(Image credit: Armin Schreijäg.)
The Global Insurance Accelerator (GIA), a Des Moines, Iowa-based business accelerator focused on fostering innovation in the insurance industry, has announced its seventh cohort, launching on January 19 with seven InsurTech companies virtually joining the accelerator’s annual 100-day program.
The GIA went virtual with six weeks to go in the 2020 program, creating what it calls a unique, yet still immersive, experience for the 2020 cohort. The resulting virtual program engaged startup founders and mentors for meetings, coaching, and networking, and created more opportunities for cohort teams than originally planned, according to a GIA statement.
“With the 2020 experience and the continued support of our insurer investors and industry mentors, we moved forward with confidence in making the tough decision to begin the 2021 program virtually,” comments Nicole Gunderson, managing director, GIA. “The startups selected as part of our 2021 cohort have solutions for all lines of business which, with time, dollars, and development, will help make the small commercial segment more accessible, allow insurers to launch pet insurance programs easily, transform the insurance purchasing experience, enable a faster response to catastrophic losses, and much, much more. I’m honored for the opportunity to work together. Seven startups in year seven has a nice ring to it!”
The GIA describes the members of the 2021 cohort as follows:
Anodz: A B2B (SaaS) enterprise intelligence platform designed to measure, manage, and improve workforce and business performance through predictive and actionable insights.
Jayde: A solution offering comprehensive, subscription-based products for small business owners that eases the decision-making related to selecting and maintaining the right coverage.
Rainwalk: An API-driven, turnkey platform which enables property/casualty insurers to white-label and offer pet insurance coverage to further monetize existing customers and maintain a consistent customer experience.
Reeske: A digital life insurance shopping platform which is transforming the insurance purchasing experience and helping redefine the customer relationship with insurance.
Sola: A data-driven supplemental insurance plan which covers immediate out-of-pocket expenses for homeowners following losses from natural disasters, such as tornadoes.
Solar Insure: A provider of extended warranty and protection plans for homeowners who install residential solar energy systems in order to protect and accelerate consumer investment in the solar industry and the world’s transition to renewable energy solutions.
Vaartani: An artificial intelligence (AI) risk management solution which enables insurers to distribute, underwrite, and manage exposures unique to e-commerce sellers on marketplaces, such as Amazon and Shopify.“In the midst of a truly global crisis, the need for innovation in our industry was highlighted,” says Dave Wingert, EVP and COO, Grinnell Mutual Reinsurance Company (Grinnell Mutual) and board chair of the GIA. “By leading with a virtual program, this year’s application field was our most diverse yet and we were impressed by the quality of these founders and their solutions. We look forward to working with all our incoming teams and to hopefully being able to conduct an in-person Demo Day at this year’s Global Insurance Symposium.”
The GIA reports that selected companies will engage in virtual 1:1 meetings with the its mentor base of insurance professionals, sessions with seasoned InsurTech founders and GIA alums, and benefit from investor introductions. Backed by 12 prominent insurer investors from all lines of business and of all sizes, the GIA will conclude the 2021 program with final presentations as part of a “demo day,” either virtually or in-person as travel and health guidelines allow, during the Global Insurance Symposium.