Kicking off - my first week at Startupbootcamp Insurtech
31 January 2017
Last week the 2017 cohort of insurtech start-ups landed here at Startupbootcamp and began their 100 day accelerator programme. The start-ups this year are incredibly varied, from super-smart AI to claims assessing drones, from South Africans to Swedes the cohort is an embodiment of the extensive reach of insurtech. The energy has been infectious and the office is an exciting place to be with plenty of rich conversations and a wealth of possibilities. We are assured however, that the hard work is only beginning!
One of the things that has struck me most is the pace with which these start-ups move. On more than one occasion I have spoken to a start-up who are struggling with a complex problem, only to come back the next day to find that they’ve solved it and are now working through the next one! It is the embodiment of a fail fast approach, and there is a real sense of innovation, collaboration and energy. Much of this is driven by the incredible SBC team and the wealth of business and industry experts that are linked to the accelerator
Indeed, there is an almost revolving door of experts at the SBC offices with incumbent insurers and investors pouring in to meet with the start-ups, understand their propositions and work out who they may want to partner with. It’s further evidence that the insurance world is alive to the opportunities that insurtech presents. 2016 alone saw a 42% increase in deal activity in insurtech from 2015.
Our UK Insurtech leader Jonathan Howe’s recent blog pointed to the second wave of insurtech, with increasingly insurance-savvy teams and propositions. This can certainly be evidenced by this year’s cohort and what is exciting is that the industry itself is increasingly well-prepared to take advantage of these exciting developments. Insurtech might be relatively young but it is growing up fast.