September 25, 2017

InsurTech accelerator launches in Hartford

PHOTO | HBJ File
PHOTO | HBJ File
Hartford Mayor Luke Bronin

CTNext and three Connecticut insurers have joined forces with Startupbootcamp to launch in Hartford their first accelerator for insurance technology on the continent.

USAA and White Mountains are also corporate partners.

"Startupbootcamp is a global brand name in innovation and entrepreneurship, and their decision to launch their first InsurTech accelerator in North America here in Hartford is really significant for our city and for the state of Connecticut," said Hartford Mayor Luke Bronin. "Our goal is to make Hartford the capital of insurance innovation."

Each year, 10 to 12 startups will be accepted into the three-month intensive accelerator program in Hartford, and will receive an initial cash grant of $25,000, co-working space for each startup team, and access to Startupbootcamp's global network of mentors and investors.

Startupbootcamp's global network includes resources in New York City and Miami, where Startupbootcamp FinTech and Digital Health programs reside. Startupbootcamp also has an InsurTech accelerator in London.

To be eligible for the program, entrepreneurs must have a working prototype and have secured startup funding from other sources ranging from $150,000 to $500,000.

Founding local partners include Cigna of Bloomfield, The Hartford and Travelers, who say innovative technology is already contributing to growth and improved customer services in the industry, and the InsurTech accelerator will foster more of that.

"Cigna is investing in the InsurTech Accelerator to connect us with local technology startups and entrepreneurs who can help us drive innovation that advances our mission [globally]," said Mark Boxer, Cigna's executive vice president and global chief information officer.

Applicants can now apply to participate in the accelerator. For more information, visit the accelerator website.

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