Allianz Life Ventures, Securian Financial and startup consultancy gener8tor have joined forces to launch a new insurtech program, the OnRamp Insurance Accelerator.
Each year, five startups will be accepted into the three-month program, located in the Minneapolis-St. Paul region of Minnesota. Selected startups get a cash investment of $100,000, office space and access to gener8tor’s network of mentors and investors. The group is taking applications for the first cohort now.
“We are very excited to bring some of the brightest minds in insurtech to the Twin Cities through this new collaboration,” said Chris Hilger, Securian Financial’s chairman, president and CEO. “We are in the midst of a complete digital and technical transformation at Securian Financial, and our investment in the accelerator will give us further opportunities to collaborate with and learn from entrepreneurs developing the next generation of technology that will reshape our industry.”
“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,” added Walter White, president and chief executive officer of Allianz Life. “We have a common vision of 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.”
Hilger and White also stated their desire to locate the accelerator in the Twin Cities region to assist the municipality in developing a base of tech workers. Gener8tor has chosen to relocate its OnRamp Insurance Conference to the region, this year’s will be in April 2019 at the Target Center.