Startupbootcamp InsurTech on Worldwide Search for the Next Startup to Take Insurance Industry by Storm

Insurance
14.09.2017 10:15 am

Startupbootcamp InsurTech, the leading accelerator focused on insurance technology startups and corporate innovation, is on the search for the next InsurTech startups to take the industry by storm. Applications for Startupbootcamp InsurTech London are open until 29 October – apply here.

Consumer needs and expectations have changed and will continue to change as technology enables how we shop, travel, look after our belongings, save our money, and more. The seamless process of searching for and purchasing something on Amazon or booking peer-reviewed accommodations in a different country at the touch of a finger, condition us to expect this fluidity and ease of experience with every transaction and interaction – including with our insurance.

Set against the backdrop of an insurance industry facing numerous challenges and a world undergoing rapid change, is insurance technology. InsurTech is reshaping insurance and continues to build momentum, with deals in the sector increasing. Insurers are excited about the prospect of working with InsurTech startups, giving the sector a window of opportunity to prove its value.

Amid the buzz, InsurTech businesses have themselves begun to grow up, attracting interest from both traditional insurers and an audience beyond the insurance industry.

Startupbootcamp alumni Buzzmove, has raised £6m+ ($8m) investment since leaving the accelerator in 2016 and launched buzzVault, a new service aimed at customers who want to “protect, manage and store” their belongings in a “digital vault”;
CBien, a digital asset management platform that can value items and offer traditional coverage and/or help users to manage claims, and was the Startup-in-Residence during the 2017 program, has raised an additional £7m ($10m) to fuel its international expansion graduating from the program;
Aerial data-analytics specialist and 2017 alumni, Aerobotics, has secured a joint £460,000 ($600,0000) seed-funding round, that will be used to expand Aerobotics’ sales and marketing capabilities;
GDPR focused startup, PORT, led by serial entrepreneur Julian Saunders, has also secured a seed-funding round that will be used to accelerate the development of the platform;
Another 2017 startup, Emerge, is engaged in strong corporate relationships, delivering value quickly by improving sales, retention, pricing and operational efficiency using sophisticated artificial intelligence machine learning algorithms that the team has been refining for years;
RightIndem, from the first cohort in 2016, has proven to deliver strong results for the corporate partners it is working with, including reducing costs and accelerating the speed of delivering greater value to consumers and insurers alike;
massUp, the online and offline one button insurance enabler within retail channels has also added major partners to their list and international markets too.

Sabine VanderLinden, Global Managing Director of Startupbootcamp InsurTech, said: “Offerings such as these are attracting the significant amounts of funding now flowing into InsurTech businesses. Indeed, the flow of capital into InsurTech underlines its growing significance and perceived future value. InsurTech startups are becoming key enablers within insurance businesses, and we want to work with the up-and-coming companies that have businesses that could potentially push the industry to the next level. There is no sign of this InsurTech momentum slowing down. Insurance is changing, and we’re right at the centre of it.”

InsurTech is expanding rapidly and gaining worldwide attention from industry professionals, insurers, and investors. 2015 saw $2.7 billion investment across 122 deals. 2016 saw $1.7 billion across 173 deals. And so far in 2017, the first two quarters combined have seen over $1 billion investment across more than 100 deals–over half of which went to early stage/seed/Series A startups (CBInsights).

VanderLinden adds: “We know more needs to be done at the earliest phases of the funding cycle for the startup community. We want to help the worthiest startups find the right partners and investors.”

Are you ready to become the next big thing in InsurTech and turn your venture into a high-growth business? Applications for Startupbootcamp InsurTech London are open until 29 October. Apply here.

Startupbootcamp InsurTech enables collaboration with over 200 mentors, 26 insurance brands, and 100s of investors, in addition to extensive support and advice from hundreds of entrepreneurs, program alumni, and world-renowned businesses. Located in the insurance capital of London, Startupbootcamp InsurTech harnesses years of cumulative experience to guide company development through hands-on sessions, workshops, and bespoke masterclasses with some of the brightest business and expert minds. The program enables 10 InsurTech startups to deliver in 3 months the same results it would take them 12 to 18 months to achieve on their own.