Markel and EMC Insurance Companies have invested in the Global Insurance Accelerator, a business focused on developing innovative insurance-centric startups.
Eight insurers are already participating from both the health care and property sides: Delta Dental, American Equity, Farm Bureau Financial Services, Farmers Mutual Hail, Grinnell Mutual Reinsurance, IMT Insurance Company, Mutual of Omaha and Principal.
Markel and EMC, by joining, will be making annual investments in the GIA, which helps fund InsurTech startups accepted into the GIA program. Both carriers will also commit staff and expertise toward mentoring startup through their early stages of growth and development.
The GIA launched in 2013 modeled on technology accelerators where seed funding and business assistance is provided to startups in exchange for equity, but it is focused just on the insurance industry.
Participating InsurTech startups selected to participate in the GIAs annual cohort come to its Des Moines, Iowa headquarters for a 100-day program. This includes hands-hon business support, education and assessment from program mentors, and exposure to insurance industry professionals, influencers and possible additional investors. The program culminates annually in April, when participating startups get to pitch live onstage at the Global Insurance Symposium.
Source: Global Assistance Accelerator