04 May Zurich-based Swiss Re launches InsurTech start-up accelerator in India
Zurich-based reinsurance firm Swiss Re has launched ‘InsurTech’ start-up accelerator in India last week to help start-ups in developing business solutions for the insurance sector in India. The accelerator program will be managed by Kyron. The firm has also partnered with Barclays Rise, the Alchemist accelerator and Nasscom 10000 start-ups to curate start-ups and foster technology innovation.
There are three core themes identified for the program which include Internet of things (IoT), systems of engagement and smart analytics. For the first program, five start-ups will be selected. The selected start-ups will work at Swisss Re’s office in Bengaluru and will have access to global expertise and insights from Swiss Re team and mentors from the industry. At the end of the 16-week program, the start-ups will present their learning and achievements to its ecosystem partners, potential investors and a panel of judges.
Jason Richards, Head P&C Business Management and Technology Reinsurance at Swiss Re said that “Fintech is being used to engage with customers in novel ways: new methods of delivery, new products and new data sources will all have an impact on underwriting and our understanding of risk. Swiss Re aims to be at the heart of these changes, helping to make the world more resilient to shocks.”
Alok Kumar, MD at Swiss Re Bengaluru said that “The world, today, is constantly changing and to keep pace with the risk landscape, we need to continually innovate around how we offer risk protection products.” He believes that the program will create a platform that will directly address the real-world business challenges for the insurance industry.
Vidhya Shankar, Head – Partnerships, Nasscom 10000 startups said that “The InsurTech accelerator program by Swiss Re is pioneering and will go a long way in bringing Indian innovation to the global business community.”
The applications are open to start-ups from other emerging markets.
About Swiss Re
Swiss Re, a Zurich-based firm was found in 1863. The group is a provider of reinsurance, insurance and other insurance-based forms of risk transfer. Its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients.
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