According to a report from CB Insights, InsurTech investment has topped €1.3bn invested across 126 deals between Q1 and Q3 2016, with 82% of this InsurTech deal activity going to startups based in the US, Germany, India, the UK, and France. Corporate insurers are developing investment branches that handle the InsurTech startup deals, with insurers making strategic investments into startups that directly affect the value chain.
This year has also seen more investment into non-health related InsurTech startups, which take 67% of the total, while deals in health insurance-related startups have received just 33%.
In a similar vein, of the 23 startups Startupbootcamp InsurTech has invited to Selection Days, many are using emerging technology to strengthen the value chain and improve customer experience. For example, Aerobotics, a startup from South Africa, is using drone technology in the agricultural, logistical, and mining industries to acquire better data analysis using AI algorithms, and to help farmers farm more efficiently and to allow insurers to price and assess damage more effectively.
Other selected startups include TikkR, a startup from Sweden, that provides short-duration and on-demand insurance protection to insure specific moments; Sharenjoy from Spain that uses artificial intelligence to offer collaborative micro insurance for people attending entertainment events; Thinqbot from India that uses IoT/parametric to offer plug and play infrastructure to convert any home into a smart home, and many others.
Sabine VanderLinden, Managing Director of Startupbootcamp InsurTech says, “This year has seen a dramatic increase in the number of mature InsurTech startups, especially those utilising emerging technology to change the way insurers work. We’ve talked to hundreds of talented entrepreneurs, and while it was a very difficult process narrowing this down to the top 23 for Selection Days, we believe that we have identified 23 great businesses with the eagerness to find solutions to solve life problems or that insurance customers so desperately desire. It is an exciting space to be in, and we look forward to coaching and evaluating these 23 startups at Selection Days and finding the 10 that best fit our program."
Selection Days are a microcosm of Startupbootcamp InsurTech’s accelerator program. During this two-day event, startups meet with corporate partners, mentors, and investors and participate in a rigorous evaluation schedule that helps each venture improve their messaging, find interested parties, and propel them into the actual accelerator program. This year, Startupbootcamp InsurTech scouted 2,500 startups from 43 different countries and selected the Top 23 startups, which are from 12 different countries:
- UK: Blockwise, Insure a Thing, TrackActive, TradeCrediTech, Port, and Protektr
- Spain: Bdeo, Sharenjoy, and Wenalyze
- Ireland: Hublio
- France: MEDVIR
- Germany: Reportix
- Luxembourg: Ensurly
- Slovak Republic: LimeWoood
- Sweden: TikkR, LifeSymb and InsureMyTrans
- Italy: Axieme
Rest of world
- South Africa: Aerobotics, Emerge Analytics and Nuvalaw
- India: Thinqbot
- US: Adapt Read
After five months of scouting and over 200 hours of in-depth conversations, Startupbootcamp InsurTech has selected 23 promising startups to attend its Selection Days on the 29th and 30th of November. On the 30th of November, Startupbootcamp InsurTech will choose the 10 startups that will enter its cohort beginning in January 2017.