- PRA and FCA consults on expectations for the management of financial risks from climate change
- AIR Worldwide estimates industry insured losses from Hurricane Michael at $6bn to $10bn
- LMA’s satellite imagery and intelligence service speeding up assessment and payment of Hurricane Florence and Michael claims
- US P&C insurers more than double first half after tax net income
- Nine insurance associations across the world write jointly to IASB to suggest a two year delay needed to implement IFRS 17 successfully
- IUA reports increase of 16% to £26.314bn in gross written premiums for 2017
- UK Comprehensive car insurance premiums rise 1%-Brexit might delay Civil LIabilities Act introduction expired
- ACORD announces the winners of the 2018 ACORD InsurTech Innovation Challenge(AIIC) expired
- 2018.2 release of Guidewire InsurancePlatform announced expired
- Treaty reinsurance goes live on PPL to complete class roll out expired
- Ardonagh to sell Direct Group's claims business to Davies Group expired
- Ergo Group to sell its Russian life book to Rosgosstrakh expired
22nd April 2018
The InsurTech Accelerator, part of Hartford InsurTech Hub powered by Startupbootcamp InsurTech, hosts its first Demo Day
The InsurTech Accelerator, part of Hartford InsurTech Hub powered by Startupbootcamp InsurTech, this week hosted its first Demo Day in Hartford. Out of the 10 startups graduating from the cohort, 5 startups have already secured pilots with leading insurance companies within the core sponsoring partners: Cigna, The Hartford, The Travelers Companies, Crawford & Company, USAA, and White Mountains.
The 10 startups that took to the stage showcased technologies applicable to the health, life and property and casualty insurance industries, with propositions ranging from improving customer engagement, supply chain management, digital health and smart home solutions, among others.
In addition to the pilots and partnerships secured, three startups have committed to opening an office in Hartford, as a result of the success they have seen during the InsurTech program.
Notable partnerships include:
-Aureus Analytics, a customer intelligence and experience company, has secured pilots with several insurers including partners on the program.
-Boundlss, helps health & life insurers attract, reward & retain healthy members, has completed a pilot with a leading US insurance provider.
-Rozie AI, an AI platform to design personalized customer engagement and robust business intelligence solutions for enterprises, has completed a proof of concept; is working to explore a pilot with a US insurer, and is exploring opportunities within a claims organisation.
-SecureHome, a smart home IoT solution that provides critical security needed for every smart home, is running 3 pilots with insurance companies that are core program partners.
-ViewSpection, an app and web platform that enables a policyholder to do their own property inspection, has secured more than 10 pilots with insurance companies or companies related to their business, including program partners.
As well as securing pilots with the InsurTech Accelerator’s corporate partners, the startups have also been highly engaged with the local Hartford and Connecticut communities. Several startups in the cohort have hired students from the University of Connecticut as interns throughout the program; local universities have established specific InsurTech courses as a result of interaction with the accelerator program; and two startups have run hackathons in collaboration with the University of Connecticut.
Sabine VanderLinden, ceo, InsurTech business at Startupbootcamp, comments “We are excited to be part of the InsurTech community in Hartford, promoting the city as a hub for innovation. There have been many initiatives established over the last year to promote an ecosystem for InsurTech in the US, and the developments we’ve seen so far have been impressive. We hope that this will have a lasting impact and create a ripple effect for future investment in insurance innovation in Hartford and across Connecticut.”
Michelle Cote, managing director for Connecticut Center for Entrepreneurship & Innovation, added “It has been amazing to see the spark that this program has ignited within the city of Hartford, take off in the last three months. There has truly been a buzz around this program, and an incredible level of participation and interaction amongst students, faculty, and insurance industry professionals. There’s a new appreciation for the opportunity that Hartford has, as a strong insurance hub, to change the face of the industry through leadership in InsurTech. We’re thrilled to be able to continue working with Startupbootcamp to strengthen and expand our city’s reputation as a leader in insurance innovation and technology.”
Startupbootcamp Trends(14 articles)