“Over $100 million has been invested in the companies that have gone through Startupbootcamp’s (SBC) insurance technology (InsurTech) accelerator program since it launched 18 months ago,” said its managing director, Sabine VanderLinden, at the second demo day held on Wednesday in London.
Ten new startup companies that want to use financial technology (FinTech) to disrupt the insurance sector gathered at the Indigo O2 venue in London on 26 April to pitch to a roomful of investors, mentors,
Some of the FinTechs were no doubt looking for another new vertical market to infiltrate, using many of the same artificial intelligence (AI), blockchain, data analytical and risk tools that have already been successfully deployed in the retail or investment banking
Both types of pitchers were evident at the second SBC demo day. There were attendees from South Africa, Sweden, India, UK and elsewhere, and much talk about the sharing economy and on demand insurance via mobile phone apps. End
There is, therefore, potentially a niche market to exploit and
The full line-up of pitching InsurTech companies included:
- Adapt Ready
- Track Active
There was also one mature startup in residence CBien, which was there to offer advice and share knowledge with their peers. CBien is a digital asset management platform that can value items and offer traditional coverage and/or help users to manage claims. It can also provide niche on demand insurance options for unusual or expensive personal items, such as cameras, antiques, watches and so forth, offering real-time market value pricing.
CBien also has
Ollivier also gave a speech at SBC’s 2017 InsurTech demo day in London advising attendees how his MAIF fund operates and providing tips about how to proceed along the development path.
BuzzVault raised £6 million from White Mountains Insurance Group in August 2016 – the largest such seed investment in Europe at the time.
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The SBC InsurTech event is supported by Zurich, Allianz, Admiral, Swiss Re, the Confused.com aggregator website, PwC, Old Mutual and many others.
“We empower entrepreneurs to explore their original idea, and test and design sustainable business models. We then enable corporate innovation via our partnerships,” VanderLinden explained.