What is an InsurTech Startup? Could You be the Next InsurTech Unicorn?

What is an InsurTech Startup? Could You be the Next InsurTech Unicorn?

01-Sep-2016 by Kristin Bell

First, let’s define what InsurTech is.

Oftentimes, InsurTech and FinTech are put in the same box. However, InsurTech is not FinTech. And whilst they do share some similarities, particularly as concerns to technological enablers, InsurTech tends to solve different problems.

We see InsurTech as an emerging market practice, which aims to find advanced and emerging technologies and business solutions targeted at solving customer, operational, and business model problems for property and casualty insurers, life insurers, health insurers, brokers, re-insurers, and other insurance ecosystem providers.

We believe that many great technology solutions out there have the potential to solve unorthodox insurance problems. We also believe that many unique entrepreneurs do not realize that they could target an underserved $4 Trillion market, which needs to drive steady growth despite considerable regional disparities and customer loyalty challenges.

Second, let’s establish some unique InsurTech startups out there.

Have you heard of Zhong An, Oscar, or Zenefits? These are all startups within the insurance industry, which have received over $500M investment so far. Closer to home, we have amazing rising stars, such as Knip, GetSafe, or Buzzmove (just to name a few) who have achieved some of the largest funds raised here in Europe.

So next, let’s identify some relevant InsurTech themes.

With our program, partners have spent hours reviewing and discussing the topics which will make a difference within the insurance space, and we have identified the following themes.

Startupbootcamp InsurTech Hot Topics and Themes in Insurance

With all of that said…

Are you a tech startup able to address one of these areas?

On the business side: Property and Casualty Insurance (also called general insurance), Life/Pension or Health Insurance, Broking, Wealth Management, Reinsurance, Underwriting & Actuarial, Claims Management, Customer Servicing & Engagement

On the tech side: User Experience, Data Analysis & Big Data, Artificial Intelligence/Machine Learning, Internet of Things/Internet of Everything/Wearables, Cybersecurity, Blockchain, Virtual Reality/Augmented Reality, Drones/Robotics, Life Science & Genome, PropTech, MedTech & Digital Health

Have you considered an insurance angle to your proposition?

Could you leverage your capabilities to transform a multi-trillion-dollar industry?

The insurance industry is shifting. The world’s largest corporations, which have previously experienced decades of market leadership, are finding themselves resisting change and unable to change quickly. This is because they are constrained by their large size, stifled by their siloed cultures, alienated by their customers, and unable to adapt to a rapidly-changing landscape. Consequently, most insurance providers are unable to keep up with new customer demands and digital technology.

Tech is undoubtedly changing the insurance industry.

Entrepreneurs see these weaknesses in the insurer’s value chain and want to exploit them. The majority of today’s new market entrants are initiating change through innovative or collaborative technologies. They are designing products, services, and processes, and digital offerings that improve interactions with end customers and transform the way things are done today.

We hope you are one of these.

We are currently traveling the globe looking for these innovative startups. If you’d like to meet with us, please choose a city near you. If we are not traveling to a city near you, please get in touch with us at insurance@startupbootcamp.org.

Day Month City Venue Apply
21 July New York City SBC FinTech NY Closed
26 July San Francisco SF Closed
16 August London Rainmaking Loft London Closed
23 August Stockholm Moderna Closed
25 August Tallinn Tehnopol Closed
1 September Tel Aviv Citibank Closed
6 September Paris MANGOPAY Closed
8 September Madrid Madrid Closed
15 September Milan Milan Closed
20 September Frankfurt Frankfurt Closed
22 September Zurich Impact Hub Closed
27 September Amsterdam SBC Amsterdam Closed
29 September Copenhagen Tryg Closed
6 October Bangalore Vaswani Centropolis Closed
11 October Cape Town Workshop 17 Closed
13 October Johannesburg AlphaCode Closed
20 October London Rainmaking Loft London Closed

 

Applications for our InsurTech Accelerator program are open until the 23rd of October, so do not miss your chance to optimize your path to becoming a leading InsurTech startup.

 

Kristin Bell

Global Head of Marketing, InsurTech
Startupbootcamp InsurTech and Hartford InsurTech Hub