Local startup accelerator gener8tor said Monday that it selected five companies to participate in the second cohort of its OnRamp Insurance Accelerator.
Because of the Covid-19 pandemic, this year's program is virtual. Each of the five insurtech and fintech startups will still receive a $100,000 investment and will work with gener8tor, Allianz Life and Securian Financial teams during the three-month accelerator, where they will receive individualized coaching and mentorship. The cohort will wrap up with a Premiere Night at the end of July.
"We're thrilled to welcome this incredibly diverse group of startups to the program as they tackle problems ranging from the security of biometric data to navigating end-of-life planning," Managing Director Elizabeth Caven said in a statement.
The OnRamp Insurance Accelerator, created in partnership with Allianz Life Ventures and Securian Financial, was established in the Twin Cities last year. It builds on gener8tor's popular OnRamp Insurance Conference, which the accelerator has run annually since 2015.
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. Golden Valley-based Allianz Life Insurance Co.’s venture arm makes investments in North American insurance startups and backs these companies in all investment stages from seed to growth.
"The teams have already shown remarkable resilience in the face of Covid-19 and we've now successfully transitioned all of our programming to a virtual format so we can support their growth," Caven said. "Each startup is solving an important problem and we're looking forward to working with each one in 2020."
Here are the five companies in this year's OnRamp Insurance Accelerator, with descriptions provided by gener8tor:
Trusty.care
New York-based Trusty.care aims to make it easier for brokers, financial advisors and agents to select and enroll older adults in the right-fit Medicare insurance products, health cost savings tools and public benefits. The company uses data insights gathered from health and finance information to guide analysis and product development for the health and insurance industry.
TrustStamp
Atlanta-based TrustStamp helps organizations protect themselves and their users through secure identity authentication built on individual privacy. The company's technology allows businesses to adopt biometrics and other anti-fraud initiatives while protecting personal information from hacks and leaks.
Peacefully
Los Angeles-based Peacefully is a benefit that employers and insurance companies can offer to help families prepare for end-of-life and handle bureaucratic tasks after a death. The company hopes to improve mental wellbeing, productivity and beneficiary satisfaction.
Finaeo
Toronto-based Finaeo helps the life insurance industry simplify distribution by automating front and back-office supply chain tasks. The company builds technology to help insurance advisors take clients from prospect to policy through its set of tools.
Cognicor
San Francisco-based Cognicor provides an AI-based digital assistant platform that enables wealth firms, insurance carriers and financial firms to reduce calls while enhancing service.
