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Iowa Insurtech Startup School Offers $40,000 in Seed Money

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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. The list of backers includes American Equity Investment Life Holding Company, Delta Dental of Iowa, Farm Bureau Financial Services, Mutual of Omaha Insurance Company, Principal Financial Group Inc., Voya Financial Inc., and a number of property-casualty 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 life insurers and life distributors.

  • ProtectRisk is developing a marketplace and social network that can connect insurance retailers with insurance wholesalers.

  • Byeo is developing an online tool for collecting “life insurance information in a secure, social environment.”

  • Insurmi is developing an app that can help consumers calculate how much life insurance they need and compare quotes from life insurers.

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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