Accelerator network Startupbootcamp has launched an insurance technology initiative in the US city of Hartford in partnership with insurers Cigna, The Hartford, White Mountains and Travelers, and financial services group USAA.
CTNext, an incubator subsidiary of state-backed venture capital firm Connecticut Innovations, is also partnering the scheme, as is VC firm Eos Venture Partners, and the latter will make a total of up to $1m of capital available for its participants.
InsurTech Hartford aims to scale insurance-focused technology startups. It will accept 10 to 12 applicants each year and provide each with an initial grant of $25,000, co-working space and access to a network of mentors and investors.
The accelerator is looking for applications from startups with working prototypes and funding from other sources ranging from $150,000 to $500,000.
Sabine VanderLinden, Startupbootcamp InsurTech’s CEO, said: “We are fortunate to be working with some of the most renowned insurance brands in the United States to continue building entrepreneurial talents within the insurance and technology space.
“During the past two years, we have seen increased and speedier engagements between fast-moving insurers and those startups that have propositions clearly aligned to corporate entities’ needs.”