(Iowa House of Representatives, Des Moines. Credit: David Mark.)
The Global Insurance Accelerator (GIA) has announced that it is collaborating with the Iowa Insurance Division (IID). The IID recently met with the GIA and the 2020 cohort of the which includes eight InsurTech startups participating the accelerator’s annual 100-day program. The IID is providing mentors to the GIA, which in turn provides exposure to InsurTech startups with new ideas and new ways of thinking for the IID, according to a GIA statement. The tradeoff is part of a strategy by which the GIA and the IID discuss and collaborate to fill needs of the startups and mentors in areas which either group may need insight or guidance.
“This year’s cohort includes early-stage startups and founders who are solving big and important insurance problems,” comments Nicole Gunderson, managing director, GIA. “Not only will this year’s teams benefit from guidance designed to help them succeed in the complex U.S. regulatory environment and the in-depth look the GIA is able to provide into the processes and needs of insurance companies, but our regulator mentors also learn from exposure to new ways of approaching existing industry problems and innovative technology solutions.”
The State of Iowa, long noted for creating a regulatory environment which favors responsible innovation, is home to more than 200 insurance companies, with over 80 located in Des Moines, home to the GIA.
Insurance Heritage and Business Climate
“When you combine the collective expertise of the insurance companies domiciled in Iowa with a world-class accelerator, you get results,” comments Iowa Governor Kim Reynolds. “With our insurance heritage and great business climate, Iowa is the perfect spot for these startups to innovate and to develop a platform from which to continue to grow and succeed.”
The GIA’s 2020 cohort includes companies from across the U.S., as well as Singapore, focused on managing care and service providers, increasing customer engagement, improving individual behaviors and performance, delivering or distributing on-demand insurance, automating manual tasks, reducing claims, and even providing solutions for at-home disease testing. The program mentors, including insurance professionals from the GIA’s 15 investors, extended industry network, and the Iowa Insurance Division, will engage with these InsurTech innovators in the months to come via 1:1 meetings, educational sessions, and networking opportunities.
Bringing Expertise to Bear
“I’m honored that our staff is able to bring their expertise to bear in collaborating with these startups,” comments Iowa Insurance Commissioner Doug Ommen. “These startups are made up of folks that are problem solvers and that is good for our insurance industry and insurance consumers.”