About Insurtech gateway by hambro perks
Insurtech Gateway by Hambro Perks: Revolutionizing the Insurance Industry
The insurance industry has been around for centuries, but it has not always kept up with the times. In recent years, however, there has been a surge of innovation in the sector thanks to insurtech startups. These companies are using technology to disrupt traditional insurance models and provide better solutions for customers.
One such company leading the charge is Insurtech Gateway by Hambro Perks. This incubator program is designed to help insurtech startups get off the ground and succeed in a highly competitive market.
What is Insurtech Gateway?
Insurtech Gateway is an incubator program that provides support and resources to early-stage insurtech startups. The program was founded by Richard Chattock and Stephen Brittain, who have extensive experience in both insurance and technology.
The goal of Insurtech Gateway is to help founders bring their ideas to life more quickly and efficiently than they would be able to on their own. The program provides access to underwriting capacity, regulatory expertise, investment capital, office space, mentorship, and more.
How Does It Work?
Insurtech Gateway operates on a cohort model. Each cohort consists of several startups that are selected through a rigorous application process. Once accepted into the program, these startups receive intensive support over a period of 12 months.
During this time, they work closely with mentors who provide guidance on everything from product development to fundraising strategies. They also have access to office space in London's Tech City district as well as networking opportunities with other entrepreneurs in the insurtech community.
Perhaps most importantly, Insurtech Gateway helps its startups navigate the complex regulatory landscape of the insurance industry. This can be one of the biggest barriers for new entrants into this market since it requires significant time and resources just to get authorized by regulators.
By providing underwriting capacity through its partner insurers (such as Lloyd's of London), Insurtech Gateway is able to help startups get their products to market more quickly. This reduces the time and cost required for founders to secure the necessary authorizations and capital.
Why Is Insurtech Gateway Important?
Insurtech Gateway is important because it helps address some of the biggest challenges facing insurtech startups today. These challenges include:
- Regulatory hurdles: As mentioned, getting authorized by regulators can be a lengthy and expensive process. By providing underwriting capacity, Insurtech Gateway helps startups bypass some of these hurdles.
- Lack of investment capital: Insurance is a highly regulated industry, which can make it difficult for startups to attract investment. By partnering with Hambro Perks (a venture capital firm), Insurtech Gateway provides access to much-needed funding.
- Limited underwriting capacity: Many insurtech startups struggle to find insurers willing to underwrite their policies. By partnering with established insurers like Lloyd's, Insurtech Gateway provides access to this critical resource.
In addition, Insurtech Gateway helps founders retain more equity in their businesses by reducing the amount of time and money required for regulatory compliance and fundraising.
What Are Some Success Stories?
Since its launch in 2017, Insurtech Gateway has helped dozens of insurtech startups get off the ground. Some notable success stories include:
- Honcho: A price comparison platform for car insurance that raised £650k on Crowdcube after completing the program.
- FloodFlash: A parametric flood insurance provider that raised £1.9m in seed funding after completing the program.
- Digital Fineprint: An AI-powered risk analytics platform that raised £2m in seed funding after completing the program.
These are just a few examples of how Insurtech Gateway has helped early-stage companies succeed in a challenging market.
Conclusion
Insurtech is an exciting area of innovation within the insurance industry, and Insurtech Gateway is at the forefront of this movement. By providing support and resources to early-stage startups, the program is helping to drive innovation and improve outcomes for customers.
If you're an insurtech founder looking to get your business off the ground, Insurtech Gateway could be just what you need. With its extensive network of mentors, investors, and partners, it provides a unique opportunity to accelerate your growth and achieve success in a highly competitive market.
insurtechgateway.com