Businessman pointing to word innovation against spiral of shinyAllianz, Unipol Group and other international insurance players are participating partners in a new “bootcamp” launched in the U.K. for industry startups. An underlying goal: to propel innovation, particularly in the digital insurance space.

Startupbootcamp, an insurance accelerator, will be running the three-month Startupbootcamp Insurance program in London starting in January 2016. Applications are being accepted now, and up to 10 global insurance startups will be accepted, according to the announcement.

The program is designed to give the fledgling startups an opportunity to adjust their business model, with the aid of funding, mentoring, office space, and also access to industry partners, investors and venture capital firms.

“The insurance industry is calling out for innovation and there are hundreds of startups out there waiting to be discovered, and we want to nurture that untapped talent,” Startupbootcamp Insurance co-founder Nektarios Liolios said in prepared remarks. “There is a clear and ever-growing need to harness startup innovation and join it up with the developed insurance sector.”

Winning participants will be able to work with Startupbootcamp partners including Allianz, Unipol Group, ERGO, Admiral and Momentum. Also participating: financial services industry experts from Lloyds Banking Group and Route 66 Ventures.

Ruth Foxe Blader, fintech investor at Allianz Digital Corporate Ventures, said that the partnership effort will help transform and modernize the insurance industry and Allianz alike.

“We look forward to working with Startupbootcamp to fuel enthusiasm for innovating insurance,” Blader said in prepared remarks. “We look to the agility and creativity of startups to support our broader ambition of strengthening Allianz through innovation.”

Interested startups can present their ideas to the Startupbootcamp Insurance Team at a series of events held between August and November, 2015, in locations including London, Berlin, Zurich, Cape Town, Tel Aviv, New York, Singapore and Hong Kong. The 10 winning applicants begin their three-month program in January 2016.

Source: Startupbootcamp Insurance

Topics InsurTech Market Allianz