Hartford
InsurTech Hub

Powered by Startupbootcamp

Enriching the Hartford Insurtech ecosystem to deliver insurance success

Startupbootcamp’s Hartford InsurTech Hub, is an initiative that was created by a group of executives from the Hartford-area, including insurance carriers and other related firms, City of Hartford representatives, and several other community stakeholders. Opportunities to help spur increased InsurTech innovation activity in the region were identified by this group, and action against these goals was catalyzed by investment from CTNext: Connecticut’s Innovation Ecosystem.

Hartford InsurTech Hub, was established to attract new talent and technology to Hartford, one of the world’s leading insurance centers. We aim to provide entrepreneurs with the support, resources, as well as the industry and investor connections they need to help grow their business.

We are building a culture of innovation leveraging international entrepreneurs in Hartford, while developing a local innovation ecosystem supported by local resources, capabilities and talent, in which insurance technology startups can grow and flourish.

From July through September, we traveled to the top InsurTech ecosystems around the world, supported by industry experts and partners in each city. We held 23 events in 12 cities and met some amazing startups.
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After a meticulous selection and interview process, the Top 20 startups will be invited to attend Selection Days at Upward Hartford from November 27 until November 29.

The Selection Days have two key objectives: firstly, to ensure that the startups get a strong idea of what the InsurTech Accelerator Program in Hartford is all about. Secondly, the 3 days will give Hartford InsurTech Hub team, as well as the program partners, the opportunity to further examine the startups and significantly help in the selection of the final ten.

During Selection Days mentors, investors, and partners will have the opportunity to assess the startups. The mentors are made up of subject matter experts in fields such as marketing, sales, lean methodology, and investment, and industry experts from across insurance, finance, and technology. Startup rotations take up a significant part of both days and consist of each team having individual sessions with the mentors and partners to receive product, investment, and business strategy feedback.

The advice and guidance is invaluable for the startups and helps team members grow and develop as entrepreneurs. At the end of the second day, we will announce the 10 startups that will join the program.
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The Accelerator will:

Strengthen the industry’s networks, by bringing together innovators, existing talent pools, and the City’s entrepreneurial community

Attract companies with technologies capable of creating process improvements within health, life and P&C insurance

Attract the attention of key investors to those startup companies emerging from within the Hartford region

Bring international ventures with an interest to build a business in the US and locate them within close proximity to the insurance community

  • Hartford InsurTech Hub offers myriad of growth and learning opportunities for insurers, brokers, and other corporate entities with an interest in insurance wanting to support a thriving entrepreneurship ecosystem in the City of Hartford and on the East Coast
  • As a sponsor, you will be able to explore promising opportunities by gaining access to a global pool of early and late stage technology startups. We take the guesswork out of which startup would be the best fit for your business
  • You will also benefit directly from our program through innovation initiatives aimed at assisting you with your own innovation pain points
  • Be part of this exciting initiative by contacting us today!
  • 1 accelerator per year, with 10 to 12 startups in each cycle
  • Startups with a working prototype and initial customer validation, a compelling insurance use case and funding of $150K+ are invited to apply.
  • Startups will receive an initial cash injection of $25k; free office space for each startup team
  • 3-month intensive program based in Hartford and an additional two months to work on projects with insurers
  • Access to the Startupbootcamp global mentors and investors network with deep field experience and expertise
  • Exposure to 100+ investors, experts and influencers during the acceleration program and on Demo Day from the City of Hartford, across the US and from our international networks

Themes

Themes that we’re looking to explore in the program

1. Big Data & Advanced Analytics

Advancements in Artificial Intelligence have made the processing of large data sets possible. Progress in data analysis drives the ability to operationalize and embed these valuable insights into every area of a business. We are looking for startups able to leverage large quantities of external data sources and apply advance computer science and deep learning techniques to those, while enriching insurer key customer engagement processes.

2. The Connected World & Internet of Things

In our world, physical products like cars, assets and buildings gain digital importance through real-time connectivity and exchange of data. As they are able to operate in an optimal way without human involvement, they manage our daily lives and regulate our environment. In a home for instance, the door may learn to lock itself as we walk through. We are looking for solutions able to make the home, buildings, cars, fleets or our lives smarter and able to deliver improved prediction and prevention.

3. Health & the Future of Wearables

As devices become smaller, smarter and with us 24/7 they will be used to monitor our everyday moves. They will be able to monitor our activities, heartbeats, eating habits, prevent diseases as well as make the best of our emotions to enable health insurers to deliver better products and services. We are looking for startups that have a vision around the future of care and health that provides capabilities, which improves human’s lifestyle for the long term.

4. Robotics & Automation

Intelligent machines, process automation, intelligent bots, and robo-advisors will enable a wide variety of objects and software to make decisions and perform tasks on our behalf without human intervention. Driverless cars are good examples of the potential for automation and robotics. They can find the closest gas station, parallel park, avoid traffic, and keep distances from other vehicles. We are seeking startups able to combine a multitude of intelligent automation components to optimize business efficiency while delivering seamless customer interactions.

5. Cyber Security

As the digital world becomes our defacto way to learn, transact and engage, the risks posed by hackers and cyber security threats increase dramatically every single day. Today, a sizeable proportion of businesses do not have the necessary protections in place to prevent attacks that could result in the loss of customer data. In addition, while many insurers recognize cyber risk as a top issue, it does not always appear on the top priority list of many companies. We are looking for entrepreneurs that are developing solutions to protect the corporate and SME environment from cybercrime, but also delivering as a series of services targeted at many segments.

6. Blockchain for Insurers

Blockchain is emerging as a technology able to transform the insurance industry by making contractual agreements more secure and transparent. To ensure that we are certain about the things we do, the blockchain is seen by many as a central capability, able to take away the middleman from a series of transactions while making them cheaper and faster. Future smart contracts attached to blockchains are expected to bring clarity to the process of deal making and open opportunities to launch good and efficient micro or on-demand insurance products. While still new in insurance, we are looking for solutions able to streamline the most relevant areas across the insurance value chain.

7. Optimizing the Value Chain

Insurers are seeking the best options to digitize underwriting, claims management, or customer servicing processes and bring emerging technologies into environments heaving with legacy systems. Whether computer vision, image recognition, sentiment analytics, smart tagging or virtual assistants, we are looking for solutions able to utilize structured and unstructured data or content and interpret these to drive efficiency and effectiveness across error prone and costly insurance processes.

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