Professional services giant Aon has become the latest industry partner for the Startupbootcamp (SBC) InsurTech CoLab (CoLab), a theme-based innovation program for mature markets.

Aon will be focusing on CoLab’s commercial and specialty lines sector, which will look at specific problems in key customer segments ranging from small to medium-sized enterprises (SMEs) to large industrial insurance. The themes to be explored include:

● Cycle I (Dec 2018 - Mar 2019): Industrial Internet of Things (IoT) and how it enables the better understanding of risk.
● Cycle II (April - July 2019): Enabling people safety and wellbeing on high risk work sites.
● Cycle III (September - December 2019): Tracking and estimating the value of cargo within the marine/logistics sector or the future of SME engagement and distribution.

Through the selection and sourcing of growth stage businesses, Aon is looking to specifically address the challenges faced by its insurer clients that have not developed a startup ecosystem on their own.

“SBC InsurTech is committed to delivering targeted innovation programs that address real business challenges faced by the insurance industry, within blurred ecosystem boundaries that fast-moving technology creates,” says Sabine VanderLinden, chief executive at SBC InsurTech.

Kelly Superczynski, head of EMEA analytics for Aon’s Reinsurance Solutions business, stated: “Working with CoLab means we can match startups with new product development to deliver growth opportunities.

“This will ultimately provide customers with broader insurance protection and risk management while enabling insurers to stay ahead of the game with a competitive advantage.”

The commercial and specialty lines engagement period will take place in February, when industry partners and selected startups will explore possible use cases to address the problem statements identified, which once vetted are then progressed to a commercial pilot.

In July last year, PwC and SBC InsurTech reported on a research project exploring how the industry has rapidly evolved over the past three years since the boot camp was established.

It found that as well as a rise in the total number of applications, CoLab has seen an increase in applications from adjacent industries, as startups recognise that the insurance industry is ripe for innovation.

In 2018, 61 per cent of SBC applicants were from beyond insurance. While 75 per cent of the 2017 SBC cohort were clearly from within insurance, 80 per cent of this year’s selection operate beyond the sector.

Share Story: