Managers of the Global Insurance Accelerator program say that program provides $40,000 in seed money for each insurance technology startup accepted into the program, in exchange for 6% of the startup's equity.

The Des Moines, Iowa-based program will start a 100-day startup school session for the 2018 class of startups Tuesday.

The program was started in 2015. Backers include Allstate, EMC Insurance, Farmers Mutual Hail Insurance Company of Iowa, W.R. Berkley Corporation and a number of life insurers.

The startups can offer products or services aimed at any type of insurance organization or market. 

The 2018 class, or "cohort," includes several startups with ideas of interest to P&C insurers:

  • HomeClub (Tempe, Ariz.): A mobile verification app which validates the installation of smart-home products.
  • InsuredMine (Dallas, Texas): A cloud-based insurance management application for coverages, payment reminders, document storage, and analytics to help insureds make informed choices.
  • ProtectRisk (Washington, D.C.): A marketplace and social network designed to connect and sell insurance products, and improve collaboration between insurance retailers and wholesalers.
  • RiskPossible (Miami, Fla.): A continuous underwriting engine allowing insurers to continuously underwrite in-force policy portfolios and react to any relevant changes in individual risks.

Information about applying for the 2019 startup school class is available here.

MetLife Inc. recently announced that it's starting an insurance startup training program that will offer the startups accepted up to $120,000 in seed money each. Like the Global Insurance Accelerator program, the MetLife program will ask for equity in each startup that gets seed money.

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