Today is an exciting day for Startupbootcamp Insurtech! We are about to kick off the acceleration period, meaning 100 days where our 2017 cohort will scale their businesses and refine and shape their propositions.
It will be an extraordinary journey, during which startups will attend workshops and masterclasses with some of the brightest business and expert minds within the insurance industry and the digital economy. Workshop topics include business model canvas, investor readiness, pitch training, lean methodologies, growth hacking methodologies, etc.
We also have the support of Eos Venture Partners, who have allocated €1 million funding to our 2017 cohort.
The startups will attend meetings on a weekly basis with expert mentors, investors, Entrepreneurs in Residence, and our corporate partners in order to refine their propositions and achieve in 3 months what would have taken 18-24 months. Startupbootcamp InsurTech’s partners include Admiral, Allianz, ERGO, Exponential Ventures, HDI, Intesa Sanpaolo, Lloyds Banking Group, LV=, Metropolitan, MJ Hudson, MMI Holdings, Momentum, Munich Re, PwC, Route66 Ventures, Scottish Widows, Swiss Re, Talanx, Tryg, and UnipolSai.
At Startupbootcamp InsurTech, we stress the importance of interactions between our corporates and startups. For this reason, this year we built a “Partner Lounge”, a dedicated and exclusive space for our corporate partners, where they can set up meetings and interact directly with the startups. The Partner Lounge will serve as a space to strengthen relationships and experiment with exciting projects and Proofs of Concept.
After three months of acceleration, startups will pitch in front of 600+ investors, mentors, partners, and media during Demo Day, on the 26th of April. So save the date!
In order to select this year’s cohort, we worked intensively for 6 months to achieve the following scouting statistics:
- We scouted around 2500 startups globally
- Among these 2500, 1000 were relevant for our program
- We had conversations with around 850 of these startups
- We had 18 FastTrack events in 17 different cities
- We travelled more than 40,000 km from San Francisco to Stockholm, Bangalore to Madrid.
- We had around 700 mentorships session, for a total of 231 hours of mentoring with startups
- During the selection process we had 100+ hours of skype calls with startups
- We invited 23 startups to selection days
Here are some remarkable aspects of this year’s cohort:
- Geographically diverse: Among 10 startups, 3 are from South Africa, 2 are from Sweden, 1 is from the U.S., 1 is from Spain, 3 are from the U.K., and 1 is from France (our Startup in Residence, CBien). This indicates that London still remains as one of the most attractive hubs for startups, especially in the financial sectors.
- Innovative tech solutions: technology of this year’s cohort includes drones, telematics, chatbots, artificial intelligence, big data, and others.
- Higher maturity level: we’ve met and selected more mature startups than we experienced last year. This might be due to the fact that InsurTech is slowly gaining ground and startups are looking at this sector more seriously as ripe for change.
Our 2017 Cohort
Here are the final 10 startups selected for the 2017 program:
- Adapt Ready, a startup from the United States, is delivering risk intelligence and analytics to global corporations by applying big data and predictive analysis to pinpoint how customers’ operations and supply chains could be impacted from extreme events.
- Aerobotics, from South Africa, is using drone technology in the agricultural, logistical, and mining industries to acquire better data analysis using AI algorithms, and to help farmers farm more efficiently and to allow insurers to price and assess damage more effectively.
- Emerge Analytics, from South Africa, is using big data, artificial intelligence, and a scoring platform to solve complex business problems, such as sales/marketing and fraud prevention.
- Insure A Thing, from the United Kingdom, is building a scalable platform that fundamentally reverses the operating model by charging payments in arrears and by taking a fixed fee on settled claims, to protect the things customers love.
- LifeSymb, from Sweden, is using an artificial intelligent health robot that uses multiple sensors, such as 3D depth cameras and accelerometers, to collect movement data about a person in order to provide automatic health and fitness recommendations.
- NuvaLaw, from South Africa, is a digital negotiation platform between motor vehicle insurers. The product introduces workflow and measurable efficiency to an environment that is currently unstructured and also facilitates Online Dispute Resolution information exchange and Legal Process Outsourcing to qualified lawyers and mediators.
- PORT, from the United Kingdom, is a personal information cloud datastore for insurance business and people. They make it easy for companies to acquire, store, and manage personal information in a legally compliant way, while using the consented information to deliver new personalized products and services.
- Sharenjoy from Spain, is using artificial intelligence to offer collaborative micro insurance for people attending public or private entertainment events.
- TikkR, from Sweden, is providing short-duration and on-demand insurance protection to insure specific moments, mainly targeting Millennials.
- TrackActive, from the United Kingdom, is reducing cost of claims through better outcomes by using a telehealth assistant platform proposed to provide better care at lower cost through technology that detects engagement, reports on adherence and outcomes, and places accountability on the patient and their health practitioner.
- CBien, from France, provides a digital platform that allows users to manage, value, and protect their belongings in a single app. Various technologies, such as bar code scanner or invoice optical recognition, can be used to easily create an inventory of items, and CBien’s algorithm determines the value of the items, which can then be managed or insured.
Stay tuned for more insight into Startupbootcamp InsurTech’s 2017 cohort with the hashtag #sbcInsurTech17