Startup Competition Guide

110799

Accelerators targeting InsurTech companies

They include Hartford InsurTech Hub, Protechting, Collab and The Global Insurance Accelerator

Innovation series by Steven Loeb
December 28, 2018
Short URL: http://vator.tv/n/4cf2

Image result for insurtech

For startups, there are numerous paths for getting their name out there. One way, which Vator has been covering recently, are startup competitions, but another popular method to get a foot in the door, as well as some funding and traction, are accelerators. These are programs that provide companies advice, guidance and various forms of support for startups in their early stages. They also often invest in the companies, for a certain equity stake.

Need a list of startup competitions, challenges, accelerators, etc. from around the world? Check out VatorX. You can find them, or list yours!

There are some very well-known accelerators out there, including Y Combinator and 500 Startups, which have made their names through various successful alumni. Those programs fairly general, accepting companies from a variety of different spaces. 

For some companies, it may help to join an accelerator that only focuses on their specific area. That's especially true for those in more specialized spaces, which will have their own unique challenges and regulations.

Here are some of the accelerators that are focused specifically on mentoring companies in the InsurTech space:

 

Hartford InsurTech Hub

"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."

Investment amount: Not specified

Program benefits: 

  • 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

Mentor makeup: Judy Wong, Stephen Siegel, Raymond Lynch, Karyn Shapiro, Frank Senter

Portfolio companies: Yaxa, Boundlss, SecureHome, TrueDime

 

"F10 is Switzerland’s leading collaboration space for FinTech, focusing on innovation in the finances industry for a better future. F10’s programs promote the successful growth of Startups in the FinTech, RegTech, and InsurTech industries. At the same time, F10 gives its board of corporate members access to the latest ideas and prototypes."

Investment amount: F10 does not invest in Startups directly, but our Corporate Partners (PWC, Generali, Baloise, SIX, Julius Baer and Eny Finance) do. We also work together with VCs and Angels-Networks and invite them for our Investor Day and Demoday.

Program benefits: We bring Startups and corporate members together in powerful collaborative partnerships to accelerate growth and innovation. More than just acceleration, we also provide co-working spaces, investment and innovation in the corporate sphere.

Mentor makeup: Kamales Lardi, Julien Arnold, Thomas Ankenbrand, David Keast

Portfolio companies: WealthArc, TaxLevel, SkenarioLabs, Neuroprofiler

 

"Protechting supports innovative startup projects in the areas of Insurtech, Fintech, and Healthtech."

Investment amount: Beyond a 10.000€ cash prize, the winner may benefit from investment.

Program benefits: 

  • All final projects with benefit from incubation at Beta-i with access to further mentoring with some of the most compelling personalities within the management and marketing entrepreneurship industry. They will also benefit from a complete insurance service package from Fidelidade.
  • The three best solutions will get the chance to participate in a roadshow in China with access to some of the largest global investors. They may also receive investment.
  • More than just any prize or perk, Protechting promotes a collaborative culture of innovation, providing all of the participants with a unique knowledge exchange experience.

Mentor makeup: Access to Fidelidade, Fosun and Beta-i network of top mentors, that will share their insights and expertise.

Portfolio companies: Criamtech, Wall-i,TV, CopSonic

 

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"collab 4.0 is an open innovation programme to match insurtech startups from around the world with the right opportunities within MetLife Japan. After rigorous application process, collab 4.0 will select 6 startup finalists to compete for a revenue-generating contract of JPY 10,000,000 from MetLife Japan, which might be the first step towards a longer-term relationship."

Investment amount: ‚ÄčCollab is an Equity-Free programme. However, we may look to invest in your next round, based on mutual agreement.

Program benefits: A key differentiator is our focus on developing long-term strategic relationships between MetLife and each of our participating startups. We view the 2 months of interaction as the beginning of a potential relationship. Each startup in collab is paired with internal MetLife employee champions who act as their lead advocate to:
     1. Enable the startup to partner with MetLife,
     2. Help drive technology and market validation and
     3. Get the startup significant internal traction.

Mentor makeup: 

Portfolio companies: Knowtions, CUBE

 

"SVIA’s InsurTech Rapid Innovation Lab provides world class design, development, and delivery resources that help insurance companies, startups, and vendors harness emerging technologies to forge breakthrough products and solutions."

Investment amount: Not specified

Program benefits: Rapid design, development, & deployment of products and solutions
Reduce risk, time and costs of trying to implement internally, or to develop a team & partners from scratch.

Portfolio companies: Not specified

 

The Global Insurance Accelerator is a mentor-driven business accelerator designed to foster innovation in the insurance industry by supporting insurtech startups targeting the global insurance industry.

Investment amount: $40K seed investment in exchange for 6% equity

Program benefits: 

  • Founder-friendly term sheet: common stock, no board seat 
  • 1:1 meetings with 100+ insurance-focused mentors during mentor meetings; dozens more after 
  • "Demo day" @ Global Insurance Symposium (~600 attendees in 2018) 
  • Additional exposure at industry conferences 
  • Subsidized housing (1 room at Staybridge Suites) 
  • Typical accelerator perks (deals on hosting, marketing tools, etc) 
  • Free food and other miscellaneous perks 

Mentor makeup: TJ Amos, Chris Cheatham, Tom Ford, Craig Ibsen

Portfolio companies: Telematic, WeSavvy, LifeDB, Tyche, CityMile

 

"Mundi Lab is an insurance tech acceleration program, designed to facilitate the go-to-market of startups with innovative solutions for the insurance and reinsurance industries."

