Three South African startups are among the 10 companies selected to take part in the Startupbootcamp InsurTech accelerator programme in London.
Aerobotics, Emerge Analytics and NuvaLaw are the three startups, selected after joining 20 others for three intensive selection days in London with Startupbootcamp InsurTech’s corporate partners, mentors, and investors.
The global accelerator based in London focuses on disruptive and collaborative insurance innovation, with the three-month programme providing startups with mentorship, an extensive network of insurers, angel investors, and VCs, and other valuable resources.
The 10 selected startups beat off competition from 2,500 applications from 43 different countries, and will enter the cohort in January.
Aerobotics uses drone technology in the agricultural, logistical, and mining industries to acquire better data analysis using AI algorithms, and to help farmers farm more efficiently and to allow insurers to price and assess damage more effectively.
Emerge Analytics uses big data, artificial intelligence, and a scoring platform to solve complex business problems, such as sales and marketing, and fraud prevention.
NuvaLaw, meanwhile, is a digital negotiation platform between motor vehicle insurers. The product introduces workflow and measurable efficiency to an environment that is currently unstructured, facilitating Online Dispute Resolution information exchange and Legal Process Outsourcing to qualified lawyers and mediators.
“This year has seen a dramatic increase in the number of mature InsurTech startups, especially those utilising emerging technology to change the way insurers work,” said Sabine VanderLinden, managing director of Startupbootcamp InsurTech.
“We’ve talked to hundreds of talented entrepreneurs, and while it was a very difficult process, we believe that we have identified 10 great businesses who recognize the need for innovation in the insurance industry and who are finding solutions to solve the problems that insurance customers so desperately desire. It is an exciting space to be in, and we look forward to accelerating and working with our Class of 2017.”