Life and annuity re/insurance firm Global Atlantic Financial Group has invested in Global Insurance Accelerator, an InsurTech-focused business accelerator.
Global Atlantic’s investment will help fund the GIA’s annual mentor-driven program, offering six of the company’s staff members the opportunity to participate as mentors.
“We have been aware of the GIA for a number of years now and have been very impressed with their ability to foster innovation in the insurance sector,” said Kathleen Redgate, Chief Operating Officer for Global Atlantic
“We believe we are in a position to influence how innovation in the insurance sector evolves and we believe the GIA to be a great conduit to nurture the evolution of the InsurTech ecosystem. We’re also focused on supporting and growing the startup ecosystem in Des Moines, a core market for Global Atlantic.”
The GIA host an annual program that brings eight to ten InsurTech startups to Des Moines, Iowa for an event focused on line of business (LOB) insight, and access to potential additional investors.
GIA cohort companies graduate by pitching live to Global Insurance Symposium attendees each April.
“Global Atlantic is joining the GIA as an investor at a very critical time,” said Brian Hemesath, managing director of the GIA.
“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.”
As part of the GIA Board, Global Atlantic will have a limited financial stake in a number of InsurTech startups and influence into the business and product development of cohort companies.
The GIA’s insurer investors get early access to the latest industry-specific technology trends, and, are better prepared to compete against counterparts in the same market segments.
Global Atlantic joins the GIA’s existing investor group, which includes Allstate, EMC Insurance, Farm Bureau Financial Services, and Markel Corporation.
