InsurTech has a relatively young, but quite a vibrant history. There are already at least 80 hot InsurTech startups shaking up the trillion-dollar industry. It is needless to say that the insurance industry is one of the most massive and complex ecosystems with large and powerful corporate players already taking steps towards riding the wave of disruption. In fact, it is the biggest industry in the US with net premiums of $1.1 trillion in 2014. Insurance carriers and related activities contributed $421.4 billion, or 2.5% of the United States’ gross domestic product in 2013.
Since 2013, insurance tech has been actively taking off and creating its own niche in the market. In 2016, several incumbents are planning to disrupt the $4.5-trillion industry by leveraging technological capabilities. The use of disruptive technologies like big data, Internet of Things (IoT), mobile technology, AI, social network and blockchain are gaining momentum and InsurTech firms are looking for a scope to capitalize it.
The rapid growth of InsurTech startups, interest from VC firms and the corporate world served as a sign that the ecosystem has a tremendous potential and requires action to leverage those opportunities. In response to the flourishing startup environment, opportunistic minds have built InsurTech-focused accelerators to nourish the next big idea and the next Uber of insurance.
So if you are an entrepreneur or have your startup looking to drill into one of the deepest gold mines around the world, consider joining accelerators that have deep knowledge and expertise of working within insurance.
Mundi Lab is an insurance tech acceleration program, designed to facilitate the go-to-market of startups with innovative solutions for the insurance and reinsurance industries. Mundi Lab is divided in two phases:
An intensive five-week program designed to take 10 selected teams in very diverse industries to the next level, and open infinite opportunities to them within the Insurance market (cash and equity free for participants). Within the phase, startups will be offered world-class mentoring from Munich Re and Mundi Ventures key people, engaging workshops to improve entrepreneurial toolkit, use of the company’s co-working facilities in Madrid, constant networking opportunities within the strong Madrid entrepreneurship community, networking opportunities with other world-class entrepreneurs and the vast network of Munich Re partners and clients, strong lineup of industry experts to hone your product and value proposition for the Insurance Tech industry.
Munich Re will choose the best performing companies that have proven the highest potential to disrupt the insurance industry. Within the phase, startups will be offered an opportunity to work on a pilot program with Munich Re, an opportunity to pitch their ideas at Munich RE demo day and access to key investors from European top VCs. Entrepreneurs will also have access to key decision-makers at Munich Re to learn how corporates think and take sourcing and partnership decisions.
W1 Forward InsurTech Accelerator was launched by WERK1 together with leading insurance companies to establish one of the world’s leading ecosystems for InsurTech startups in Munich and help them boost the market.
The program will support up to five teams starting on June 20, 2016. The core program is set out for six months and is open to startups worldwide who want to revolutionize the industry. The first batch will consist of up to five startups. Teams will use WERK1 installations for free and work hand in hand with renowned coaches, mentors and leaders of the industry, all worth €80.000.
The aim is to help startups to collaborate with corporations so that they can find new businesses and partnerships. The program is free of charge. No team will be asked for equity.
W1 is looking for innovative concepts or projects that can change the way the insurance industry works. Whether startups are already in the industry or just have an idea that could be applied to it – W1 aims to make it big.
Among the partners of W1 are Allianz, Generali, Munich RE, Swiss RE, ARAG and others.
The Global Insurance Accelerator is a mentor-driven business accelerator designed to foster innovation in the insurance industry by supporting startups targeting the global insurance industry. GIA’s investors are insurance carriers and mentors are primarily insurance executives.
GIA is focused on early-stage companies who are building solutions that support the insurance industry. The accelerator provides seed funding, access to mentors, a desk in its office in Des Moines, 100-days of on-site support and time on stage at the Global Insurance Symposium to put the portfolio company in front of hundreds of insurance executives to demonstrate their product.
The Accelerator provides a $40K seed investment in exchange for a 6% equity. Startups are required to be in Des Moines during the program but are encouraged to do business-related travel as needed.
Global Insurance Accelerator is looking for startups who are attempting to solve key issues in non-competitive areas such as: fraud, security, risk management, distribution, data/sharing/security, reporting, regulation, device monitoring, actuarial, quoting and more. The GIA has several insurance companies who directly support the program through an investment of money, time and access.
SVIA accelerates innovation in insurance by facilitating the flow of market and technology insight, relationships, and investment between the established industry and our ecosystems of innovative technology, InsurTech startups and venture firms in Silicon Valley and other global innovation hubs.
