Startupbootcamp InsurTech, the business accelerator that promotes insurance technology startups and corporate innovation, has formed a partnership with XL Catlin.
The announcement comes as Startupbootcamp InsurTech’s second accelerator program enters its final weeks in London, with 10 teams drawn from five countries: South Africa, Spain, Sweden, the UK and the U.S.
Startupbootcamp InsurTech’s class of 2017 provides a range of insurance options, ranging from micro insurance to on-demand insurance, aiming to solve problems across the insurance value chain with varying technology and business models.
“We all know our industry is undergoing a huge amount of change. New technologies are impacting our clients’ risk profiles both in terms of creating and eliminating risk; they are altering distribution channels and buying trends,” said Vincent Branch, chief executive of Accelerate, XL Catlin’s internal InsurTech unit focused on leveraging commercial opportunities arising from new technologies.
By working with Startupbootcamp InsurTech, XL Catlin will be part of the “drive to understand how new technologies and insurance propositions will develop in the future,” Branch added.
“We are delighted to have XL Catlin as one of our program partners. XL Catlin has already been very engaged with our startups and helping the startups shape their business propositions to provide the most value and meet the needs of the insurance industry,” said Sabine VanderLinden, managing director of Startupbootcamp InsurTech. “This partnership with XL Catlin will enable us to continue to increase our worldwide exposure and provide additional entry points and opportunities for the startups into these markets.”
XL Catlin joins the list of leading insurance companies already partnered with Startupbootcamp InsurTech: The Admiral Group, Allianz, ERGO, Exponential Ventures, HDI, Intesa Sanpaolo, Lloyds Banking Group, LV=, Metropolitan, MJ Hudson, MMI Holdings, Momentum, Munich Re, PwC, Route66 Ventures, Scottish Widows, Swiss Re, Talanx, Tryg, UnipolSai and Zurich.
Class of 2017
In the three-month program, Startupbootcamp InsurTech’s class of 2017 began to receive help in January with their business ideas; they receive free office space, €15,000 ($15,856) in initial funding, advice from business mentors and the opportunity to pitch their ideas to investors on “demo day” on April 26.
The final 10 companies were chosen out of an original list of 2,500 startups from 43 different countries, a Startupbootcamp representative explained.
Startupbootcamp InsurTech’s first InsurTech accelerator program ran in early 2016.