Swiss Re has announced the launch of its first-ever corporate InsurTech accelerator to help startups develop business solutions that could revolutionize the way (re)insurance conducts business. The accelerator is a program managed by Kyron.
A number of themes identified for the program include the Internet of things [home, industrial, health and motor], Systems of engagement [innovative distribution channels and models, digital assistants/Robo advisors etc.] & Smart analytics [across insurance value chain].
![[Image Source - InsurTech]](https://blog.himanshusheth.net/wp-content/uploads/2016/05/SwissReInsurTech.png)
Jason Richards, Head P&C Business Management and Technology , Reinsurance, Swiss Re said
Fintech is already disrupting the wider financial services world and is now starting to make its mark on insurance. We are seeing Fintech being used to engage with customers in novel ways: new methods of delivery, new products and new data sources will all have an impact on underwriting and our understanding of risk. Swiss Re aims to be at the heart of these changes, helping to make the world more resilient to shocks.
Jason Richards added
The Accelerator program provides a great opportunity for innovative startups to develop their products and business case. And it allows Swiss Re to connect with innovative, new companies to share ideas and learning. For the first program, up to five startups in India will be selected. Managing risk may have been our core business for more than 150 years but we have never stood still. We want to continue to collaborate and learn so that we can create smarter solutions for our clients, helping the world rebuild, renew and move forward.
Speaking at the occassion, Alok Kumar, Managing Director, Swiss Re Bangalore said
The world, today, is constantly changing and to keep pace with the risk landscape, we need to continually innovate around how we offer risk protection products. Through this program, we are creating an innovation platform that reinforces our long-standing commitment to bring out new and improved solutions that directly addresses real-world business challenges for the insurance industry.
Vidhya Shankar, Head – Partnerships, NASSCOM 10000 startups said
We are excited about our partnership with Swiss Re to discover, mentor and accelerate high potential startups in the larger fintech space. Given NIPP’s [NASSCOM Industry Partnership Program] endeavor to bridge disruptive startups with global enterprises keen to adopt Open Innovation we enable collaboration at multiple levels – M&A, Go to Market, Domain specific Mentorship, Acquihire. The InsurTech accelerator program by Swiss Re is pioneering and will go a long way in bringing Indian innovation to the global business community.
During the program, startups will have access to global expertise and insights from the Swiss Re team, strong mentoring support from global thought leaders and technical enablement to work effectively from the Swiss Re, Bengaluru office. At the end of 16 weeks, the selected startups will present their learnings and achievements to Swiss Re’s ecosystem partners, potential investors and panel of judges.
Additional program benefits
- Engagement with global reinsurance leader
- Opportunity to work for global markets/business topics
- State of the art facility located in Bangalore
- 3+1 months of office space
- Invitation to participate in industry related events
This initiative is the first-ever initiative by a reinsurance company to foster technology innovation amongst startups in the insurance tech area in India.
Program will commence in July 2016 and interested startups can apply for the program here