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Meet the Global Insurance Accelerator’s 2022 cohort

Global Insurance Accelerator
December 22, 2021

The Global Insurance Accelerator (GIA), has announced the eight insurtech companies that will make up its eighth cohort, set to begin on January 12, 2022.

“This will be my fourth GIA program and the fourth version that I have had the opportunity to build,” said Nicole Gunderson, managing director of the GIA in a release. “I believe leading with a hybrid program in 2022 has allowed us to attract an outstanding set of founders who appreciate the opportunity to spend one-third of the 100-day program in Des Moines, Iowa, where the state is home to more than 200 insurance companies. They can balance the ability to meet many potential insurance mentors firsthand with the option to return home anywhere in the world to continue through the program. Feedback from prior years gives us the confidence that this model is a very compelling and effective one and makes our program globally competitive.”

The GIA’s 2022 cohort members are:

Adjust Square (Huntington Beach, California)

Adjust Square is a claims automation technology that enables P&C carriers to settle personal property claims 100x faster by locating accurate replacement items from a proprietary database of 250+ million products.

EquiX

EquiX is a SaaS platform used by commercial property adjusters and pre-loss underwriting reps to more accurately inventory and value commercial BPP contents, machinery and equipment. 

Insurtic

Insurtic is a fully customizable, no-code AI-based platform designed to increase productivity in insurance teams and automate repetitive workflows.

Optikal Care (Atlanta, Georgia)

Optikal Care is a contact care subscription service which provides comprehensive eyecare while breaking down the high cost of contact care.

Safari (New York, New York)

Safari is a career training and recruitment software platform built to help the insurance industry recruit and train the next generation of diverse talent.

RainyDayPal

RainyDayPal is an innovative financial wellness benefit to help American workers pay for unplanned emergencies and transform how we think about and deliver “emergency funds.”

Thumbscore (Wichita, Kansas)

Thumbscore is a quantum-powered engine for insurers to offer financial well-being to individuals, giving each a personalized financial GPS for everyday guidance and education.

TripDoctor (San Juan, Puerto Rico)

TripDoctor is a concierge application backed by a Care Concierge team and curated local doctor network that is revolutionizing international health insurance by supporting customers when they need to find care while abroad. 

The eight startups will each receive mentorship from insurance executives and professionals from all lines of business, along with a $50,000 investment and housing for the in-person portions of the program. Since the program began in 2015, the GIA has invested $2.3 million across 50 startups to advance the InsurTech industry.

“What started as an idea to foster innovation in the insurance industry in 2014 has grown into a pillar of innovation for each of the insurance companies who serve as investors in the GIA,” said Dave Wingert, EVP and COO of Grinnell Mutual Reinsurance Company (Grinnell Mutual) and board chair for the GIA. “As we look ahead to 2022, we’re really impressed with the teams and looking forward to getting to work with them.”

The GIA will conclude the 2022 program with final presentations during the Global Insurance Symposium on April 20, 2022. 

The descriptions of the companies listed above have been provided by the Global Insurance Accelerator.

Meet the Global Insurance Accelerator’s 2022 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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