Hartford InsurTech Hub
, powered by Startupbootcamp
, unveils the 2018 cohort of startups for its inaugural acceleration program. Artificial Intelligence (AI), Big Data Analytics and Natural Language Processing combined with Cyber Security, Smart Home and Health Insurance, to name but a few, display the diverse range of technologies and insurance types that are exhibited by the group of 11 companies that have been selected.
The U.S. insurance market remains the largest globally and offers more growth potential than any other. Nowadays, in order to stay on top, insurers must embrace InsurTechs within their business and be able to adapt to a rapidly changing business environment, with consumers and agents wanting more and technologies becoming more pervasive. Fortunately, the U.S. continues to be the frontrunner in the InsurTech market with over 40% of InsurTech startups originating there, though the gap between the U.S. and European markets looks to be narrowing slightly. With the U.S.
being the best place to raise capital and build ‘Unicorns’, programs, such as Hartford InsurTech Hub, basing themselves in the country means that the U.S.’ hold on the InsurTech market is secure
The 11 successful teams, selected from an initial aggregation of 1,000 applications, will relocate to Hartford ready for the start of the program in January, and will remain for its three-month duration. For the startups themselves, joining the program means they will receive the support, resources, and industry and investor connections they need to help grow their businesses. With support from Startupbootcamp, the teams will be provided with access to an extensive range of partners, mentors, and investors from across the accelerator’s global network.
The 11 startups who will join the first Hartford InsurTech Hub acceleration program and work closely with Hartford InsurTech Hub’s insurance corporate partners: Cigna, The Hartford, Travelers, USAA, White Mountains and CTNext are:
, from India, is working to improve customer retention, loyalty, and lifetime value through the use of Artificial Intelligence & Machine Learning.
, from Australia, has developed an analytics platform that analyzes data from wearable devices and apps to provide powerful performance insights based on Artificial Intelligence.
, from the United States, applies artificial intelligence to large healthcare datasets, helping payers and providers improve patient health at a much lower cost.
, from India, provides state-of-the art analytics applications for the Insurance Industry.
, from the United States, guides customer engagement to deliver real-time and historical visibility into social communication.
, from the United States, leverages an enterprise grade intrusion detection system, behavior analytics, and machine learning to guard against smart home threats.
, from Singapore, provides real-time, tamper-proof, end-to-end tracking that identifies problems and inefficiencies in any supply chain.
, from the United States, is a P2P health insurance platform for international students.
, from Canada, leverages Big Data, Internet of Things and motion detection technology to help landlords prevent water damage, save energy, and save on insurance.
, from the United States, provides a DIY loss control platform that provides inspections and connections to the carrier directly from the policyholder.
, from the United States, focuses on building behavioral models by learning the user’s own access patterns continuously, and comparing them in real-time.
Sabine VanderLinden, CEO at Startupbootcamp InsurTech, expresses her excitement: “The program will deliver a new level of opportunity and huge prospects for Hartford. The insurance capital of the U.S. has seen very little change until recently, whereas the rise of InsurTech in the last few years has impacted insurers in the European markets and some adjacent industries. Hosting 11 of the most talented InsurTech startups will help foster insurance innovation and provide the perfect platform to trigger a surge of entrepreneurial activity in Hartford.”
After five months of scouting over 4,000 startups from 96 different countries (and 850 cities), the announcement comes after 23 talented InsurTech startups met in Hartford this week for three intensive Selection Days with Hartford InsurTech Hub’s corporate partners, mentors, and investors. Startupbootcamp InsurTech has selected the 11 most accomplished and relevant insurance technology startups that will enter its cohort beginning in January 2018.
As many of us are starting to unwind ready for the holiday season and the start of the new year, we at Hartford InsurTech Hub are eagerly awaiting the next phase of the program. Stay up to date with Hartford InsurTech Hub by following on Twitter LinkedIn