Insurance accelerator adds 2 investing insurers
Two additional insurance companies, one based in Des Moines and the other in Virginia, have invested in the Global Insurance Accelerator.
Des Moines-based EMC Insurance Cos. and Markel Corp. of Richmond, Va., today confirmed annual investments in the GIA, which help fund a seed investment in insurance technology startups accepted into the GIA program going forward.
With the additional investors, the accelerator now has 10 insurers invested in the program. Each company invests $100,000 each year they are active in the accelerator.
“The addition of EMC gives us another very strong partner in Des Moines,” said Jeff Russell, president and CEO of Delta Dental of Iowa and the GIA board chair. “And the addition of Markel shows that the benefits of being an investor are applicable to insurance companies anywhere in the United States. Together they enable us to continue expanding the GIA offerings through our cohorts and mentoring program.”
The business accelerator, which is based in the East Village, focuses on developing and broadening innovative insurance technology startups. The GIA has hosted two 100-day classes of startup companies in the past two years and is now seeking cohorts for its third class in 2017.
As investors, EMC and Markel will also commit staff and company expertise to help mentor startups through the critical early stages of business growth, potential launch situations, recruiting and onboarding initial customers, and seeking additional funding.
“As an insurance carrier, it is to our benefit to invest in the Global Insurance Accelerator,” said Bruce Kelley, president and CEO of EMC. “The GIA is fostering innovation and building solutions to support the insurance industry. EMC was founded more than 100 years ago as a solution for workers’ compensation coverage in Iowa, and now we are investing in solving key contemporary issues in our industry such as data sharing, security and risk management.”
Markel Corp. is a financial holding company whose principal business markets and underwrites specialty insurance products. It operates an investment subsidiary, Markel Ventures, that makes strategic investments in companies outside of the insurance marketplace.
“We are excited to build relationships with some of the most exciting insurtech startups entering the industry,” said Trent Cooksley, Markel Corp.’s director of strategy and marketing. “Not only will we offer direct mentoring as they go through and graduate from the GIA program, but we also have a vested interest in the longer-term success of companies that may truly innovate how we all do business. Markel can play a valuable role in that innovation.”
Markel and EMC join the GIA’s existing investor group, which includes American Equity Investment Life Holding Co., Delta Dental Plans Association, Farm Bureau Financial Services, Farmers Mutual Hail Insurance of Iowa, Grinnell Mutual Reinsurance Co., IMT Insurance Co., Mutual of Omaha Insurance Co. and Principal Financial Group.
The GIA is now accepting applications for its third cohort, scheduled mid-January through April 2017. Startups can apply online. The application deadline is 9 a.m. on Nov. 7.
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