The culmination of the Global Insurance Accelerator and its 100-day program came Wednesday afternoon as the eight companies in the 2018 cohort pitched in front of a ballroom of over 650 people at the Global Insurance Symposium.
With its fourth cohort, the Global Insurance Accelerator has now graduated 26 companies and Jeff Russell, the board chairman and CEO of Delta Dental, announced four new investor companies Wednesday:
- W.R. Berkley
In total, the Global Insurance Accelerator has 14 investor companies and over 150 mentors for its program.
Russell said the accelerator is “laser focused” on finding and developing companies that bring innovation to the insurance marketplace.
“The goal is to build an ecosystem of startups, interested insurance companies, venture capital and entrepreneurs focused on insurance innovation,” Russell said.
Russell explained that building an “innovation lab” or starting a new “venture fund” won’t be sufficient enough. He says innovation must be part of the company DNA.
“Are we moving the needle to what our customers want and expect?” Russell asked. “We live in an iPhone and Amazon world, yet as an industry, we seem to move at a pace of the Sears Catalog and the touch-tone phone. There are no shortages of good ideas and good companies out there to help us, the real question is are insurance companies ready to adopt them?”
The eight companies that pitched Wednesday were:
- Authority Data – Tempe, AZ
- Jauntin – Toronto, Ontario
- Byeo – Chihuahua, Mexico
- Lvlfi – London
- InsuredMine – Dallas, TX
- ProtectRisk – Washington D.C
- insurmi – Phoenix, AZ
- RISKpossible – Miami, FL
Russell said to continue helping their portfolio companies in their quest to raise capital, they will host the “InsurTech” week again this October to create opportunities for investment.
The Global Insurance Accelerator is a 100-day program that invests $40,000 into InsurTech startups in exchange for equity in the company. The program concludes each year at the Global Insurance Symposium.
Global Insurance Accelerator: Eight companies in the 2018 cohort – Jan. 11, 2018
InsurTech week: Introducing startups to insurance executives – Oct. 25, 2017
A fourth cohort of the Global Insurance Accelerator is approaching – Aug. 3, 2017