The Global Insurance Accelerator (GIA) has secured an investment from Global Atlantic Financial Group.
Through this equity injection, GIA will be able to support its annual accelerator program. As part of the deal, six of Global Atlantic’s team will become mentors through the accelerator programs, enabling them to report innovation and ideas back to their own insurance firm.
The accelerator is an annual 100-day program which supports between eight and ten InsurTech startups. Based in Iowa, members of each cohort gain access to mentors, exposure to insurance company operations, focused line of business insight, and potential investors. Graduating companies all pitch during a live event in April each year.
By being a part of the GIA board, Global Atlantic will gain limited financial stakes in the InsurTech startups, and early access to the technology developed by companies in the cohort.
Some of the existing members of the mentor board include American Equity Investment Life Holding Company, EMC Insurance, Farm Bureau Financial Services, Farmers Mutual Hail Insurance of Iowa, Grinnell Mutual Reinsurance Company, and Mutual of Omaha Insurance, among others.
GIA managing director Brian Hemesath said, “Global Atlantic is joining the GIA as an investor at a very critical time. Interest in InsurTech is still quite high, but insurers know more now in terms of what to ask for around features and functionality, potential partnership, co-development opportunities, and more. I know this year’s cohort will find great value in the mentors and advice the Global Atlantic team brings to the table.”
Global Atlantic offers a selection of retirement, life and reinsurance products which are designed to support a customer’s financial future and protect accumulation, income, wealth transfer, and end-of-life needs.
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