ProInsight provides opportunities for consumer finance teams to use the results of Prodigal’s customized AI analyses for agent performance and coaching, customer complaint analysis, script effectiveness, customer segmentation, and more.

About Prodigal

Prodigal is the pioneer of consumer finance intelligence. We use artificial intelligence to illuminate conversations in loan servicing, collections, auto finance, banking, healthcare RCM, and more. Our solutions turn analysis into action with real-time agent assistance, automated notes, and quality assurance. Nearly one in five U.S. borrowers has engaged with Prodigal over 250 million conversations, and we won’t rest until every player in the loan lifecycle experiences the relief of better communication, context, and clarity.

Headquartered in Mountain View, California, Prodigal’s global team is on a mission to build the intelligence layer that powers consumer finance. With the backing of domain experts, technology leaders, and top investors, including Accel, Menlo Ventures, and Y-Combinator, Prodigal is poised to become the next iconic vertical SaaS company. To learn more, visit ProdigalTech.com.

For media inquiries, contact:
Jennifer Durishin
(650) 802-7795
[email protected] 

SOURCE Prodigal

The investment will be used to help solidify GetYourGuide as the leader in the $300 billion travel experiences market

BERLIN, June 1, 2023 — GetYourGuide, the leading global platform for discovering and booking travel experiences, announced today the closing of $194 million in equity and credit financing. The round represents a valuation increase for the company and solidifies its leadership position in the industry. The strategic investment will be deployed to expand GetYourGuide’s marketplace in key geographies such as North America and accelerate product innovation for both travelers and experience creators globally.

Blue Pool Capital led the $85 million Series F funding round, with participation from KKR and Temasek. UniCredit led the Revolving Credit Facility (RCF) of $109 million, with participation from BNP Paribas, Citi and KfW.

“In the current market, we view this as a vote of confidence from our investors who believe passionately in unlocking unforgettable experiences for travelers around the globe,” said Johannes Reck, CEO and co-founder of GetYourGuide. “We are still early in the transformation of our category and the larger $300 billion category and the even larger $1.5 trillion experiences market. And our technology is poised to help drive innovation and growth for our partners and customers alike,” Reck added. 

Consumers are continuing to spend on experiences over traditional retail goods. GetYourGuide’s data confirms this trend: booking volumes in the first quarter of 2023 are four times higher than the first quarter of 2019. The travel experiences category is quickly growing, benefiting from a generational shift in consumer spending habits. According to the U.S. Bureau of Economic Analysis, American consumer spending on experiences grew twice as fast as spending on goods between 2000 and 2019.

“There is immense opportunity in the digitization of the experiences industry, and we believe GetYourGuide’s global leadership and market-leading customer-centricity in the category stems from its deep expertise in this complex space,” said Oliver Weisberg, CEO of Blue Pool Capital. “We believe GetYourGuide is uniquely positioned to be the global leader in the category; we are pleased to lead the equity financing given the strength of the business,” added Weisberg.

The investment will help increase the pace of innovation for travelers and supply partners, leveraging the rapidly progressing capabilities of AI and Large Language Models (LLMs). The acceleration of product investment will not only help travelers make the most of their travels, but also empower supply partners to manage and grow their businesses on the platform with intuitive tools. 

The funding comes in time to kick off peak travel season, where record-breaking engagement is expected on GetYourGuide’s platform. Part of driving this increased engagement are Originals by GetYourGuide, the company’s signature co-created tours with exclusive activities and access, such as NYC: MoMA Before Hours Tour with Art Expert; London: Coronation Tour; Milan Cathedral & Terraces Exclusive After-Hours Tour; and Turning the Lights on at the Vatican Museums.

J.P. Morgan acted as exclusive financial advisor to GetYourGuide on the transaction. For more information about GetYourGuide, please visit getyourguide.press.

*Market descriptions based on Euromonitor data

ABOUT GETYOURGUIDE
GetYourGuide is the leading global online marketplace for unforgettable travel experiences. Travelers use GetYourGuide to discover and book the best and most unique activities in any destination — including guided tours by local experts, culinary excursions, cooking and craft classes, skip-the-line tickets, as well as exclusive bucket-list experiences.

Following a student trip to Beijing during which the sourcing of a good tour guide to help navigate the city proved challenging, Johannes Reck, Tao Tao, Martin Sieber and Tobias Rein were inspired to found GetYourGuide in 2009. Today, GetYourGuide offers more than 75,000 activities from over 16,000 experience creators. Since launch, travelers from over 150 countries have booked more than 80 million tours, activities and attraction tickets through GetYourGuide. 

Powered by a global team of more than 700 travel and tech experts, the company is headquartered in Berlin, Germany, and has 17 local offices around the world (including the UK and USA).

Press Contact: [email protected] 

Logo – https://mma.prnewswire.com/media/1810855/GetYourGuide.jpg

SOURCE GetYourGuide