After successfully concluding our inaugural Female Founders in Mobility 2020 innovation competition, Quesnay is proud to launch the 4th edition of Female Founders in InsurTech to continue to drive inclusive innovation at a critical time in the industry. Not only has digital technology become a lifeline during this crisis, but there is a more acute awareness that we need diverse thinking and leadership to address our challenges.
To date, our “Female Founders in Tech” innovation series as a whole—FinTech, InsurTech, and Mobility—has received 433 applications from 63 countries (*in blue), with total applications growing at 51% annually.
In the InsurTech program specifically, we have tripled the number of submissions since year 1 and expect to see even more innovation startups apply this year across the spectrum: auto, cyber, event, home, life, pandemic, parametric, pet, property & casualty, reinsurance, risk, travel, & workers compensation.
Female Founders’ mission is to elevate women entrepreneurs by providing them much-earned recognition, access to mentorship and decision-makers, scale-up training, partnership opportunities, and visibility among investors in the insurance sector.
We have work to do.
Crunchbase reports the number of investments in female-led InsurTechs is 11... that is, only 4.2% of the total 262 InsurTech investments. Fewer than 10% of decision-makers at US venture capital funds are women. 47% of women-led startups cite the lack of mentorship as a real hindrance. On corporate leadership, while reaching the highest number ever, the number of female CEOs on this year’s Fortune 500 is 37, and, just 3 are from the insurance industry. As of 2019, among the 107 largest public financial institutions in the United States, only 6 had female CEOs (Deloitte). On the 2020 “InsurTEch #50insurtech online influencer list” 9 are women.
Yet, BCG research shows women return twice as much revenue per dollar invested than men and garner less than half the amount of investment. First Round Capital reported on their portfolio: “companies with a female founder performed 63% better than our investments with all-male founding teams”.
Among corporations, diverse teams are more innovative and outperform. McKinsey’s 2019 analysis finds that companies in the top quartile for gender diversity on executive teams were 25% more likely to have above-average profitability than companies in the fourth quartile—up from 21% in 2017, 15% in 2014.
With the active participation of our sponsors, we’re making a difference.
Vivian Li, Principal, Avanta Ventures has been on this journey with us since 2018 noting:
“At Avanta Ventures and our parent company, CSAA Insurance Group, we believe in the power of inclusion. We embrace our unique identities, experiences, and points of view to reflect our communities, partnerships, and members. Diversity drives innovation, and Avanta Ventures is proud to sponsor Quesnay's Female Founders in InsurTech competition to shine a spotlight on diverse, innovative leaders, reimagining our industry."
We need to build future female leaders with the support of executives like Alex Amonett, Global Leader of Inclusion and Diversity, Marsh joining our program this year:
“We must lean into and amplify the voices of women in the insurance and tech industries. Marsh’s sponsorship of Quesnay and the Female Founders in InsurTech competition provides an opportunity to celebrate and support innovative future diverse leaders.”
To increase awareness of the program and reach more racially and ethnically diverse applicants, Quesnay is launching its inaugural “Ambassador” program. Ambassadors are insurance industry leaders (all genders) using their voices to promote women leaders in insurance across the globe and in their local communities. Ambassadors will be active across social media so keep an eye out for them!
One of those such leaders, is Andre Dreyer, Vice President, Ventures & Acquisitions, at RGAX whose firm understood the value of inclusion in insurance and who has been on board as an active sponsor since the program’s inception in 2017:
“RGAX is proud to be associated with Quesnay. This initiative is not only raising awareness for the need for more female representation in the insurance industry, but also bringing together some of the best female talent to solve some of the most pressing InsurTech and digital health challenges.”
Having partners and leaders such as the team at The Hanover Insurance Group, led by Mark Berthiaume, EVP, CIO & Chief Innovation Technology Officer, is a real boost to our program:
“The Hanover Insurance Group is committed to addressing inequities that may exist in our company, in our industry, and in our business more broadly. This commitment to diversity and inclusion enables us to further strengthen our unique and collaborative culture, drive innovation, and continue to enhance employee engagement and satisfaction. We are proud to sponsor Quesnay’s Female Founders in InsurTech competition and show our support for the talented women in our industry.”
Thank you sponsors for taking action!
RGAX *special thanks for four years of partnership, since day 1!
To see a full list of Prizes, Benefits, Rules, Sponsors, & Partners, visit the Contest Platform Site.
If you are female founder, co-founder, CEO, or C-Suite leader in InsurTech, Apply Now!
If you know of a female founder, co-founder, CEO, or C-Suite leader in InsurTech, please spread the word!
For any questions contact frank@quesnays.com or post in our Contest Platform Site Forum.
For more information about past programs, visit: