Contxto – Calling all early-stage startups specializing in digital protection—the Insurance Evolution urges you to join the movement! Hand in hand with HDI Seguros and ChileGlobal Ventures (part of Fundación Chile), together this band of investors is accepting proposals for this insurtech accelerator until December 8.
Available to both Chilean and international startups, the insurtechs that comprise this cohort will have a few requisites to be eligible. Mainly, they need to address three main challenges facing the Chilean insurance industry today. These include memorable user experience, insurance of the future, as well as interoperability.
With that in mind, startups with the most viable game-plan in three divisions will earn US$15,000 to implement its own pilot with HDI Seguros. Each of the aforementioned challenges will have its own winner, although I’m still not sure of the value for each division. Not to worry though: as soon as I get the scoop, I will update accordingly.
Moreover, both Chilean and foreign startups can apply, as long as they have at least one developed functional prototype or MVP. So, if your project is still a concept, it’s probably not the right time to try to register. Winners will receive the opportunity to launch their very own pilot in conjunction with HDI Seguros’ products and services.
Challenges in the Chilean insurtech industry
Regarding memorable experience, this entails that startups need to be developing solutions with user experience in mind. This means transforming how people purchase insurance via disruptive technology latent with the potential to create an authentic experience.
Secondly, insurance of the future refers to how these insurtechs innovate their product offerings. Ultimately, HDI Seguros aspires to endorse products and services providing better coverage for modern-day policyholders.
All the while, interoperability requires prospective participants to consider quick and secure integrations over various channels. In other words, universal connections that enable HDI to work with intermediaries and other ecosystem players.
Insurtech in Chile as it stands
At the macro-level, the Chilean Insurance Association asserts that investment in the insurance sector reached US$61 billion in 2018. Reportedly, this equates to 23 percent of Chile’s GDP.
Roberto Larraín, the Corporate Manager of Operations and Clients at HDI Seguros, believes that startups from across the map are concocting some pretty clever solutions to digitize insurance.
“Today, large companies are overwhelmingly agile in entrepreneurial projects that stand out for their high level of innovation and disruption,” he said.
Mr. Larraín is angling for HDI Seguros to use Insurance Evolution initiative to springboard into “the world of entrepreneurship” and toward the forefront of this fast changing industry. “They are the actors that are changing the market and consumer behaviors.”
Insurance Evolution on a schedule
Sponsors will announce finalists on December 30, with programming beginning January 2 with Pitch Day. January 3 is when top-ranking contenders will receive notifications. And then on January 6 to April 24 is when the pilots shall be implemented.
Get involved! For more info, check out the event’s website.