Startupbootcamp’s InsurTech Accelerator part of Hartford InsurTech Hub, announced on Monday it has opened applications for the second year of its accelerator program. The organizers of the program reported the 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.
“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.”
Startupbootcamp also noted that for the duration of the three-month accelerator program, the 10 selected startups will relocate to Hartford, Connecticut, and become an integral part of the City’s growing innovation and InsurTech ecosystem. The 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. Sabine VanderLinden, CEO of Startupbootcamp InsurTech, stated:
“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, added:
“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.”
Applications will close on September 30. Apply here.