There’s a New Professional Group Dedicated to Growing Philly’s Insurtech Industry

Like a lot of industries in the US, the insurance sector has roots in Philadelphia: The first US insurance company, The Philadelphia Contributionship, was cofounded by Ben Franklin here in 1752.

Though the industry isn’t as populated here as life sciences or healthcare, an entrepreneur in the space is looking to grow its prominence. Tom Young, founder of Wayne-based SaaS startup DataCrest, is launching Insurtech PHL. The group will host educational events, networking opportunities and facilitate career opportunities for those in the insurance tech industry.

Young worked for two decades in commercial property and casualty insurance, and ran his own firm for several years. But he experienced some inefficiencies in deal flow that he felt could use a tech lift. His new company, founded three years ago, makes a SaaS platform that helps businesses applying for insurance with the application process. He has a team of about 15.