On 29th and 30th November, ‘InsurTech Selection Days’ was organized by Hartford Insurtech Hub, at which Pentation Analytics was selected among the top 11 InsurTechs for its coveted ‘InsurTech Accelerator’ Program, establishing itself as a cut above a stupendous 4000 applicant companies. Artificial Intelligence (AI), Big Data Analytics and Natural Language Processing combined with Cyber Security, Smart Home and Health Insurance, to name but a few, display the diverse range of technologies and insurance types that were exhibited by the group of the 11 winners.
After five months of scouting over 4,000 startups from 96 different countries (and 850 cities), the announcement has come after the shortlisted 23 InsurTech startups had met in Hartford this week for three intensive Selection Days with Hartford InsurTech Hub’s corporate partners, mentors, and investors. Startupbootcamp InsurTech has selected the 11 most accomplished and relevant insurance technology startups that will enter its cohort beginning in January 2018.
The 11 startups who will join the first Hartford InsurTech Hub acceleration program and work closely with Hartford InsurTech Hub’s insurance corporate partners are Aureus Analytics, Boundlss, Hindsait, Pentation Analytics, RozieAI, SecureHome, StaTwig, Ubios, ViewSpection, Yaxa and Truedime.
The 20 judges who selected the winners represented accelerator partners Cigna, Travelers, USAA, The Hartford, White Mountains Insurance Group, CTNext, Eos Venture Partners and four Startupbootcamp members.
Sabine VanderLinden, CEO at Startupbootcamp InsurTech, expresses her excitement: “The program will deliver a new level of opportunity and huge prospects for Hartford. The insurance capital of the U.S. has seen very little change until recently, whereas the rise of InsurTech in the last few years has impacted insurers in the European markets and some adjacent industries. Hosting 11 of the most talented InsurTech startups will help foster insurance innovation and provide the perfect platform to trigger a surge of entrepreneurial activity in Hartford.” (Source: Hartford InsurTech Hub)
The three-month accelerator program, housed in the Upward Hartford co-working/incubator space downtown in the Stilts Building at 20 Church St., will start from January 8 and will provide the startups with support, resources and industry and investor connections. They will work alongside area insurers to pilot and refine their technology.
The idea for the accelerator hatched from local insurers and government and business leaders as an opportunity for Hartford to capitalize on the InsurTech boom, in which investors poured $1.7 billion in insurance-based tech startups in 2016, according to industry data tracker CB Insights. The goal is to bring some of those investment dollars to Hartford, which is still considered an insurance mecca, to create an ecosystem of innovation that attracts new talent and technology startups on par with InsurTech strongholds globally, while keeping the region’s large cluster of insurers competitive at a time when rapidly evolving technology is upending the industry. “There needs to be this match-making between the corporate entities and the startups, so we have to do the work to really understand the problem the corporates want to alleviate and then find the startups that can alleviate those problems,” Vander Linden said.
With our proprietary analytical application ‘Insurance Analytics Suite®’ Pentation Analytics is onboard for this wonderful journey.