Swiss Re has today announced the launch of its corporate “InsurTech” startup accelerator program with an aim to help startups develop business solutions for the insurance sectors in India.
The accelerator is a program managed by Kyron. The themes that have been identified for the programme includes Internet of Things (IoT), systems of engagement and smart analytics.
InsurTech provides an opportunity for startups to develop products and business case. As per Jason Richards, head P&C business management and technology-reinsurance, up to five startups will be selected for the first programme. He further said:
We are seeing fintech being used to engage with customers in novel ways: new methods of delivery, new products and new data sources will all have an impact on underwriting and our understanding of risk. Swiss Re aims to be at the heart of these changes, helping to make the world more resilient to shocks.
Managing risk may have been our core business for more than 150 years but we have never stood still. We want to continue to collaborate and learn so that we can create smarter solutions for our clients, helping the world rebuild, renew and move forward.
The startups which becomes the part of the program will have access to the global expertise and insights from the Swiss Re team, mentors from the industry and technical enablement to work effectively from Swiss Re’s office in Bengaluru.
At the end of 16 weeks, the selected startups will present their learning and achievements to its ecosystem partners, potential investors and a panel of judges.
Alok Kumar, managing director at Swiss Re – Bengaluru, said,
The world, today, is constantly changing and to keep pace with the risk landscape, we need to continually innovate around how we offer risk protection products.
It has also partnered with Nasscom 10,000 Startups. Commenting about the partnership, Vidhya Shankar, Head of Partnerships at Nasscom 10000 Starts, said,
We are excited about our partnership with Swiss Re to discover, mentor and accelerate high potential startups in the larger fintech space. Given NIPPs (Nasscom Industry Partnership Program) endeavour to bridge disruptive startups with global enterprises keen to adopt Open Innovation we enable collaboration at multiple levels – M&A, Go to Market, Domain specific Mentorship, Acquihire. The InsurTech accelerator program by Swiss Re is pioneering and will go a long way in bringing Indian innovation to the global business community.