The Global Insurance Accelerator announced the 2018 cohort in a press release Wednesday that will feature eight companies from four states, Canada, England and Mexico.
According to the release, the eight companies are:
- Byeo—based in Chihuahua, Mexico—developed an online tool for collecting relevant life insurance information in a secure, social environment.
- HomeClub—based in Tempe—developed a mobile verification app which validates the installation of smart-home products.
- InsuredMine—based in Dallas—developed a cloud-based insurance management application for coverages, payment reminders, document storage and analytics to help insureds make informed choices.
- Insurmi—based in Phoenix—developed an AI-driven, life insurance app which helps consumers easily calculate coverage needs and compare quotes from the nation’s top insurers.
- Jauntin‘—based in Toronto—developed an on-demand insurance platform allowing insurers to distribute micro-insurance via smartphones and optimize data collection to improve risk and pricing.
- Lvlfi—based in London—is a company which ‘gamifies’ exercise to help incentivize healthy lifestyles and lower risk of diabetes, cardiovascular disease and cancer.
- ProtectRisk—based in Washington D.C—developed a marketplace and social network designed to connect and sell insurance products and improve collaboration between insurance retailers and wholesalers.
- RiskPossible—based in Miami—has a continuous underwriting engine allowing insurers to continuously underwrite in-force policy portfolios and react to any relevant changes in individual risks.
This is the fourth cohort of the Global Insurance Accelerator; Each of the last three cohorts had six startups in them.
Brian Hemesath—Managing Director of the Global Insurance Accelerator—said he expects this year to be, “An awesome year.”
““The companies the GIA typically brings in to the program may be early stage, but the technologies they are working with and the applications they are developing for the industry get more interesting and mature each year,” Hemesath said.
Hemesath said 30 companies were interviewed during the selection process for the 2018 cohort.
Global Insurance Accelerator Program Manager Megan Brandt said half of the 2017 cohort featured companies from outside the United States.
“We’ve always had a spread of teams from all around the world,” Brandt said. “They can be from anywhere, as long as they are trying to solve a domestic issue in insurance.”
Hemesath said the Global Insurance Accelerator capitalized on key connections to help amplify its voice around the globe.
And with Techstars launching a new insurance accelerator program in North Carolina this week, Hemesath says that’s good for the insurance industry.
“It’s good that the industry is doing more,” he says. “Because the industry has a long way to go yet to understand how to work with startups. So the more accelerators there are in the insurance industry, the more these insurance companies will get accustomed to working with newer, smaller companies.”
The 100-day, mentor-driven program starts January 16. Members in the 2018 Global Insurance Accelerator cohort receive $40,000 in funding in exchange for six percent equity. Each startup also receives subsidized housing, which is one block from the accelerator’s office.
The Global Insurance Accelerator will conclude with the startups pitching live onstage at the Global Insurance Symposium at the end of April.
Coverage of the Global Insurance Accelerator in 2017
InsurTech Week: Introducing startups and insurance executives – October 25
A fourth cohort of the Global Insurance Accelerator is approaching – August 3
Global Insurance Accelerator names newest cohort – January 11