Following a highly successful first year, InsurTech startups wanting to get connected, master their market, and rapidly scale are encouraged to apply for year two of Hartford InsurTech Hub’s accelerator
Hartford, Conn., Jul. 2, 2018 – Startupbootcamp’s InsurTech Accelerator part of Hartford InsurTech Hub, opens applications for the second year of its accelerator program. Insurance Technology (InsurTech) startups that have shown strong initial traction and looking to connect with several of the biggest insurance companies in the U.S. are encouraged to apply. Applications will close on September 30. Apply here.
Technology continues to advance at a remarkable rate, and with it, consumer behavior is changing massively. Today’s consumers demand a quicker, more convenient, and more personalized experience. Traditional insurance business models are feeling the digital effect, and as a result must adapt in order to cater to the expectations of the new generation of insurance customers.
InsurTech startups are harnessing emerging technologies to provide a service more aligned to a digitally wise customer base. They are developing new innovative products that provide incumbents with the opportunity to improve their own business models — such as reducing distribution and claims handling costs — and as a result establish a firmer grip on the insurance industry’s rapidly changing terrain. Insurers are excited about the prospect of working with InsurTech startups not only to help their own company stay competitive, but to see the industry as a whole undergo a process of evolution.
Having gone through The InsurTech Accelerator program last year, several of the startups in our inaugural cohort have begun promising partnerships with large insurance companies, thus demonstrating the increasing InsurTech-Incumbent collaboration trend.
Some of the success stories 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.
Sabine VanderLinden, CEO of Startupbootcamp InsurTech, says: “InsurTech businesses and the solutions they provide are having a dramatic impact on the products and services that insurance companies offer to their customers. The technologies that emerge have the ability to transform an entire insurance company and shape the business models of the future. As the value chain of insurance is gradually being reconfigured, we want to be at the center of this transformation by facilitating the right sets of engagement and collaboration between startups and insurers.”
Dawn LeBlanc, Managing Director of The InsurTech Accelerator, adds: “The impact on Hartford from The InsurTech Accelerator’s first program has been profound. We’ve always known the potential the area has to become the center of InsurTech activity in the U.S. It’s truly exciting to see an insurance innovation ecosystem really start to take shape. The selected startups for the next program will directly engage with several of the country’s most established insurance companies and be part of a program that is driving real impactful change in a city that is positioning itself to become a global center of insurance innovation.”
If want to get connected, master your market, and scale your business within insurance, we encourage you to apply to the program. Applications close September 30. Apply here.
For the duration of the three-month accelerator program, the 10 selected startups will relocate to Hartford, Connecticut, a world leading insurance city located on the doorstep of New York and Boston, and become an integral part of the City’s growing innovation and InsurTech ecosystem. Startups will have the opportunity to rapidly scale, through impactful collaboration with Startupbootcamp’s impressive network of insurance companies, investors, and industry expert mentors. The program enables the startups to deliver in three months the same results it would take them 12 to 18 months to achieve on their own.
The InsurTech Accelerator is undertaking a FastTrack tour in order to source the most talented InsurTech startups from around the world. If you would like to meet us at one of our FastTrack events, learn more about the program, and receive invaluable one-to-one feedback and advice on your business from industry experts, mentors, and partners, take a look at the tour dates on our FastTracks blog and apply to the location that suits you best.