Hartford InsurTech accelerator ends after 3 years
Photo | Hartford InsurTech
Participants of Hartford InsurTech’s 2018 accelerator program.
Hartford InsurTech Hub’s annual accelerator will not return in 2021 after the program concluded its third cohort on Tuesday, organizers say.
The insurtech accelerator, run by London-based Startupbootcamp, was initially designed as a three-year program to lure new talent and technology to downtown Hartford for periods of three months with hopes they would establish a permanent presence in the state.
The program, based in downtown co-working space Upward Hartford, was funded and launched by insurers Cigna, Travelers Cos. and The Hartford under a three-year-contract.
Dawn LeBlanc, the accelerator’s managing director, told HBJ the program submitted a proposal to continue beyond the contract’s expiration, but the insurers are not yet sure if they would like to continue due to uncertainty caused by the COVID-19 pandemic.
The insurers, however, could decide to relaunch the program this fall, LeBlanc said. Insurer sponsors weren't commenting on the situation. Aetna and The Hartford did not respond to requests for comment. Travelers deferred to LeBlanc, and Cigna declined comment.
“Over three years ago the program was designed to build Hartford as a global Insurtech capital where young ventures directly could engage with the rich local ecosystem of insurers, market players, as well as the local community, city representatives, and regulators,” she said.
Each of the 11 startups participating in the third cohort had relocated to Hartford for six weeks until the coronavirus outbreak forced organizers to complete the program virtually.
The startups hailed from New York City, Boston, Florida, California, Canada, India and South Africa. As previously reported, organizers met with nearly 300 startups in seven countries in recent months before choosing just over 20 finalists.
On Tuesday morning, organizers held their annual Demo Day virtually as startups, narrowed down from a pool of more than 350 applicants, showcased their technologies for an audience of nearly 800 viewers from 36 countries. Technologies developed by the startups are aimed at supporting the health, life and property-casualty insurance markets.
Several participants have already secured pilots or are in negotiations with several program partners and insurance companies, including Aetna, Capgemini, Cigna, The Hartford, Travelers, USAA and White Mountains, officials said.
At least one participant this year plans to relocate to Hartford. LeBlanc said New York’s Stable Insurance, which focuses on the rideshare and on-demand economy/mobility segment of the commercial auto space, is currently shopping for a new office in downtown Hartford.
“Startups involved in the program have had the opportunity to engage with our strong insurance ecosystem that includes a deep investor network, broad mentor group and robust program content,” she said.
The accelerator is ending as Hartford’s accelerator programs have largely moved back to their home cities or countries, and are attending meetings and seminars online, rather than in-person during the COVID-19 pandemic. Some in the industry say the coronavirus-related shift to remote learning and collaboration could change how some accelerators operate long term.
HBJ News Editor Matt Pilon contributed to this story
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