Markel and EMC Insurance Companies have invested in the Global Insurance Accelerator, a business accelerator focused on developing innovative insurance-centric startups.
The GIA launched in 2013 modeled on technology accelerators where seed funding and business assistance is provided to startups in exchange for equity, but GIA is focused just on the insurance industry.
Eight insurers from health and property markets are already members: Delta Dental, American Equity, Farm Bureau Financial Services, Farmers Mutual Hail, Grinnell Mutual Reinsurance, IMT Insurance Co., Mutual of Omaha and Principal.
As new members, Markel and EMC will be making annual investments in the GIA, which helps fund insurtech startups accepted into the GIA program. Both carriers will also commit staff and expertise toward mentoring startups through their early stages of growth and development.
Insurtech startups selected to participate in the GIAs annual cohort come to its Des Moines, Iowa headquarters for a 100-day program. This includes hands-on business support, education and assessment from program mentors, and exposure to insurance industry professionals, influencers and possible additional investors. The program culminates annually in April, when participating startups get to pitch live onstage at the Global Insurance Symposium.
GIA made the announcement of its two new members at this week’s InsureTech Connect Conference in Las Vegas.
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