US-headquartered insurance groups EMC Insurance Companies and Markel Corporation committed to making annual investments in US-based startup accelerator Global Insurance Accelerator (GIA) yesterday.
GIA provides business assistance and seed funding for insurance technology startups, and is accepting applications for its third batch, with the program to run between January and April 2017. It is based in Des Moines, Iowa, a city that is home to more than 80 insurance companies.
EMC and Markel, like GIA’s other corporate backers, will provide participating startups with expertise and mentorship, and will have an opportunity to invest in them.
GIA’s investors already included insurers American Equity Investment Life, Delta Dental Plans Association, Farm Bureau Financial Services, Farmers Mutual Hail Insurance of Iowa, Grinnell Mutual Reinsurance, IMT Insurance, Mutual of Omaha Insurance and Principal Financial Group.