Talented teams selected for inaugural InsurTech acceleration program in Hartford
Hartford, Conn., Dec 1, 2017 – Hartford InsurTech Hub, powered by Startupbootcamp, unveils the 2018 cohort of startups for its inaugural acceleration program. Artificial Intelligence (AI), Big Data Analytics and Natural Language Processing combined with Cyber Security, Smart Home and Health Insurance, to name but a few, display the diverse range of technologies and insurance types that are exhibited by the group of companies that have been selected.
The U.S. insurance market remains the largest globally and offers more growth potential than any other. Nowadays, in order to stay on top, insurers must embrace InsurTechs within their business and be able to adapt to a rapidly changing business environment, with consumers and agents wanting more and technologies becoming more pervasive. Fortunately, the U.S. continues to be the frontrunner in the InsurTech market with over 40% of InsurTech startups originating there, though the gap between the U.S. and European markets looks to be narrowing slightly. With the U.S. being the best place to raise capital and build ‘Unicorns’, programs, such as Hartford InsurTech Hub, basing themselves in the country means that the U.S.’ hold on the InsurTech market is secure.
The successful teams, selected from an initial aggregation of 1,000 applications, will relocate to Hartford ready for the start of the program in January, and will remain for its three-month duration. For the startups themselves, joining the program means they will receive the support, resources, and industry and investor connections they need to help grow their businesses. With support from Startupbootcamp, the teams will be provided with access to an extensive range of partners, mentors, and investors from across the accelerator’s global network.
The startups who will join the first Hartford InsurTech Hub acceleration program and work closely with Hartford InsurTech Hub’s insurance corporate partners: Cigna, The Hartford, Travelers, USAA, White Mountains and CTNext are:
- Aureus Analytics, from India, is a customer intelligence and experience company that enables insurance carriers, brokers, and MGAs to deliver superior customer experience, leading to greater retention, loyalty, and lifetime value. Aureus does this using predictive analytics and machine learning to deliver insights in simple English at the point of decision.
- Boundlss, from Australia, helps health & life insurers attract, reward & retain healthy members, and understand & improve member health. Boundlss AI health assistant & conversational platform helps insurers deliver highly engaging, scalable preventative health, sales & claims conversations.
- Pentation Analytics, from India, is a Big Data Analytics company that enables insurers and intermediaries to better engage with policyholders. Pentation’s Insurance Analytics Suite provides predictive intelligence and process automation tools addressing the core insurance use-cases of increasing retention, cross-sales and optimizing claims.
- Rozie AI, from the United States, offers an AI platform to design personalized cusomer engagement and robust business intelligence solutions for enterprises. The emphasis on design and operations facilitates time to value, enabling Rozie AI to deliver technology that is easy to adopt and integrate into existing processes. Rozie AI takes a partnership engagement approach with clients to build a joint vision, to continually optimize business operations and deliver aggregate intelligence.
- SecureHome, from the United States, is a smart home IoT solution that provides critical security needed for every smart home. SecureHome’s technology provides protection against cyber criminals attacking smart homes and small offices. With SecureHome, insurers can launch new personal lines of business for cyber protection, proactively manage their payout risks for property and casualty policies, and collect key smart home data while delivering value to consumers very early in the customer acquisition cycle.
- StaTwig, from Singapore, employs blockchain and IoT technology to provide real-time, tamper-proof, end-to-end tracking that identifies problems and inefficiencies in any supply chain.
- TrueDime, from the United States, provides self-employed individuals – including freelancers, sole proprietorships and small business owners – with a benefits platform that meets their unique needs.
- Ubios, from Canada, helps residential multi-tenant buildings prevent water leaks & lower their energy costs. Ubios’ solution integrates IoT with AI to automate a building’s water security and energy usage.
- ViewSpection, from the United States, is an app and web platform that enables a policyholder to do their own property inspection, and that delivers a detailed, interior property survey to an Agent or Carrier within days, compared to weeks with the traditional loss control inspection model. Beyond delivering a faster, more cost effective inspection report, ViewSpection creates a deeper connection between the carrier, agent and the policyholder, involving them in the process and removing friction.
- Yaxa, from the United States, provides a real-time risk monitoring and threat remediation platform for enterprises seeking to actively detect and block malicious behavior. Yaxa provides protection against user behavior driven threats – understanding the individual user’s normal data access patterns (file activities, login time, data base, ssh, web apps etc.) and taking automatic action when users deviate from past patterns. Yaxa follows the concept – “trust but verify”.
Sabine VanderLinden, CEO at Startupbootcamp InsurTech, expresses her excitement: “The program will deliver a new level of opportunity and huge prospects for Hartford. The insurance capital of the U.S. has seen very little change until recently, whereas the rise of InsurTech in the last few years has impacted insurers in the European markets and some adjacent industries. Hosting the most talented InsurTech startups will help foster insurance innovation and provide the perfect platform to trigger a surge of entrepreneurial activity in Hartford.”
After five months of scouting over 4,000 startups from 96 different countries (and 850 cities), the announcement comes after 23 talented InsurTech startups met in Hartford this week for three intensive Selection Days with Hartford InsurTech Hub’s corporate partners, mentors, and investors. Startupbootcamp InsurTech has selected the most accomplished and relevant insurance technology startups that will enter its cohort beginning in January 2018.
As many of us are starting to unwind ready for the holiday season and the start of the new year, we at Hartford InsurTech Hub are eagerly awaiting the next phase of the program. Stay up to date with Hartford InsurTech Hub by following on Twitter, LinkedIn, and Facebook
About Hartford InsurTech Hub
The InsurTech Accelerator, powered by Startupbootcamp, is the first component of Hartford InsurTech Hub, an initiative established in 2017 by Hartford insurance companies, the City of Hartford, and CTNext. Focused on addressing the need for attracting new technologies and talent in insurance and technology into the City of Hartford and the local ecosystem, the program partners include Cigna, The Hartford, Travelers, CTNext, USAA and White Mountains. It will stretch its reach to other cities in Connecticut to create a thriving spirit of collaboration and innovation between its partners, entrepreneurs and investors, while leveraging Startupbootcamp’s global network of capabilities and a structured delivery approach. For more information, visit: https://hartfordinsurtechhub.com/
Hartford InsurTech Hub is part of Startupbootcamp, the award-winning global network of industry-focused accelerator programs, and home of Startupbootcamp InsurTech London. With 20+ programs in Europe, Asia, North & South America, MENA & Africa, selected startups gain access to the most relevant mentors, partners, and investors in their industry. For more information visit: http://www.startupbootcamp.org
Katherine Dvorkin / Daniel Keir