Five startups graduating from the 2018 cohort have secured pilots with leading insurance organizations in the United States
Hartford, Conn., Apr. 19, 2018 – The InsurTech Accelerator, part of Hartford InsurTech Hub powered by Startupbootcamp InsurTech, yesterday hosted its first Demo Day at The Bushnell Theatre, in Hartford, Connecticut. 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, Inc., 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 organization.
- 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, said: “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, said: “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.”
The 10 teams that showcased throughout Demo Day were:
- 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 customer 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 a 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, database, ssh, web apps etc.) and taking automatic action when users deviate from past patterns. Yaxa follows the concept – “trust but verify”.
Erika Bothma, Program Director for The InsurTech Accelerator at Hartford InsurTech Hub, added: “We’re really proud to be part of the work that is moving Hartford from an insurance hub to the InsurTech capital of the US. It’s been fantastic to witness the growth of the startups and facilitate new partnerships between them and leading insurers. We’re also excited for the future of the city, as we continue to work with local students ensuring that InsurTech is relevant at grassroots level – enabling insurance innovation to be part of Hartford for many years to come.”
Beth Maerz, Vice President of Customer Experience and Innovation for Personal Insurance at Travelers said: “Innovation is critical to remaining competitive and relevant, and the InsurTech accelerator in Hartford is an exciting endeavor. It’s already infusing new ideas into our industry that we believe will, ultimately, benefit insurance consumers. Travelers has been partnering and experimenting with a number of startups in this process, and their high level of engagement and the potential to quickly develop concepts into viable products and services in such a short period of time is impressive and encouraging.”