A Milwaukee software-as-a-service startup is one of eight U.S. companies selected to receive a $75,000 investment and placement in a 100-day accelerator for developing an innovative business model serving the insurance industry.
Summary Medical, founded by Clint Laskowski in May of 2019, is developing an artificial intelligence-powered software to automate the review of medical records for life insurance companies, expediting processes for underwriters.
The Global Insurance Accelerator begins Jan. 14 and is based in Des Moines, Iowa. The program will conclude with a demo day on April 22.
“I’m thrilled to have been selected for GIA, and am looking forward to spending the next three months focused solely on taking Summary Medical to the next level,” Laskowski said. “With the capital investment, Summary Medical will be able to complete its software platform and begin piloting it with insurance carriers nationwide.”
The $75,000 investment from GIA comes in the form of a post-money Simple Agreement for Future Equity SAFE, which converts to five percent equity of the company.
Laskowski recently concluded the gBeta program, a free seven-week accelerator for early stage companies created by nationally-ranked accelerator and venture fund gener8tor. The program, he said, helped him gain early customer feedback.
Gener8tor operates a gBeta program in more than a dozen markets. Since January of 2018, more than 300 companies have participated in gBeta. Those companies have collectively raised more than $67 million in growth capital and 35% have either raised more than $50,000, been selected for an equity-based accelerator or been acquired.
The other seven companies selected for the upcoming cohort at GIA are:
- Caregiven: An Oregon-based startup enabling providers to offer real time, curated guidance to individuals and families managing end-of-life care for an aging or ailing loved-one.
- Denscore: A Michigan-based startup using existing claims data to support dental insurers' pay-for-performance initiatives to derive value-based scores for participating dentists.
- Gerald Tech: A New York-based startup offering a life event engagement and cross-sell platform for insurance providers.
- InsureVite: A Singapore-based startup aiding insurers in reducing friction in the insurance process and revolutionizing customer experience through social messaging apps.
- Kiwi: A New York-based startup focused on bringing episodic on-demand injury insurance to market innovatively by using social media analytics to meet customers wherever they are.
- TCARE: A Missouri-based startup reducing long-term-care claims by providing an evidence-based, family caregiver support program which can help delay or prevent nursing home placement.
- UDoTest: A Massachusetts-based startup (via South Africa) providing a business-to-business at-home disease testing software platform which helps enterprises improve insurance outcomes.
"This year's cohort of companies is solving big and important problems, each of which continues to align with the GIA's mission of driving innovation in the insurance industry," said Nicole Gunderson, managing director of the GIA.
