Innovators abound during accelerator’s InsurTech Week
A dozen startup technology companies from around the country are getting an opportunity to put their innovative products in front of Midwest insurers this week during the Global Insurance Accelerator’s InsurTech Week.
“This event puts more early-stage companies in front of my investors at a time when we’re not very busy,” said Brian Hemesath, managing director of the program, which is based in the East Village. It’s also a way for the program to “pay it forward” to these tech companies, several of which are considering applying for the GIA’s third annual class that begins Jan. 17.
The Global Insurance Accelerator, which launched with its first cohort in 2015, puts technology companies specializing in insurance-centric products through an intensive 100-day program that connects them with insurance industry mentors and potential investors. The startups also get to pitch their products later in the year to attendees of the annual Global Insurance Symposium held in Des Moines. In return for the exposure and a $40,000 investment by the accelerator, each startup commits an equity stake in its company to the 10 insurers that are GIA investors.
The InsurTech companies participating this week were selected from a larger group by representatives from the investor companies, mostly from a network of startups that the accelerator program has interacted with at some level in the past, Hemesath said. They range from New York City-based Abaris, which has developed an annuity quoting app for insurers, to ViewSpection, a Tucson, Ariz., company that has created an app for gathering insurance information on any type of property for property-casualty insurers.
In contrast with the regular 100-day program, the companies here this week don’t provide an equity stake for participating and receive no funding from the GIA. On average, each participating InsurTech startup will connect with a half-dozen potential investor companies through individually scheduled meetups throughout the week, Hemesath said.
“The smart ones have secured their own meetings as well,” he said. “A company here visiting us can solicit non-GIA companies and say, ‘I’ve been chosen for this InsurTech Week program; can you make some time for me?’ “
A new element of this year’s InsurTech Week event — which the accelerator debuted last year over a three-week period — are daily lunchtime presentations by the participating technology companies. Limited seating is still available for Friday’s presentations; registration for the free event is available here.
Trending News