Investment amount: You won´t have to give away any portion of your company´s equity in order to participate in the first phase of the Mundi Lab acceleration program. However, those companies moving to the second phase of the program will engage in a 12 months pilot program with Munich Re, which may be in exchange of a small portion of the company's equity.

Program benefits: 

  • World-class mentoring from Munich Re and Mundi Ventures teams
  • Engaging workshops to perfect your entrepreneurial toolkit
  • Use of our unique co-working facilities in Madrid
  • Periodic networking opportunities within the Madrid entrepreneurship community
  • Networking opportunities with other world-class entrepreneurs and the vast network of Munich Re partners and clients
  • Strong lineup of industry experts to hone your product and value proposition for the Insurance Tech industry
  • Opportunity to work on a pilot program with Munich Re and/or other insurance stakeholders
  • Opportunity to pitch your idea at our demo day and access key investors from European top VCs
  • Access to key decision-makers across Munich Re: Learn how corporates think and take partnership decisions

Mentor makeup: Javier Santiso, Itxaso del Palacio, Rocio Pillado, Francisco Velazquez

Portfolio companies: Bynse, CBien, Netbee, RiskApp

 

Plug and Play Tech Center

Investment amount: We do not ask participating startups to give up any ownership. We would much rather invest in your next round of funding fairly.

Program benefits: 

  • Our venture team invest in over 260 startups globally every year and our check sizes run from $25,000 to $500,000. Become a portfolio family member today.
  • We have partnered with over 220 of the world’s largest corporations to help them discover startups. Our startups pitch in private sessions to land pilots and grow faster.
  • With over 25 locations across The Americas, Europe, Middle East, and Asia, we can help you scale to new markets faster.
  • Our 180,000 square foot building in the heart of Silicon Valley makes it easy for teams to grow hassle free.
  • We might not have kombucha on tap (yet), but we do have 300 of the world's best venture capital funds as regular visitors. This has helped our ecosystem raise more than $7bn.

Mentor makeup: Alex Tsetsenekos, Ben Dubin, Croom Beatty, Gopi Ragnan, Nick Pester

Portfolio companies: Sentiance, Slice Labs, Civic, Quilt, UiPath, Etherisc

 

W1 Forward InsurTech Accelerator

"W1 Forward InsurTech Accelerator was launched in 2015 together with leading insurance companies to establish one of the world’s leading ecosystems for InsurTech startups in Munich and help them boost the market. The accelerator brings talented startups together with industry partners and InsurTech Hub community and contributes to the long-term success and sustainability of their company."

Investment amount: The program is free of charge. No team will be asked for equity. 

Program benefits: 

  • Intensive 8 weeks program with top-class coaching sessions & interactive workshops
  • Explore collaborations and gain exclusive industry insights from our InsurTech Hub partners
  • Office, community and “by-request” resources available to teams for following 3 months
  • Network of potential customers, investors, partners and entrepreneurs
  • Access to our WERK1 community and local partners Xpreneurs & LMU Entrepreneurship Center
  • Strong visibility through integration into the activities of the InsurTech Hub Munich

Mentor makeup: Natasha Amaral, Alex Barker, Romain Berthomé, Johannes Bertens, Aurelie Blaise, Amanda Birkenholz

Portfolio companies: MedPayRx, DOCYET, Prewave, Kruzr

 

Techstars MetLife

"MetLife Digital Accelerator powered by Techstars focuses on innovating in the insurance industry - an industry of massive size & reach with global insurance premiums of $4.5 trillion in 2015. MetLife is a powerhouse as a Fortune 42 company & one of the world’s leading financial services companies with operations in over 40 countries. The 2018 program focuses on innovations in health & wellness, the gig & sharing economy, benefits marketplaces, underwriting, etc."

Investment amount: Upon acceptance to a Techstars Accelerator, every company is offered a $100,000 convertible note.

Techstars contributes $20,000, which is commonly used as a stipend to support living expenses during the program, and in return receives 6% common stock from each company.

Program benefits: 

  • Access to Techstars resources for life.
  • Acceleration in a 90-day Techstars mentor-based Accelerator program with personal mentorship and office space to accelerate your business.
  • Lifetime access to the Techstars worldwide network of entrepreneurs including more than 10,000 mentors; 2,700 investors; 1,200 alumni companies  and 180 staff members.
  • Access to over $300k of cash equivalent hosting, accounting and, legal support –plus other credits and perks worth more than $1M.
  • Demo Day exposure and other investor connections.

Mentor makeup: Alex Seidita, Greg Baxter, Ingrid Tolentino, Isaac Oates, Jennifer Fitzgerald, Sander Daniels

Portfolio companies: Enroll Hero, Aligned Business, Buddy Insurance, FitBliss, FIX HEALTH

(Image source: trulioo.com)

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