The Lansing Economic Area Partnership (LEAP) announced the launch of a new insurtech accelerator program, PROTO InsurTech, to inspire and stimulate innovation and entrepreneurship in the insurance industry.
Two major insurance companies, Farm Bureau Insurance of Michigan and Delta Dental of Michigan, join LEAP as significant investors and founders in launching PROTO InsurTech. Both companies are headquartered in the Lansing area and share a passion for insurance industry innovation. PROTO InsurTech has been built to help them and other insurance carriers in Michigan understand and leverage opportunities with insurtech companies.
The PROTO InsurTech program will provide startup companies with up to $60,000 in exchange for a small equity stake in the company.
Beginning in early 2019, each company selected will participate in an intensive four-month program that provides access to critical business development resources including product development and design consulting, business plan development, marketing and branding, legal support, accounting support, continued mentoring and guidance from insurance carrier executives and others, as well as additional access to capital.
Upon completion of the program, the participating companies will be poised to go to market with a product via proof of concept with an insurance carrier partner or will already be in the market.
Companies and entrepreneurs can submit applications to PROTO Accelerator’s 2019 InsurTech program from Oct. 1 until Nov. 16, 2018. Selected applicants will be announced in December with an anticipated start date in early 2019.
Source: LEAP
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