Two companies join Iowa’s Global Insurance Accelerator to help improve state’s insurance ecosystem
Grinnell Mutual Reinsurance Company and IMT Insurance Company have become the latest insurers to join the Global Insurance Accelerator, a new insurance startup based in Iowa. The startup was launched in order to help create a stronger ecosystem for insurance companies throughout the state. Iowa is currently home to more than 200 insurers, with more than 54,000 employees working for insurers in central Iowa alone. The accelerator startup may help boost employment and give insurers the tools they need to continue catering to a changing market.
Accelerator could help companies make better use of technology
Grinnell Mutual Reinsurance believes that the new startup has a major role to play in the future of Iowa’s insurance industry. Notably, the technology that the organization supports may have a dramatic impact on how the industry serves policyholders and new customers. Insurers have long made use of technology, but not in terms of connecting with consumers more effectively. With consumers becoming more reliant on mobile technology, insurance companies have had to look for ways to engage these people on a level that they are comfortable with. For some insurers, this has been a difficult feat to accomplish.
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Insurers participating in the startup will receive financial support
The Global Insurance Accelerator aims to have 12 insurance companies backing it before its official launch. Currently, six companies have joined the accelerator. The accelerator has a $1.2 million investment fund in place, providing participating insurers with $20,000 when they join the program. In exchange for funding, the accelerator receives equity in the companies that join the startup.
Insurance industry is having trouble engaging consumers through the use of technologies that they are comfortable with
The insurance industry has begun to change rapidly in order to adapt to the evolution of particular markets. When it comes to technology, insurers are in need of assistance with their consumer engagement efforts. Many insurance companies offer mobile apps that are meant to increase their connectivity to consumers, but few of these applications have been well received by policyholders.