Global Insurance Accelerator and State of Iowa Collaborate to Improve Insurance
Des Moines, Iowa – February 5, 2020 – The Iowa Insurance Division recently met with the 2020 cohort of the Global Insurance Accelerator (GIA), which includes eight InsurTech startups working to improve insurance through the accelerator’s annual 100-day program.
“This year’s cohort includes early-stage startups and founders who are solving big and important insurance problems,” said Nicole Gunderson, managing director of the 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. The long-standing collaboration between the Iowa Insurance Division and the GIA helps produce stronger InsurTech companies and solutions with track records of success.
“When you combine the collective expertise of the insurance companies domiciled in Iowa with a world-class accelerator, you get results,” said 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 all over 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.
“I’m honored that our staff is able to bring their expertise to bear in collaborating with these startups,” said 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.”
The culmination of the program is a “Demo Day” on the main stage at the Global Insurance Symposium on April 22, 2020.
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About the Global Insurance Accelerator (GIA)
The Global Insurance Accelerator (GIA) promotes innovation in the insurance industry through a mentor-driven, 100-day accelerator program for InsurTech companies. The GIA supports an annual cohort by providing each accepted company a $75,000 investment in the form of a post-money Simple Agreement for Future Equity (SAFE) which converts to five percent of the company. During the program, cohort members get insurance-specific mentoring via 1:1 meetings, basic business infrastructure assistance, coaching on pitching and presentation skills important to garnering investments, help developing go-to-market strategy, and product-specific insights into strategies for increasing applicability to and feasibility for the insurance industry. For more details please visit www.globalinsuranceaccelerator.com.