Accelerators targeting health insurance companies

Steven Loeb · October 4, 2019 · Short URL: https://vator.tv/n/4ed5

They include Health Hub Vienna, The Global Insurance Accelerator and Hartford InsurTech Hub

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 health insurance space:

(Note: Vator will be holding its latest healthcare salon, called The Future of Health Insurance, on Nov. 20. Get tickets here!)

 

Image result for InnoPeaks.ch Health & Insurance Tech Startups Accelerator

"We are on a mission to empower and connect the most promising entrepreneurs across the globe in the fields of Insurtech & Healthtech."

Investment amount: Not specified

Program benefits: 

  • Accomodation: Up to CHF 20K worth of accommodation and travel costs per team to cover your living expenses during your stay at InnoPeaks.
  • Perks and Discounts: More than CHF300K+ in exclusive partner deals from leading technology providers such as Amazon, Google, Intercom, and others
  • Dedicated Coworking Space: Desk space is on us for you and your team in our dynamic coworking space for the full duration of the 3 month program
  • Masterclasses: Expert-led sessions covering all scaling fundamentals – from business model canvas, lean methodology to fundraising
  • Demo Day: A day to celebrate your achievements during the program with 200+ investors, corporates, mentors and press attendees

Mentor makeup: Nicolas Loeillot, Xavier Comtesse, Herve Bourlard, Bora Kizil, Guillaume Dubray

Portfolio companies: HeartWatch, Pryv SA

 

"Health Hub Vienna is a platform for open innovation in healthcare. Pharmaceutical companies, medical device manufacturers, private and public insurance companies, healthcare suppliers and start-ups all work together to develop new, holistic and patient-centric solutions. The acceleration program is managed by INiTS, Vienna’s high-tech incubator with an over 15-year track record of successfully developing start-ups in the life sciences."

Investment amount: Not specified

Program benefits: One of the highlights of the program will be the participation at the 4GameChangers Festival (April) and Pioneers Festival (May), including privileged access to closed events, networking opportunities with successful startup founders, CEOs of key healthcare companies and selected investors.

Mentor makeup: Gerda Achzet, Fredrik Debong, Anton Dunzendorfer, Gabriele Eichhorn

Portfolio companies: docdok.health, Skychain

 

Hartford InsurTech Hub

"As devices become smaller, smarter and with us 24/7 they will be used to monitor our everyday moves. They will be able to monitor our activities, heartbeats, eating habits, prevent diseases as well as make the best of our emotions to enable health insurers to deliver better products and services. We are looking for startups that have a vision around the future of care and health that provides capabilities, which improves human’s lifestyle for the long term." 

Investment amount: Startups will receive an cash grant of $25,000

Program benefits: 

  • 4 months of free office space for your team.
  • 3-month intensive program based in Hartford and an additional two months to work on projects with insurers
  • Access to the Startupbootcamp global mentors and investors network with deep field experience and expertise
  • Exposure to 100+ investors, mentors and influencers during the acceleration program, and again on Demo Day, from across the US and our international networks.

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

Portfolio companies: Medyear, Talem Health Analytics, CareValidate

 

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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.

Portfolio companies: Knowtions, CUBE

 

Plug and Play Tech Center

"Insurance affects everyone’s livelihood. It’s only right that it gets better. Before humanity had electricity, there was insurance. The demand for it never left us, it only grew. But there comes a time in every industry’s lifecycle for a change to be enacted – for new innovation to thrive."

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

 

Insurtech Hub 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: HeartShield, AvoCard, Previondo, reFit

 

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

 

 

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: Predictive Health Partners, Prosper, LVLFi, ClinicNote 

(Image source: khn.org)

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