Midwest startup accelerator gener8tor announced Tuesday that it has joined forces with Allianz Life Ventures and Securian Financial to establish the OnRamp Insurance Accelerator in the Twin Cities.
Five startups will be welcomed into the program each year, which will last three months. Each company will receive a cash investment of $100,000, office space and access to mentors and investors in the insurance industry.
Allianz and Securian are big players in the insurtech space. St. Paul-based Securian Financial provides insurance, investment and retirement plans to families and individuals. Allianz Life Ventures makes investments in North American insurance startups, and backs these companies in all investment stages from seed to growth.
"We are pleased to partner with gener8tor to support the insurance tech startups that are developing the tools and technology for tomorrow's insurance industry," Walter White, president and CEO of Allianz Life, said in a release. "We have a common vision for the potential of new technologies, and a commitment to finding new, innovative and efficient ways to serve our contract and policyholders both today and for years to come."
The creation of this new program builds off gener8tor's OnRamp Insurance Conference, which brings together the industry's leading corporations, investors and startups. The event specifically focuses on connecting insurance startups and investors with insurance executives in corporate venture capital, innovation, M&A and strategy.
Because the OnRamp Insurance accelerator will be located in the Twin Cities, gener8tor's annual conference will move from Chicago's Soldier Field (where it's been hosted since its launch in 2016) to the Target Center in Minneapolis for the next installment in April 2019.
The OnRamp Insurance Accelerator is gener8tor's latest industry-specific program. Earlier this year, the accelerator debuted gBETA Medtech in Minneapolis, a program for medical startups in partnership with Boston Scientific. Since then, gener8tor has announced new programs in fields such as music, art and social impact.
Applications are now open for the first OnRamp Insurance Accelerator, which will kick off next year.
