Insurance technology accelerator InsTech.ie has selected 10 start-ups for its first foundry accelerator programme aimed at driving innovation in the space.
The innovation cluster is backed by a series of insurance giants including AA, Allianz, Aviva, Axa, Insurance Ireland, FBD, and VHI, and is run by National Digital Research Centre (NDRC) veteran, Gary Leyden.
The start-ups chosen for the foundry range from AI-driven software audit automation and ESG analytics to eldercare, cyber risk, and claims innovation.
The foundry, operated by InsTech.ie, will be delivered in partnership with Furthr, to provide mentoring and support to the founders of the insurance technology start-ups as part of the programme.
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It is being delivered thanks to a €2.6 million joint funding initiative between Enterprise Ireland and the insurance sector.
Among those selected are Solvera Underwriting, which has created a “sunshine guarantee” for solar panel installations; pension transfer start-up Finerty; US-focused health insurance company Halo, and Amethyst Care which has developed an AT at-home care companion of the elderly.
Mr Leyden said the companies are creating solutions that the “insurance sector is crying out for”, with insurance companies having been involved in the selection process. Validated by interest from the sector, he said the start-ups are “already advanced in terms of market validation, now it’s all about helping them to collaborate and scale.”
“Ireland has the potential to be a real hub of innovation around insurance,” he said. Mr Leyden said the sector struggles with innovation.
To fill that gap, Mr Leyden along with 10 insurance firms set up a platform to promote innovation in the sector which is now backed by 20 insurers and has worked with more than 120 insurance technology firms.
Mr Leyden said InsTech.ie is trying connect start-ups with insurance companies to allow them to develop and tailor their products for the market.
