Global Insurance Accelerator companies pitch their products to international audience
May 4, 2016 by Business Record Staff
Six innovative insurance technology companies made pitches to an international audience Wednesday during the Global Insurance Symposium held in downtown Des Moines.
The members of the second annual Global Insurance Accelerator class traveled to Des Moines from Canada and Ireland as well as four states to participate in the 100-day incubator program.
The discussions and collaborations between mentors from Greater Des Moines insurance companies and the startups were invaluable to the accelerator companies, said Brian Hemesath, executive director of the accelerator.
“We were better prepared this year to facilitate those discussions, not only through the event, but through pre-event marketing,” he said. “I feel great that this led to discussions that will lead to new collaborations.”
For the first time this year the accelerator companies participated in the ACORD Insurance Innovation Challenge, a national competition with which the Global Insurance Accelerator has partnered. All six of the accelerator companies participated in the optional competition, along with two companies from last year’s class — Drive Spotter and Pablo.
Smart Driveinc was a first-place winner of the ACORD Challenge and will compete in November in a national competition to be held in Boca Raton, Florida. The winning company will receive $25,000 in goods and services.
“That was a fantastic opportunity that that partnership allowed us to capitalize on,” Hemesath said.
An initiative of the Greater Des Moines Partnership, the Global Insurance Accelerator is supported financially by eight insurance companies, with Mutual of Omaha being the newest to join. Each team is provided with a seed investment of $40,000 by the accelerator, which takes an ownership stake in each startup.
Here is a summary of each company, along with video clip of their pitch.
Fluttrbox is an on-demand aerial imaging service and mapping application. The company makes property assessments for property/casualty carriers simple by collecting, processing and analyzing aerial images from its network of drones and their qualified operators.
Isaac Re is a software marketplace where clients can invest in bonds that are backed by insurance risks. The bonds provide investors with attractive returns and substantial diversification opportunities for their portfolios. Simultaneously, it allows insurance partners to make better decisions with their capital and gives them the ability to write new business, closing the coverage gap across America.
Insurance Social Media automates social media marketing for busy insurance professionals. Its software manages their corporate social media by creating highly targeted content to meet their individual needs.
Texting and driving is an epidemic resulting in more than 26 percent of all accidents each year. Smart Drivinc ís a technology that selectively disables various functions on the driver’s cellphone while driving. Its products are configurable with real-time tamper detection and alerts.
Telematic is a smartphone app that is like a Fitbit for your car. It offers auto insurance companies a new way to market to insureds and more accurately price insurance by monitoring car driving and mobile phone usage behaviors.
WeSavvy is a digital insurance platform that enables financial services providers to engage more effectively with policyholders. Through the use of the Internet of Things, WeSavvy brings telematics and innovative risk management to the insurance industry by introducing a transparent way for policyholders to regain control over their insurance premium. Policyholders get cash points on their insurance premium when they run, walk or cycle.
Originally Posted at Business Record on April 29, 2016 by Business Record Staff.
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