An accelerator program is available for founders in the insurtech sector, offering seed funding, mentorship, and extensive support over a 100-day period. The program culminates in a final presentation to an audience of insurance carriers, investors, and industry professionals, providing a platform for emerging companies to showcase their innovations.
Program Overview
• Industry Focus: The program is exclusively dedicated to the insurance industry.
• Mentorship Model: Participants gain access to a curated ecosystem of insurance professionals, insurtech leaders, and global organizations.
• Investment: Provides cash investment for early-stage startups to validate product-market fit and prepare for growth.
• Location: The program is based in Des Moines, Iowa, a key hub for the U.S. insurance industry.
• Investor Network: The program's investors are top insurance companies that provide customer insight, pilot programs, and other opportunities.
• Alumni Support: Offers full-lifecycle support with dedicated resources for the ongoing success of its alumni companies.
Investment Terms
• Investment Structure: The GIA Fund provides an equity-based investment of $50,000.
• Instrument: The investment is made in the form of a post-money SAFE (Simple Agreement for Future Equity), which converts to 5% of the company.
• Standardization: Each selected company receives the same standard, non-negotiable investment terms and amount. Final terms are communicated to applicants before the interview stage.
Ideal Candidate Profile
• Stage: Early-stage insurtech companies, from Pre-seed to Seed stage.
• Solution Focus: Solutions must be centered on the insurance industry.
• Market Focus: Companies should be planning to start or expand their customer focus within the U.S. insurance market.
• Team: The program is designed for 1-2 founders who can fully engage in the immersive experience.
Key Areas of Interest
• Artificial Intelligence: Solutions including agents for claims and underwriting, investment portfolio analytics, E&O risk review, and orchestration across diverse AI platforms.
• Data Intelligence: Startups using public and non-public data for claims, risk, and pricing; legacy conversion; compliant data sharing; and real-time platforms for providers and insurers.
• Customer Interaction: Platforms for customer benefit engagement, adherence to care, benefits plan simulators, and payment optimization.
• Risk: Innovative approaches to risk pricing and selection, as well as collaborative risk mitigation practices.
• Workforce: Solutions for AI literacy and education, and methods for capturing and utilizing organizational memory.
Program Structure and Timeline
• Duration: The program runs for 100 days, structured into three distinct phases.
• Format: A hybrid model combines in-person and remote components.
• Phase 1 (3.5 weeks, in-person): Held in Des Moines, this phase includes onboarding, mentor speed meetings, and roundtable discussions with investors.
• Phase 2 (9 weeks, remote): This virtual phase focuses on mentor matching, 1:1 meetings, educational workshops, and panels.
• Phase 3 (3 weeks, in-person): Participants return to Des Moines for final pitch sessions, mentor meetings, workshops, and the final presentations at the Global Insurance Symposium.
• Time Commitment: In-person portions require full-time participation. The virtual phase involves approximately eight hours of scheduled content per week, plus additional mentor meetings.
Application and Selection
• Application Window: Applications are accepted from late July through the end of September.
• Selection Process: A three-stage process includes interviews with program staff and board members, with the final selection made by the insurance carrier investors.
• International Applicants: The program accepts applications from companies globally, provided they have a current or planned focus on U.S. operations.
This accelerator is supported by an ecosystem of leading investors and sponsors dedicated to fostering innovation within the insurance sector. For more information or specific inquiries about the program, interested parties are encouraged to use the contact form on the organization's website.