Insurance corporate accelerator MLTPLY has launched with the aim of helping InsurTech startups be market-ready within half a year.
MLTPLY will help InsurTech companies get their ideas to market by providing capital, operational infrastructure, insurance product delivery and support along with front and reinsurance capacity.
The accelerator will be aimed at seed-stage firms that are solving small businesses’ and consumers’ protection and insurance needs in the areas of property and casualty.
The company claims that it will place a specific focus on companies where technology and coverage are key areas of innovation, including new data, new markets, complex markets, telematics and non-admitted offerings that require technology scale.
MLTPLY CEO Gloria Guntinas said, “Simultaneous delivery of coverage, experience and technology innovation in insurance is prohibitively costly — it’s too highly regulated. But there are plenty of $150 million opportunities out there that are blocked from funding because they’re too small for big insurance companies to dedicate resources to. There’s massive potential in these seed-level startups, and MLTPLY helps them realize that value by freeing them from the time-consuming core business functions so they can focus entirely on solving market changing problems.”
ILS Capital Management – an investor in MLTPLY – co-founder and managing partner Tom Libassi added, “A good corporate accelerator eliminates distractions and enables the founders to focus time and resources on the problem they’re trying to solve. That’s exactly what MLTPLY brings to the InsurTech market.
“It doesn’t have to be all or nothing either. For example, even if a startup already has funding, MLTPLY can provide insurance and operational support. That kind of flexibility unlocks the potential we’re seeing in seed-stage InsurTech companies.”
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