After a few months with the Insurance Innovation Program, startups are provided with access to an innovation network, conferences, reports, and executive round tables. They are offered a powerful, cost-effective way to accelerate the process of education, new partnerships and cultural change within their organization.
For more detailed information on the SVIA program, contact the support team.
InsurTech Accelerator is a 16-week intensive program taking place in Bangalore, India, beginning July 2016. This program will mentor and help curate startups aimed at disrupting insurance practices. Swiss RE claims it to be the first-ever initiative by a reinsurance company to foster technology innovation amongst startups in the insurance tech area in India.
In this program, startups will have the opportunity to engage with Swiss RE leaders and have access to Swiss RE's expertise. The rigorous program will enable startups to make an impact in the insurance industry, which is at the cusp of disruptive transformation.
The accelerator is currently seeking applications from ambitious and extraordinary startups with a focus on innovative insurance solutions and practices, who are building a game changing company in the following areas:
Internet of Things (home, industrial, health and motor)
Systems of engagement (innovative distribution channels and models, digital assistants/ robo-advisors etc.)
Smart analytics (across insurance value chain)
For the first batch, up to five startups will be selected into the program. The accelerator program is open to both early-stage and venture-backed technology startups with a vision to impact and challenge the way the insurance industry sector works.
During the program, startups will have access to global expertise and insights from the Swiss RE team, strong mentoring support from global thought leaders, and technical enablement to work effectively from the Swiss RE Bangalore office. At the end of 16 weeks, the selected startups will present their learnings and achievements to our ecosystem partners, potential investors and a panel of judges.
Additional program benefits include:
Engagement with global reinsurance leader
Opportunity to work for global markets/business topics
State of the art facility located in Bangalore
3+1 months of office space
Invitation to participate in industry related events
Startupbootcamp InsurTech London focuses on Disruptive Insurance Innovation with aim to provide 10 startups with the funding, mentorship and office space to design unique propositions that meet the needs of the insurance market.
The programme is located in the City of London, near London’s Square Mile – the heart of the powerful financial district. Startups will be provided with access to a global network of institutions, a rich pool of market experts, mentors, angel investors and VCs. Over a three-month period, these startups will team up with insightful professionals dedicated to the industry.
Among the major partners are Allianz, ERGO/ Munich Re, Intesa SanPaolo, Lloyds Banking Group, PwC, Route66 Ventures, Swiss Re, and others. Partners will provide the expertise, market exposure, integration as well as access to a network of company professionals that most early-stage insurance startups would not be able to access otherwise.
The benefits of the program include:
Extensive mentorship from hundreds of entrepreneurs, investors and partners
Access to top markets in Europe, US and APAC
The ability to test and refine propositions in a safe environment and learn to employ the techniques used by the most successful startups in this world
3+1 months free office space
€15K in cash per team
€500k+ in partner services
Exposure to 200+ Angels and VCs
Invitation to SBC global alumni network and growth program
In return, Startupbootcamp asks for a 6% equity stake with all contracts being simple, transparent, and available for all to see.
Aside from Allianz Digital Accelerator, the insurer offers entrepreneurs an opportunity to build InsurTech companies and help them grow. As the Company Builder of Allianz, Allianz X promises entrepreneurs a unique working environment and a world-class team to launch new ventures in less than six months from idea to market entry. Allianz X is ready to support each business with significant funding, allowing startup teams to focus on growing their companies.
Through the Allianz X initiative, Allianz is working with businesses to create opportunities that add value to the company’s current portfolio or create new business opportunities within the insurance sector. In addition, Allianz X leverages the worldwide footprint, expertise and partnerships of the Allianz Group.
Program participants are employed as Entrepreneurs in Residence with competitive salary and guided through the company building process by an outstanding team of specialists. On their exciting journey towards a successful market entry and beyond, startup teams are promised to be heavily supported by the Allianz X ecosystem, so that they can concentrate fully on what's important: customers, execution and growth.
Allianz X offers Entrepreneurs in Residence an employment contract with the goal to develop and validate a viable business concept during a defined period. Here are the benefits offered to entrepreneurs:
A competitive salary from first day of engagement
Access to our functional specialists in UX design, IT development, digital marketing and more
Funding based on milestone results
The support and participation of experienced senior management
Access to a unique network of experts from within Allianz
The opportunity to start a career as the CEO of a new company within the Allianz Group
A real team approach in a smart, vibrant working environment with a highly collaborative culture