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Insurance tech, all incubators and specialized accelerators

Support programs focused on the startup of the insurance business, begin to be developed. And many are launched by the same insurance companies seeking for innovation. Here are the emerging and most interesting initiatives

15 Jun 2016

The ecosystem of startups includes among its players the various incubators and accelerator programs which help young companies to better define themselves. Hundreds are in the sector of startup incubators, most of them linked to the digital industry, some of which have emerged as forges of successful startups, for example Y Combinator or 500 Startups.

Which are the incubators that have already taken steps to ride the boom of the insurance tech?

As we often reiterate, insurance companies have entered into a period of massive change. The innovation arises today strongly and with urgency, so that all the world’s leading companies, with the goal of accelerating the processes of renewal by focusing on different open innovation strategies that consider the startup as a core entity, such as creating corporate venture funds, innovation centers or contest aimed at identifying new projects. And of course focusing on collaboration with incubators / accelerators or by creating their own.

At the moment there is no comparison between the number of incubators that deal with digital or Fintech widely meant, and the number of initiatives devoted specifically to the insurance tech, which are still few; this is just the beginning. Here are the pioneers.

Global Insurance Accelerator – Des Moines (Iowa) – Born in 2014 is an incubator that produces mentor-driven startup accelerator programs focused on developing solutions for the insurance industry. Not a typical accelerator: mentors are executive of the insurance industry and investors are the companies.

Startupbootcamp – London – In the sector of the incubator already qualified with its acceleration programs in several vertical industries, including the Fintech, the tech insurance for less than a year, has its own autonomy and is in good shape. Open to startups from around the world, the call for the next cycle has recently reopened.

Open Innovation Lab – Paris – Promoted and managed by BNP Paribas Group Atelier realizes acceleration program for startups that want to collaborate with the group, including Fintech field. The first season attracted 142 startups from around the world (see infographic).

Kamet – Incubator of AXA launched in 2015 with a budget of 100 million euro. The peculiarity is of being open for both external contractors, and projects proposed by company personnel.

Plug and Play – It is an incubator in Silicon Valley that produces very vertical acceleration programs, including the one dedicated just to the tech insurance.

Y Combinator – It is considered the best accelerator for startups in the world by investors such as Marc Andresseen. The fact that among its focus has entered the insurance tech (since 2013), which is oriented to the startup of this sector has not been particularly advertised. Just do it. Here’s an example of the most recent.

Allianz Digital Accelerator – It is located in Monaco. It is an incubator / innovation lab that aims to develop projects from concept to completion. Entrepreneurs can always apply, the more mature startups can access the Allianz Corporate Venture.

Swiss RE – The Swiss-based company launched a tech startup accelerator for insurance in India in Bengaluru (where it already has a center for technological innovation) this past April. Focus on IoT, new distribution models, analytics, robotics.

Aviva Digital Garage – Launched in London and Singapore, it is an incubator / innovation center for the development of innovative and disruptive solutions in insurance.

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