Startupbootcamp has launched its new InsurTech Accelerator in Hartford, designed specifically to rapidly scale insurance-focused technology startups. The InsurTech Accelerator, which is now accepting applications, aims to attract new talent and technology to Hartford, one of the world’s leading insurance centers, and will provide entrepreneurs with the support, resources, and industry and investor connections they need to help grow their business.
“Startupbootcamp is a global brand name in innovation and entrepreneurship, and their decision to launch their first InsurTech accelerator in North America here in Hartford is really significant for our City and for the State of Connecticut,” said Hartford Mayor Luke Bronin. “Today’s announcement is the direct result of the strong partnership we’ve been building between our insurance companies, our educational institutions, and the City of Hartford. Working hand in hand with the private sector, our goal is to make Hartford the capital of insurance innovation, and the launch of this InsurTech accelerator is a big part of that strategy. Our focus on InsurTech is just one part of a broader effort to make Hartford a center of innovation, not only in the insurance sector, but also in advanced manufacturing and healthcare – areas where the Greater Hartford region has tremendous strength. I’m grateful to all of the partners who came together to make today’s announcement possible.”
[clickToTweet tweet=”@Sbootcamp launches #insurtech #accelerator #hartford @crowdfundinsider @InsurTechHfd @MayorBronin” quote=”Startupbootcamp has launched its new InsurTech Accelerator in Hartford, designed specifically to rapidly scale insurance-focused technology startups.”]
Founding local partners of the InsurTech Accelerator are Cigna, The Hartford, Travelers, and CTNext. Additional corporate partners include USAA and White Mountains. The InsurTech Accelerator is part of Hartford InsurTech Hub, an initiative conceived by a diverse set of executives from Hartford-area insurance carriers and other related firms, City of Hartford staff, and several community stakeholders.
“New technologies and applications are creating significant opportunities for the insurance industry,” stated Travelers President and COO Brian MacLean. “We’re focused on innovation, advancing our digital agenda and making investments in technology, products, people and partnerships. The InsurTech Accelerator is one of those investments, and we’re proud to be a part of the city’s initiative to support economic growth and help attract new talent and businesses to the area.”
Each year, 10 to 12 startups will be accepted into the three-month intensive accelerator program in Hartford, receiving an initial cash grant of $25,000, a co-working space, and access to Startupbootcamp’s global network of mentors and investors. To be eligible for the program, entrepreneurs must have a working prototype and have secured startup funding from other sources ranging from $150,000 to $500,000.
[clickToTweet tweet=”@Sbootcamp launches #insurtech #accelerator #hartford @crowdfundinsider @InsurTechHfd @MayorBronin @SabineVdL” quote=”Our goal is to reflect on our learning, select international ventures that can foster an innovation spirit within the City of Hartford’s new InsurTech hub and build a spirit of collaboration and the entrepreneurial community in a City that has so many insurers gathered in one place.”]
The program aims to reach beyond Connecticut and leverage Startupbootcamp’s global network, including resources in New York City and Miami, where Startupbootcamp FinTech and Digital Health programs reside. Entrepreneurs participating in the InsurTech Accelerator will also benefit from the experience that Startupbootcamp has gained through its globally-respected InsurTech Accelerator in London.
“I am thrilled to support a unique initiative in Hartford that brings together ecosystem development, startup acceleration and corporate engagement. We are fortunate to be working with some of the most renowned insurance brands in the United States to continue building entrepreneurial talents within the insurance and technology space,” explained Startupbootcamp InsurTech CEO Sabine VanderLinden. “During the past two years, we have seen increased and speedier engagements between fast-moving insurers and those startups that have propositions clearly aligned to corporate entities’ needs. Our goal is to reflect on our learning, select international ventures that can foster an innovation spirit within the City of Hartford’s new InsurTech hub and build a spirit of collaboration and the entrepreneurial community in a City that has so many insurers gathered in one place.”