The Acceleration Program builds on the Isle of Man’s experience as a well-established hub of insurance expertise and will strengthen the Island’s leadership and reach in Insurtech and innovation internationally, supporting promising start-ups looking to collaborate with established insurance players in the region.
The program will begin this September and run for 4 months. Start-up companies chosen to take part will receive coaching on open innovation and collaboration best-practices, personalized mentoring, as well as the opportunity to work with leading insurers.
They’ll also have the opportunity to access the F10global network with access to sessions on a variety of topics crucial to scaling their business including marketing, branding and sales.
Insurtech Isle of Man and F10 are focused on identifying and admitting Insurtech startups in the following core areas: wealth management & investment, customer onboarding, and issuance and management of policies. The focus of the Program will be high impact solutions with the potential for Insurtech start-ups to collaborate with leading insurers in the region.
The Program will include high-visibility pitching opportunities for participating start-ups during the Scotland Fintech Festival, taking place this Autumn, as well as the final Demo Day event to conclude the program.
Insurtech Isle of Man and F10 are now accepting applications and interested start-ups are invited to apply.
Michael Crowe, CEO of Finance Isle of Man, said: “We are delighted to formally launch applications for our first Insurtech Acceleration Program on the Island, in partnership with F10 and our Government-funded initiative, Insurtech Isle ofMan. The maturity and scale of the existing insurance sector on the Island offers a gateway to a global market for Insurtech businesses and this program will enable participating start-ups to deliver high-impact solutions in collaboration with some of the region’s leading insurers. There is a clear potential for Fintech in the insurance landscape and the Isle of Man is well-positioned as a hub for this innovation”.
Marc Hauser, Head of F10 Europe, said: “We are excited to announce this one-of-a-kind acceleration program in collaboration with Insurtech Isle of Man. Having worked in the industry myself, I experienced the tremendous potential first hand and am convinced open innovation is the best way to make fast progress. Together with leading insurers and Insurtech startups, we will explore and realize relevant use cases. The whole team at F10 is looking forward to accelerating the creation of a thriving Insurtech ecosystem on the Isle of Man.”
F10 is a leading global innovation ecosystem for FinTech& InsurTech, with hubs in Switzerland, Singapore, Spain. Its vision is to create the future of finance by accelerating tech startups, and connecting them with big business, investors and industry experts. Since its inception in 2015, more than 200 tech startups have participated in F10 programs, both at early- and growth-stage, which have attracted more than $280million in funding.
Insurtech Isle of Man is a Government funded initiative established in 2021 to support growth and innovation in the Island’s globally recognised insurance sector which has been attracting insurance businesses for over 50 years. The maturity of the insurance market on the Island makes the Isle of Man ideally positioned to become a hub for growth for Insurtech businesses and offers a gateway to a global market.