Zurich Insurance is also part of the accelerator’s CoLab program
Startup Bootcamp InsurTech (SBC InsurTech) has partnered with Aon on commercial and specialty lines.
The CoLab partnership is a theme-based program for mature markets which aims to solve industry problems for the insurer and its clients.
The SBC team will work with Aon to “establish particular problems that the (re)insurer and its clients want to see solved.”
The accelerator’s CoLab program engages several industry players for each sub-sector – for commercial and specialty lines this includes Zurich.
The engagement period for this line will take place in February, and it will see its industry partners and selected startups explore problems within particular cases.
A pilot will be put in place once this is vetted.
Sabine VanderLinden, chief executive at SBC InsurTech said that it is “committed to delivering targeted innovation programs that address real business challenges faced by the insurance industry” such as those that technology creates.
The partnership will look into the challenge of underinsured risks such as intangible assets.
Aon’s goal is to address the challenges its (re)insurer clients face, which have not developed a startup solution on their own.
It will be focusing on CoLab’s commercial and specialty lines sector investigating problems for “key customer segments” for SMEs and large industrial insurance, which it claims will enable gaps in the value chain to be better understood.
Kelly Superczynski, head of EMEA analytics for Aon’s reinsurance solutions business at the firm, said: “Aon is committed to helping clients navigate the InsurTech ecosystem and adopt new technologies.”
She said that working with CoLab means Aon can match startups with the development of new products.
The project will be split into two sub-sectors –commercial and specialty lines.
Themes that CoLab will explore include:
- Cycle I (Dec 2018 - Mar 2019): Industrial IoT (internet of things) and how it enables the better understanding of risk
- Cycle II (April - July 2019): Enabling people safety and wellbeing on high risk work sites
- Cycle III (September - December 2019): Tracking and estimating the value of cargo in the marine and logistics sector or the future of SME engagement and distribution
Tshidi Hagan, program director at SBC CoLab InsurTech said the accelerator recognises “the significant role a global professional services firm has to play in the sub-sector of commercial and specialty lines.”
SBC CoLab Insurtech London launched last year in September, it also operates CoLab FinTech in New York and London.
In November last year SBC hired Manjit Rana as its new managing director to head up its corporate innovation practice in insurance.
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