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Global Insurance Accelerator Announces New Funding Structure for Future CohortsEvolving InsurTech landscape highlighted the need to provide increased benefits for startups
DES MOINES, IA – October 2, 2019 - The Global Insurance Accelerator (GIA), an InsurTech accelerator focused on supporting and promoting innovation for the insurance industry, is excited to announce changes to the funding structure beginning with the 2020 cohort, and applications open today.
Since the launch of the GIA, 36 startups accepted into the accelerator’s annual, 100-day program based in Des Moines, Iowa, have received $40,000 each in seed funding in exchange for six percent common equity. In addition, in the last three years, housing at the Staybridge Suites, just blocks away from the GIA offices, has been covered for at least one representative from each company. The GIA’s accelerator program creates value by providing extensive interaction with insurance company executives and professionals who serve as mentors through the support of 13 insurance company investors.
"The GIA was established at the very forefront of the InsurTech movement," said Nicole Gunderson, managing director for the GIA. "The funding and perks provided for startups at that time was more than equivalent to other accelerators in the industry, but like any startup, we’ve learned a lot in our first five years and need to continue to evolve and scale. Today, there is increased competition in the accelerator landscape, and our goal with this change is to provide a founder- and investor-friendly, standard market structure."
Beginning with the 2020 cohort, the GIA will increase the seed investment to $75,000 in the form of a post-money Simple Agreement for Future Equity (SAFE) which converts to five percent of the company. By nearly doubling the investment, housing for participants will now be covered in entirety by the seed investment, while other program benefits will continue to include curated meetings with 75+ insurance-focused mentors, office space, relevant educational sessions, exposure at industry conferences, and the opportunity to present at the Global Insurance Symposium with 600+ insurance industry professionals in attendance. In addition, the GIA provides alumni companies with ongoing support following the completion of the program, and recently assisted 18 alumni companies who participated in InsureTech Connect, the industry’s largest networking event, which concluded in Las Vegas on September 25.
The decision to increase program benefits for future cohorts was voted on and approved by the 13 insurer investor members of the GIA board, including representatives from Allstate, American Equity Investment Life Insurance Company, Delta Dental of Iowa, EMC Insurance, Farm Bureau Financial Services, Farmers Mutual Hail, Grinnell Mutual Reinsurance Company, Global Atlantic Financial Group, IMT Insurance Company, Markel Corporation, Mutual of Omaha, Principal Financial, and SFM.
Applications for the 2020 cohort open today via the website at www.globalinsuranceaccelerator.com.
For more information on the 2020 application process or getting involved in the GIA as a mentor or investor, please visit the GIA website.
About the Global Insurance Accelerator (GIA) The Global Insurance Accelerator (GIA) promotes innovation in the insurance industry through a mentor-driven, 100-day accelerator program for InsurTech companies. The GIA supports an annual cohort by providing each accepted company a $75,000 investment in the form of a post-money Simple Agreement for Future Equity (SAFE) which converts to five percent of the company. During the program, cohort members get insurance-specific mentoring via 1:1 meetings, basic business infrastructure assistance, coaching on pitching and presentation skills important to garnering investments, help developing go-to-market strategy, and product-specific insights into strategies for increasing applicability to and feasibility for the insurance industry.
For more details please visit www.globalinsuranceaccelerator.com.