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Meet the Global Insurance Accelerator’s 2020 cohort

January 8, 2020

The Global Insurance Accelerator (GIA) has announced the eight insurtech startups that will make up the 2020 cohort in Des Moines, starting on January 14.

“This year’s cohort of companies is solving big and important problems, each of which continues to align with the GIA’s mission of driving innovation in the insurance industry,” said Nicole Gunderson, managing director of the GIA, in an announcement. “Our mentors, largely insurance professionals, are looking forward to engaging with these insurtech innovators in the months to come.”

The selected companies will each receive a $75,000 investment and participate in the GIA’s mentor-driven program by engaging in 1:1 meetings with insurance professionals, site visits to insurer offices, networking events, discussions with insurtech founders, education sessions and investor introductions.

The eight companies participating in this year’s cohort are:

  • Caregiven: An Oregon-based startup enabling providers to offer real time, curated guidance to individuals and families managing end-of-life care for an aging or ailing loved one.
  • Denscore: A Michigan-based startup using existing claims data to support dental insurers’ pay-for-performance initiatives to derive value-based scores for participating dentists.
  • Gerald Tech: A New York-based startup offering a life event engagement and cross-sell platform for insurance providers.
  • InsureVite: A Singapore-based startup aiding insurers in reducing friction in the insurance process and revolutionizing customer experience through social messaging apps.
  • Kiwi: A New York-based startup focused on bringing episodic on-demand injury insurance to market by using social media analytics to meet customers wherever they are.
  • Summary Medical: A Wisconsin-based startup employing artificial intelligence to automate the review of medical records for life insurance companies.
  • TCARE: A Missouri-based startup reducing long-term-care (LTC) claims by providing an evidence-based, family caregiver support program which can help delay or prevent nursing home placement.
  • UDoTest: A Massachusetts-based startup (via South Africa) providing a business-to-business at-home disease testing software platform which helps enterprises improve insurance outcomes.

“We evaluated a strong and growing application field and were especially impressed by the quality of these founders and their solutions in terms of industry need, product-market fit, and degree of innovation,” said Jeff Russell, president of Delta Dental of Iowa and board chair for the GIA.

GIA will conclude the 2020 program with final presentations as part of a “demo day” at the Global Insurance Symposium on April 22.

To celebrate and introduce the accepted startups into the community, GIA will be holding a welcoming reception on Jan. 29 at the Northwestern Hotel building, from 4:30-6:30 p.m. Registration for the event is free.

Previous coverage

Global Insurance Accelerator nearly doubles funding for insurtech startups -Oct. 14, 2019

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Meet the Global Insurance Accelerator's 2020 cohort | Clay & Milk
A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.
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