Gener8tor has announced more details about its OnRamp Insurance Accelerator, a new program in partnership with two Twin Cities insurance giants: Allianz Life Ventures and Securian Financial.
OnRamp will be led by Pooja Shah, who previously was an associate at QBE Ventures in Sun Prairie, Wisc.
"The startups that are selected for the program will have the opportunity to create deep and meaningful connections with experts across all areas of Allianz Life and Securian Financial as well as the other carriers that are part of the OnRamp network," Shah said in a release. "It's a chance for companies to understand the black box that insurance and enterprise sales can often be and to work closely with and get tailored mentorship from carriers."
OnRamp will occur annually and invest in five startups operating in the insurance industry. This includes those developing products related to insurtech, fintech and other enterprise technologies.
Selected startups will participate in a three-month accelerator program in the Twin Cities. Each company will receive a cash investment of $100,000 in addition to office space and gener8tor's network of mentors and investors.
Gener8tor first announced the OnRamp program in November. 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 OnRamp Accelerator will operate out of gener8tor's new Twin Cities offices at WeWork Uptown and Osborn 370 in St. Paul.
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.
In previous years, the conference was held at Chicago's Soldier Field, but this year, it was at Target Center in Minneapolis.
Gener8tor is currently accepting applications for this year's program through April 28.
