PwC and Early Metrics, a ratings agency for start-ups and innovative SMEs, are launching a collaborative programme to support high potential scale-up InsurTech businesses by promoting mutually beneficial relationships with established re/insurance organisations.
The Scale | InsurTech programme currently consists of nine promising international InsurTech businesses that have been selected to undertake a 12-week course to help them raise their profiles, identify commercial opportunities, and prepare their businesses to scale.
The programme, which launches in London this month, will introduce companies to potential customers, industry decision makers, and leading experts, and help them establish valuable business relationships.
PwC recently carried out a survey which found that re/insurers are more worried about the pace of technological change than any other industry, with 85% of Chief Executive Officers (CEOs) expressing concern about the impact of new technologies.
PwC believes the Scale | InsurTech programme will also prove beneficial to established companies trying to drive profitability and growth while staying ahead of rapidly evolving technological challenges.
The survey, which found that nearly half of re/insurance CEOs are planning new strategic alliances or joint ventures over the next 12 months, indicates that company’s will be open to the opportunities for partnership and collaboration offered by PwC’s programme.
Jonathan Howe, PwC’s Global InsurTech Lead, commented: “We’re delighted to announce this group of innovative scale-up businesses, who we’ve identified as having real potential to go all the way and we can’t wait to start helping them in their journey.
“Scale-up businesses are essential to our economy and crucial to future innovation. By combining cutting-edge technology with networking events and best practice, the programme enables businesses to accelerate their growth by opening the door to new opportunities. We’re excited to see the opportunities it will create.”
Antoine Baschiera, CEO and Co-founder of Early Metrics, added: “We are delighted to be working with PwC on their Scale | InsurTech programme. We aim to support start-ups and SMEs scale effectively, and the Scale programme will provide them with access to potential customers, industry leaders, and key decision makers.”
PwC’s cohort for the programme includes a variety of InsurTech businesses that offer payment gateways, digital re/insurance platforms, risk intelligence, identity verification, and legal and financial support, amongst other services.
Participants on the programme will also undertake a business development curriculum, receive advice on topics such as GDPR, the corporate procurement process, investor readiness and valuations as well as insurance specialisms.
The current list of nine insurtech businesses consists of Apexx, Assetvault, Blocksure, Canopy, Gefen Technologies, Geospatial Insight, Inzura, Paycasso, and Surely.