Startupbootcamp, a London-based insurance accelerator that focuses on identifying globally-located disruptive and collaborative insurance and technology innovations, has announced the launch of its new InsurTech Accelerator in Hartford, Conn., designed specifically to rapidly scale insurance-focused technology startups.
The InsurTech Accelerator, which is now accepting applications, has been established to attract new talent and technology to Hartford, one of the world’s leading insurance centers, and aims provide entrepreneurs with the support, resources and industry and investor connections they need to help grow their business.
“Working hand in hand with the private sector, our goal is to make Hartford the capital of insurance innovation, and the launch of this InsurTech accelerator is a big part of that strategy,” said Hartford Mayor Luke Bronin in a press release issued by Startupbootcamp InsurTech. “Our focus on InsurTech is just one part of a broader effort to make Hartford a center of innovation, not only in the insurance sector, but also in advanced manufacturing and healthcare – areas where the Greater Hartford region has tremendous strength.”
The InsurTech Accelerator, powered by Startupbootcamp, is the first component of Hartford InsurTech Hub, an initiative established in 2017. It was conceived of by a set of executives from Hartford-area insurance carriers and other related firms, City of Hartford staff, and several other community stakeholders. Opportunities to help spur more InsurTech innovation activity in the region were identified by this group, and action against these goals was catalyzed by investment from CTNext: Connecticut’s Innovation Ecosystem.
Founding local partners of the InsurTech Accelerator are Cigna, The Hartford, Travelers, and CTNext. Additional corporate partners include USAA and White Mountains.
The InsurTech Accelerator is focused on addressing the need for attracting new technologies and talent in insurance and technology into the City of Hartford and the local ecosystem. It will stretch its reach to other cities in Connecticut to create a spirit of collaboration and innovation between partners, entrepreneurs and investors, while leveraging Startupbootcamp’s global network of capabilities.
Each year, 10 to 12 startups will be accepted into the three-month intensive accelerator program in Hartford and will receive an initial cash grant of $25,000, co-working space for each startup team and access to Startupbootcamp’s global network of mentors and investors. To be eligible for the program, entrepreneurs must have a working prototype and have secured startup funding from other sources ranging from $150,000 to $500,000.
The program will reach beyond Connecticut as well and leverage Startupbootcamp’s global network, including resources in New York City and Miami, where Startupbootcamp FinTech and Digital Health programs reside. Entrepreneurs participating in the InsurTech Accelerator will also benefit from the experience that Startupbootcamp has gained through its InsurTech Accelerator in London.
“During the past two years, we have seen increased and speedier engagements between fast-moving insurers and those startups that have propositions clearly aligned to corporate entities’ needs,” said Startupbootcamp InsurTech CEO Sabine VanderLinden in the release. “Our goal is to reflect on our learning, select international ventures that can foster an innovation spirit within the City of Hartford’s new InsurTech hub and build a spirit of collaboration and the entrepreneurial community in a city that has so many insurers gathered in one place.”
Source: Startupbootcamp InsurTech