Startupbootcamp, a leading European startup accelerator, took the kick-off to a program dedicated to the insurance industry. The accelerator will be run in London and aims to drive startups all over the world dealing with the insurance sector from different perspectives, from retail to big data, the internet of things, wearable devices, software, cyber security, new business models.
As often highlighted by InsuranceUp, the renewal processes turned on within the insurance sector, will strongly rely on the contribution of startups and Startupbootcamp therefore wishes to provide support to networking and collaboration opportunities between these two industries
“Startupbootcamp is proud to help early stage startups in their development. The Insurance acceleration program is not unlike the others, as it connects such startups with the community and any interested partner. The insurance industry has a crystal clear and growing need for innovation and there are tons of startups out there waiting to be discovered. We want to nurture such untapped opportunities! With the help of our partners, we can create the sole industry-wide initiative that aims to develop digital innovation to transform the insurance industry” said Nektarios Liolios co-founder of Startupbootcamp.
The initiative began in collaboration with several partners of insurance and financial sector as Allianz, Unipol Group, Lloyds, Route 66 Ventures. Pascal Bouvier, General Partner of Route 66 Ventures, perhaps better than anyone else, in a press release summed up the interest that investors have towards the insurance startups, saying: “we believe that the next surge of disruptive investments in financial services will be precisely in insurance carriers” .
The roadmap is the classic one: applications until the end of October, by November 10 startups participating in the program will be identified; the latter will start in January 2016 and will be completed in April with DemoDay. Those chosen will get € 15K each “just to start”, the equivalent of 450k in services, room for the period at the Rainmaking Loft in London (headquarters of Startupbootcamp), steady top-level mentoring and the connection and visibility with a network of over 400 people from industry, venture capital and international investors, etc.
7% of equity is the fee required by Startupbootcamp.
To enhance the call for startups, some Fast Track days, where local startups that are interested in participating in the program can present their ideas, will be held in different locations in the world, until October. Events are planned in the main world capital of innovation, such as Singapore, Berlin, Zurich, Cape Town, Tel Aviv, New York, Hong Kong, Copenhagen, even Milan, which will host the last Fast Track of the season, October 16th.
Globally, there are not many of accelerator programs specifically dedicated to the insurance industry, that so far has been regarded as a Fintech branch, but it is obvious that the insentive will come from the creation of specific programs. Startupbootcamp, which already operates in Fintech, in big data, smart city, transport and energy (all industries related to the insurance field) is undoubtedly one of the first accelerator to follow this direction and will make systemic an already established network of mentors and partners developing new synergies.