Accenture and Partnership Fund for NYC create
InsurTech track as North America continues to dominate investment
in insurance-focused fintech innovations
The FinTech Innovation Lab New York, a 12-week program
co-founded by Accenture (NYSE:ACN) and the Partnership Fund for New
York City, has launched an insurance technology, or “InsurTech,”
track as the demand for innovation among insurers and the number of
entrepreneurs developing new solutions for the sector rises
sharply. The FinTech Innovation Lab is sponsored by senior
technology leadership from the financial sector and helps early-
and growth-stage fintech companies accelerate product and business
development. Fintech and insurtech companies are invited to apply
for a spot in the 2018 class at www.fintechinnovationlabnyc.com.
Applications are due by December 1, 2017. An information session
will be held for applicants on November 8.
This press release features multimedia. View
the full release here:
http://www.businesswire.com/news/home/20171019005475/en/
InsurTech investment continues to gain
momentum (Graphic: Business Wire)
Investment in North American fintech innovations for the
insurance sector is outpacing investments around the globe,
according to Accenture’s analysis of CB Insights data. More than $7
billion has been invested in insurtech globally through more than
700 deals since 2010, with $5.4 billion invested from 2015 through
the first half of 2017 alone. North America remains the largest
market for insurtech investment, securing 83 percent ($1.35
billion) of all global investment dollars and 60 percent (128) of
all global deals in 2016. In the first half of 2017, North America
continues on a steady trajectory, with more than $600 million in
insurtech investment funding for 46 deals.
The FinTech Innovation Lab is a program for entrepreneurs that
are developing disruptive, pioneering enterprise technologies for
the financial services sector.
The new InsurTech track is specifically looking for tech
companies developing solutions that leverage new sources of data
and AI for underwriting/claims; automate business processes; enable
new distribution models and products; address emerging/underserved
risks; tackle core infrastructure tools, and use blockchain for
insurance.
The Lab also seeks innovations in data and analytics, including
AI-driven predictive and visualization tools, alternative data
sources; credit/underwriting tools; digital client engagement;
employee engagement/HR; enterprise DevOps and multichannel
deployment; RegTech; security; blockchain for smart contracts;
virtual/augmented reality, and wealth management tools.
“The new InsurTech track of the FinTech Innovation Lab provides
a unique opportunity for entrepreneurs to engage with senior
executives at some of the largest insurance companies that are
actively looking for new technology to transform their businesses,”
said Maria Gotsch, President and CEO of the Partnership Fund for
New York City and co-founder of the Lab. “The willingness of our
corporate and investment partners to mentor and provide substantive
product feedback to cutting-edge entrepreneurs has been an
important driver in the growth of jobs and economic activity in New
York City’s fintech sector. Insurtech is next.”
Chief technology officers and senior technology executives from
the 38 participating financial institutions will select up to 10 of
the applying fintech companies to participate in the Lab through a
competitive process.
Applicants must have at least a working beta version of their
technology that is ready to be tested for either the institutional
or retail market. The Lab, which begins in April 2018, will partner
the selected fintech entrepreneurs with senior-level bank and
insurance executives, who will help them fine-tune and develop
their technologies and business strategies through a series of
workshops, panel discussions, user-group sessions, networking
opportunities, one-on-one meetings, and presentations. The Lab
culminates in June 2018 with Demo Day, a presentation by this
year’s cohort to an audience of venture capitalists and financial
industry executives, which will be hosted at the Bank of America
Tower at Bryant Park.
“Fintech innovation has become embedded in the strategic plans
for financial institutions looking to compete – not only with tech
giants but also with incumbents, as they strive to provide the best
and most relevant experiences to consumers,” said David Treat, a
managing director in Financial Services for Accenture, which
co-founded the Lab. “The Lab has a unique role in helping make that
possible by helping the industry identify innovations that can
automatically improve services and efficiencies. We look forward to
helping this year’s class develop a new round of innovations in
2018.”
“Whether it’s through AI, IoT, blockchain or big data, insurers
recognize that they need to increase their pace of innovation, and
fintech represents an opportunity to make that happen,” said John
Cusano, a senior managing director in Accenture’s Insurance
practice at Accenture. “As investment in insurtech continues to
gain momentum, the New York FinTech Innovation Lab is at the
forefront of providing mentoring and guidance to ventures targeting
the insurance industry.”
Of the 39 participating financial institutions providing
mentoring and guidance, the following will serve on the selection
committee for this year’s applicants: Ally Financial; American
Express; American International Group, Inc.; Bank of America;
Barclays; BlackRock; Capital One; Citi; Credit Suisse; Deutsche
Bank; Goldman Sachs; The Guardian Life Insurance Company of
America; JPMorgan Chase & Co; Morgan Stanley; New York Life;
and Wells Fargo. In addition to the aforementioned long-supporting
companies, new insurance partners include: The Hartford, Marsh
& McLennan Companies, MetLife, XL Catlin and Zurich Insurance.
Supporting venture-capital firms include Bain Capital Ventures,
Canaan Partners, Contour Venture Partners, Nyca Partners, Rho
Ventures, RRE Ventures and Warburg Pincus.
Since the New York FinTech Innovation Lab was founded in 2010,
it has provided entrepreneurs from 47 technology companies with
mentoring and access to more than 35 leading bank CEOs, CTOs, CIOs,
venture capitalists and technology luminaries. Previous
participants have created nearly 500 jobs and have raised more than
$510 million in venture financing after participating in the
program; four participants have been acquired.
About the Partnership Fund for New York City
The Partnership Fund for New York City is the $150 million
investment arm of the Partnership for New York City, New York’s
leading business organization. The Fund’s mission is to engage the
City’s business leaders to identify and support promising NYC-based
entrepreneurs in both the for-profit and non-profit sectors to
create jobs, spur new business and expand opportunities for New
Yorkers to participate in the City’s economy. The Fund is governed
by a Board of Directors co-chaired by Charles “Chip” Kaye, co-chief
executive officer of Warburg Pincus, and Tarek Sherif, Chairman and
CEO of Medidata. Maria Gotsch serves as President and CEO of the
Fund. More information about the Fund can be found at
www.pfnyc.org.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions – underpinned by the world’s largest
delivery network – Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With approximately
425,000 people serving clients in more than 120 countries,
Accenture drives innovation to improve the way the world works and
lives. Visit us at www.accenture.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171019005475/en/
AccentureMelissa Volin,
267-216-1815melissa.volin@accenture.comorPartnership Fund for NYC /
Rubenstein CommunicationsKaty Feinberg,
212-843-8047kfeinberg@rubenstein.com
Accenture (NYSE:ACN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Accenture (NYSE:ACN)
Historical Stock Chart
From Sep 2023 to Sep 2024