Hartford InsurTech Hub accelerator program is about to kick off and we are thrilled to welcome our 2018 cohort to Hartford. The next 3 months will be extremely challenging, and the startups will have to be dedicated in order to extract as much out of the program as possible. Nonetheless, the teams should be eagerly anticipating what is to come over the next few months as they have the opportunity to rapidly grow and develop their businesses like never before!
It is a period when entrepreneurs from across the globe come together with a common goal and embark on a journey that they will never forget. New friendships will form and innovative ideas will spark. Everyone involved has a lot to gain from the program, so it is a very exciting time.
The top 10 startups have come through a rigorous scouting and application process and an intense Selection Days event in November. They have now arrived in Hartford ready to spend the next 3 months scaling up their businesses and perfecting their propositions.
The schedule is jam-packed so the teams must be prepared for what will be an exhausting, but highly rewarding period. There will be workshops led by industry leading experts focused on everything from Lean Methodology and Product Validation to Financial Modeling and Growth Hacking. Startups will also have invaluable meetings with corporate partners and mentors as well as evening socials to relax and unwind.
Demo Day, our program-ending event on April 18, will be the culmination of all the startups’ hard work, drive and persistence as they will have the opportunity to showcase their ventures to the world.
Demo Day will take place on April 18th at the Belding Theater, Hartford. Make sure to save the date. For more information, and to register for Demo Day, follow this link.
Hartford InsurTech Hub partners include: Travelers, The Hartford, USAA, Cigna, White Mountains and CT Next.
Hartford InsurTech Hub Acceleration program has launched after two highly successful years of the Startupbootcamp InsurTech London program. The third year of Startupbootcamp InsurTech London begins in February. Take a look at the website to find out more: https://www.startupbootcamp.org/accelerator/insurtech-london/
Our scouting process was carried out alongside the Startupbootcamp InsurTech London program. Overall, 4,300 startups were reviewed and 850 cities around the world were scouted in order to find the top InsurTech startups, showcasing the program’s truly global reach.
In total, we conducted 1,280 mentor sessions during FastTrack events, resulting in 800 hours of mentoring!
Our team’s scouting effort was mammoth, but all the hard work has certainly paid off as we are left with a fantastic and hugely talented group of InsurTech startups from around the world, joining us in Hartford.
2018 Cohort trends
InsurTech has become exceedingly popular in recent years as the insurance industry finally embraces the rise of digitization. Many major incumbent insurers are turning to startups as a source of innovation as they seek methods to remain relevant to modern day consumers.
Among the 10 startups in our 2018 cohort, five are from the U.S., two are from India, and one representative each from Canada, Australia, and Singapore. This demonstrates that the U.S. is a major hub for InsurTech startups, and not only is the U.S. market attractive to domestic companies, but also to some of the best international InsurTech startups.
From optimizing the claims process and increasing retention rates to analyzing behavioral models and reducing cost, the 10 selected startups certainly exhibit a wide variety of the most popular InsurTech trends that we are seeing today. In order to foster these trends, this first wave of InsurTech startups in Hartford is relying on a number of ‘disruptive technologies’, most notably Artificial Intelligence, Natural Language Processing, and Data Analytics. Although labelled as disruptive, these technologies are enabling incremental innovation among insurers and driving improved efficiency and cost reductions.
2018 Hartford InsurTech Hub Startups
- Aureus Analytics, from India, is working to improve customer retention, loyalty, and lifetime value through the use of Artificial Intelligence & Machine Learning.
- Boundlss, from Australia, has developed an analytics platform that analyzes data from wearable devices and apps to provide powerful performance insights using Artificial Intelligence.
- Pentation Analytics, from India, provides state-of-the art analytics applications for the Insurance Industry to enhance policy renewal.
- Rozie AI, from the United States, guides customer engagement to deliver real-time and historical visibility into social communication.
- SecureHome, from the United States, leverages an enterprise grade intrusion detection system, behavioural analytics, and machine learning to guard against smart home threats.
- StaTwig, from Singapore, provides real-time, tamper-proof, end-to-end tracking that identifies problems and inefficiencies in any supply chain.
- Truedime, from the United States, is a P2P health insurance platform for international students. It creates student pools that have similar risks and helps to reduce individual co-payments.
- Ubios, from Canada, leverages Big Data, Internet of Things and motion detection technology to help landlords prevent water damage, save energy, and save on insurance.
- ViewSpection, from the United States, provides a DIY loss control platform that provides inspections and connections to the carrier directly from the policyholder.
- Yaxa, from the United States, focuses on building behavioral models by learning the user’s own access patterns continuously, and comparing them in real-time.
As mentioned earlier, be sure to save the date for Demo Day, on April 18th at the Belding Theater, Hartford.