The Digital Insurer finds out more about Swiss Re’s new InsurTech start up Accelerator programme in Bangalore
As part of their global focus on digital technology Swiss Re have recently launched a new InsurTech Accelerator Programme in Bangalore, India.
The programme is sponsored by Jason Richards, Head P&C Business Management and is the first of its kind for Swiss Re, both globally and in India.
The programme is a 16-week intensive programme, beginning July 2016, which will mentor and help curate startups aimed at disrupting insurance practices. Â Startups will have the opportunity to engage with Swiss Re leaders and have access to Swiss Re’s expertise.
Hugh Terry from The Digital Insurer recently caught up with Amit Kalra, Swiss Re’s Head of Strategic Initiatives for Swiss Re Bangalore, to ask him some questions about the programme.
1. What was the rationale behind Swiss Re’s decision to start an InsurTech start up Accelerator programme?
FinTech is disrupting the wider financial services world and is now starting to make its mark on insurance. We are seeing InsurTech being used to engage with customers in novel ways: new methods of delivery, new products and new data sources will all have an impact on underwriting and our understanding of risk. Swiss Re aims to be at the heart of these changes, helping to make the world more resilient to shocks.
2. Why was India chosen as country and Bangalore as a city for the programme location?
We are excited to tap into the ideas of the Indian startup community. In particular, Bangalore’s value proposition in the startup ecosystem is unique and well established. The last few years have seen this industry mature, with NASSCOM and other ecosystem partners adding a lot of value to it.
The Indian technology landscape has seen tremendous growth with the evolution of innovative startups in India; we want to leverage the capabilities of this ecosystem.
Having a sizeable analytical operation in Bangalore, Swiss Re is well aware of the tremendous activity in the Indian startup scene. We are very keen to engage with the Indian startup community and develop solutions that make a difference to our industry and society in general.
While we expect that some of the applications will be from companies based in India, there is no geographical restriction to access this program. Indeed, we have received most of the applications from companies based out of other countries as well.
3. There seems to be a trend for insurers and/or companies to set up InsurTech Accelerator programmes – what makes the Swiss Re one different?
We know great ideas can come from anywhere and we are looking to tap the best minds to create solutions. We believe by launching an accelerator we can get fresh perspectives to find relevant insights that help manage risk in new and better ways.
The world, today, is constantly changing and to keep pace with the risk landscape, we need to continually innovate around how we offer risk protection products. Through this programme, we are creating an innovation platform that reinforces our long-standing commitment to bring out new and improved solutions that directly addresses real-world business challenges for the insurance industry.
We plan to leverage our global network of leaders/experts and provide strong mentoring support to startups to help them shape up products/solutions that have the potential to disrupt insurance models and the value chain. InsurTech accelerator is also the first insurance focused accelerator in India, so we are the pioneer in one of the high growth markets.
4. Where do you think the largest opportunities lie for InsurTech in India?
The InsurTech Accelerator has a global scope even though it is being managed out of India. We are looking for innovative ideas in IoT, systems of engagement and analytics and we do see a number of startups who have capabilities in these horizontals.
5. There has been a significant amount of activity and funding recently within InsurTech in India and globally, some commentators are predicting a possible slowdown – what are your thoughts on this and why has Swiss Re chosen now as the time to invest in an Accelerator programme?
Our focus is to help curate or support innovative ideas in the insurance sector, and not necessarily investments. We are not looking for equity investment as criteria for participation in the InsurTech Accelerator.
The InsurTech space is relatively less developed when compared to retail, ecommerce, banking etc. Hence, we believe there still exists large untapped potential.
6. How will Swiss Re benefit from leading/creating the programme?
This programme will allow Swiss Re to connect with innovative startups and help exchange ideas, expertise and learnings. Managing risk may have been our core business for more than 150 years but we have never stood still.
We want to continue to collaborate and learn so that we can create smarter solutions for our clients, helping the world rebuild, renew and move forward.
Also, the themes identified for the programme include the Internet of Things (home, industrial, health and motor), systems of engagement (innovative distribution channels and models, digital assistants/ Robo advisors etc) and smart analytics (across the insurance value chain). Which means, the learnings for both the startup and Swiss Re will be immense.
7. How does the Accelerator Programme work?Â
We are in the process of short-listing up to 5 InsurTech companies and the programme will kick off in mid-July for 16 weeks. Â During this time, each start-up will have access to 2-3 mentors with whom they will have four interventions. There will also be talks and information from VC and PE firms. Â Demo day will take place during the first week of November where each start up will present to senior leaders.
8. What advice do you have for entrepreneurs looking to enter the InsurTech industry?
InsurTech startups look at solving gaps in the market, or create new opportunities. They are innovative, agile and tech focused but they may not be fully evolved when it comes to having a strong understanding of global insurance/industry dynamics, the regulatory environment and data protection challenges.
Therefore, it is critical to connect technology and innovative ideas with global expertise.
Registration for the programme is now closed but you can find out further details of the programme below.
Further details of the the Swiss Re InsurTech Accelerator programme
Amit Kalra
Head Strategic Initiatives & ARC
Swiss Re Global Business Solutions India Private Limited
(Formerly known as Swiss Re Shared Services (India) Private Limited)
Amit joined Swiss Re in 2007 and is currently the Head of Strategic Initiatives at Swiss Re Bangalore where he is responsible for strategy and competency build up initiatives. In addition, he heads the Analytics Research and Consulting unit which include teams spanning across actuarial, data analytics and economic research.
Amit is the author of several sigma studies on trends in the emerging markets, covering a broad range of topics including food security, microinsurance and implications of urbanisation on the insurance sector. He also contributes to articles/whitepapers on re/insurance trends in leading insurance journals and magazines on a regular basis.
Prior to joining Swiss Re, Amit was heading Strategic Research Group for GE Insurance solutions at GE Capital.
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