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7 scale-up companies from the UK, Europe and Singapore Selected from over 70 submissions. Cohorts gathered on the island for 14 weeks to receive mentorship, masterclasses, and support from several established partners. Zurich, EIP When Momentum International.
Mark Hauser The head of F10 Europe said: I am extremely excited and cannot be proud of what the ministry, participating insurers and start-ups have achieved.
We completely exceeded our expectations. Not only have we increased the visibility of insurtech on the island, but insurers have become proficient at collaborating and start-ups have been able to discover new business opportunities. rice field.”
The Isle of Man is known for being particularly booming Insurtech and insurance hub, Insurance accounts for 19% of the island’s GDP. The rich ecosystem that already exists was part of the reason why the idea of the accelerator program was formed. Michael Crow of Finance Isle of Man Said. When we do big fintech projects, we thought it made sense to establish ourselves within the biggest industries because we have a ready-made community that helps each other.
We have been able to highlight the cohort aspect of the Isle of Man industry. We’ve had all of the authorities work with us, and they’ve all been involved in refining the proposal and building connections between the cohort and our ecosystem.”
Demo Day allowed companies to showcase their products and the progress they made during the program.A dignitary such as the Prime Minister of Man Hong Island Alfred Kanin MHK, and Magdalena Ramada Sarasola Willis Towers Watson Senior Director and InsurTech Innovation Leader was also in attendance.
Each of the seven companies pitched their solution to a room full of people from the island’s insurance industry. Collaboration is encouraged at every step, both within sectors such as banking, pensions and financial services, but also with cohorts and members of the wider industry.
Crowe adds: While the ideas and solutions presented by the InsurTech cohort at Demo Day were designed to meet the needs of the insurance industry, they are actually much broader and applicable to a wider range of financial services environments.
Casco Kasko enables insurers to design, launch and scale digital insurance services across all channels in a timely and cost-effective manner.
kid brook Kidbrooke enables financial institutions to create engaging customer journeys and deliver superior financial decision support at a fraction of the time and cost.
staple Staple develops cognitive AI that processes, extracts, and refines unstructured data at scale, regardless of layout or language.
spixy The Spixii CPA platform enables businesses to automate high-value services into 24/7 online structured conversations. That’s 10x faster than other channels like email, phone, and web forms.
Registration search Regsearch is a regulatory knowledge community that gives individuals and businesses instant access to all regulatory documents in one place.
sign D SignD is an all-in-one platform for a compliant and easy-to-use onboarding process.
neuroprofiler Neuroprofiler helps financial institutions assess the investor profile of their clients and comply with regulations through behavioral finance and gamification.
The accelerator program is considered a huge success, and eyes are already on the future. Plans for a second cohort have already been discussed, and the island’s first Fintech Innovation Challenge is already accepting applications to begin later this year.
“The Accelerator Program Demo Day is a big milestone, but it’s not the end. We’re already thinking about what the next steps will be.” Simon Pickering, Director of Insurance and Pensions, Isle of Man Department for Enterprise. We have established ourselves as a hub for insurtech, but we want to attract more people from the global environment to consider doing business here.
Polly Harrison
