OneEleven and Aviva Canada have launched the InsurTech Growth Program. Through this program, Aviva Canada will mentor Canadian startups with a service or solution that can be applied to insurance. This intensive program will help six companies develop their projects and drive innovation in the insurance industry.
InsurTech has been making serious waves in the insurance sector, with more than 74% of insurers believing that their companies will be disrupted in the next three years.
The InsurTech Growth Program initiative will help startups in fast-growing sectors accelerate their development as well as facilitate introductions to key players.
“There are a number of fast-growing InsurTech startups in Toronto,” said Ryan Spinner, Head of Digital and Innovation at Aviva Canada. “Insurance is a massive industry that touches almost all Canadians and it’s still challenged with legacy processes. We think it’s time for disruption and we look forward to working with these startups to make that happen.”
They’ll also get a number of unique opportunities, including:
- One-on-one mentoring sessions with Aviva executives
- Access to the OneEleven community through exclusive event invitations
- Knowledge around gaining access to customers, talent, capital
- Monthly progress check-ins (includes one mid-term, in-person check-in)
- Pitch feedback and ongoing advice from OneEleven community experts
- Final pitch to demonstrate progress
- An opportunity to connect with the Managing Director of Aviva Ventures
To be eligible for the program, startups must have:
- Proven traction in the market
- Innovative technology with the potential to change the competitive landscape
- Clear partnership opportunity with the insurance industry
- At least $300,000 CAD in capital raised or revenue generating
- At least one founder working on the venture full-time
- Alignment with one or more of the following categories:
Micro-insurance, Disruptive Distribution, Warranty Solution, Data and Analytics, New Insurance Products and Propositions, FinTech/AI, Disruptive Mobility, New Marketing Channels, Product Recommendation Engines and/or Real-time Simulations
“Not only will this program help encourage innovation in the insurance industry, but it will also give promising startups the resources and networks that they need to build their business and scale and grow their operations,” said Bilal Khan, Chief Executive Officer at OneEleven. “It’s a win-win for all parties involved and we can’t wait to see what disruptive solutions come out of the program.”
Applications are being accepted until March 4, 2018. Founders can apply at: http://www.oneeleven.com/insurtech-growth-program/