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Global Atlantic Financial Group Invests in Global Insurance Accelerator
DES MOINES, IA, January 30, 2019 - The Global Insurance Accelerator (GIA), the world's first business accelerator focused solely on innovation and technology for the insurance industry, is pleased to announce a recent investment by Global Atlantic Financial Group Limited (Global Atlantic).
Global Atlantic offers a broad range of retirement, life, and reinsurance products designed to help customers address financial challenges with confidence and customize a strategy to fulfill protection, accumulation, income, wealth transfer, and end-of-life needs. Global Atlantic's investment will help fund the GIA's annual, mentor-driven program, while offering the opportunity for six of the company's staff members to participate as program mentors who can, in turn, bring some of the innovation and ideas surfaced through interactions at the GIA back into Global Atlantic.
"We have been aware of the GIA for a number of years now and have been very impressed with their ability to foster innovation in the insurance sector," said Kathleen Redgate, chief operating officer for Global Atlantic. "We believe we are in a position to influence how innovation in the insurance sector evolves and we believe the GIA to be a great conduit to nurture the evolution of the InsurTech ecosystem. We're also focused on supporting and growing the startup ecosystem in Des Moines, a core market for Global Atlantic."
The GIA's annual 100-day program brings eight to ten InsurTech startups to Des Moines for an immersive insurance experience complete with business coaching by program mentors, exposure to insurance company operations, focused line of business (LOB) insight, and access to potential additional investors. GIA cohort companies graduate by pitching live to Global Insurance Symposium attendees each April.
"Global Atlantic is joining the GIA as an investor at a very critical time," said Brian Hemesath, managing director of the GIA. "Interest in InsurTech is still quite high, but insurers know more now in terms of what to ask for around features and functionality, potential partnership, co-development opportunities, and more. I know this year's cohort will find great value in the mentors and advice the Global Atlantic team brings to the table."
As part of the GIA Board, Global Atlantic will have a limited financial stake in some of the top InsurTech startups in the world and influence into the business and product development of cohort companies. The GIA's insurer investors get early access to the latest industry-specific technology trends, and, are better prepared to compete against counterparts in the same market segments.
Global Atlantic joins the GIA's existing investor group, which includes Allstate, American Equity Investment Life Holding Company, Delta Dental of Iowa, EMC Insurance, Farm Bureau Financial Services, Farmers Mutual Hail Insurance of Iowa, Grinnell Mutual Reinsurance Company, IMT Insurance Company, Markel Corporation, Mutual of Omaha Insurance Company, Principal Financial Group, and SFM.
For information on becoming an investor in the GIA, on the GIA's Fall 2019 InsurTech Week program, or on applying to be a part of the 2020 GIA cohort, please visit www.globalinsuranceaccelerator.com.
About the Global Insurance Accelerator (GIA) Launched in 2015, the Global Insurance Accelerator (GIA) fosters innovation in and for the insurance industry via a mentor-driven, 100-day program. GIA supports an annual cohort by providing each graduate company $40K of seed money in exchange for six percent equity. During the program, cohort members get insurance-specific mentoring via 1:1 meetings with industry executives, as well as basic business infrastructure assistance, coaching on garnering investments, and product-specific insights into strategies for increasing applicability to and feasibility for the insurance industry. The GIA extended network includes insurance company investors, startups and mentors from across the global business and insurance communities. For more details please visit www.globalinsuranceaccelerator.com.
About Global Atlantic Financial Group Limited Global Atlantic Financial Group Limited, through its subsidiaries, offers a broad range of retirement, life and reinsurance products designed to help our customers address financial challenges with confidence. A variety of options help Americans customize a strategy to fulfill their protection, accumulation, income, wealth transfer and end-of-life needs. In addition, Global Atlantic offers custom solutions and responsive service for the capital, risk and legacy-business management of life and annuity insurance companies. Global Atlantic was founded at Goldman Sachs in 2004 and separated as an independent company in 2013. Its success is driven by a unique heritage that combines deep product and distribution knowledge with insightful investment and risk management capabilities, alongside a strong financial foundation of over $70 billion in assets as of June 30, 2018. For more details please visit www.globalatlantic.com.
Global Atlantic Financial Group (Global Atlantic) is the marketing name for Global Atlantic Financial Group Limited and its subsidiaries, including Accordia Life and Annuity Company, Commonwealth Annuity and Life Insurance Company, Forethought Life Insurance Company and Global Atlantic Re Limited. Each subsidiary is responsible for its own financial and contractual obligations.
Variable annuities are sold by prospectus. The prospectus contains investment objectives, risks, fees, charges, expenses, and other information regarding the variable annuity contract and the underlying investments, which should be considered carefully before investing money. You can obtain a prospectus from your financial advisor or by visiting www.globalatlantic.com.
Annuities are issued by Forethought Life Insurance Company, 10 West Market Street, Suite 2300, Indianapolis, Indiana. Variable annuities are underwritten and distributed by Global Atlantic Distributors, LLC.
Life Insurance is issued by Accordia Life and Annuity Company, 215 10th St, Des Moines, Iowa; and preneed life insurance is issued by Forethought Life Insurance Company.