Hartford Business Journal

12 Hartford Business Journal • December 17, 2018 • www.HartfordBusiness.com By Matt Pilon mpilon@hartfordbusiness.com I f you're a business of sufficient size or stature wanting to move to Connecticut or expand here, the state's probably interested, so you might be able to land a favor- able loan or even an equity investment. Those state-backed incentives come with strings attached, such as requir- ing companies to meet certain job- growth and retention targets within state borders, and have the overall goal of growing Connecticut's economy. But when it comes to the bur- geoning insurance technology — or insurtech — sector, the state and its major insurance carriers are test- ing a different approach to achieve similar economic-development gains: Pick the most promising startups you can find from around the world; bring them to Hartford and introduce them to the insurance industry titans headquartered in and around the city; help them further hone their business strategy and offerings; and then set them free, hoping they stick around to service newly won clients, and grow. That's the strategy employed by the Hartford InsurTech Hub, the city's nascent business accelerator that is op- erated by London-based Startupboot- camp and backed by around $750,000 a year in state funding from CTNext. The program is leveraging Greater Hartford's uniquely dominant position in the insurance industry and aims to create momentum and buzz for down- town at a time when technologies like artificial intelligence are continuing to evolve, creating new opportunities as well as competitive threats for insurers. Headed into year two, the three-month accelerator has already made a splash, attracting hundreds of global startups that have applied for the program, and nearly two dozen that have come, or are headed to Hartford to participate. It's still too early to judge if the pro- gram will turn Hartford into a breed- ing ground for new tech companies — at least three startups that par- ticipated in the first accelerator that ended in April have taken residence in the city — but it's certainly helped raise Hartford's profile. "We can offer startups from around the globe something that no other place can," Hartford Mayor Luke Bronin said during an address at the Insurance Market Summit in Hartford last month. Bronin urged the more than 300 sum- mit attendees to spread the word about the city and to encourage their busi- ness and venture capital partners to consider setting up operations here. "We cannot be shy or bashful about what we're trying to be here," the mayor said. "We have to be bold and we have to be ambitious. We want this city to be the global hub for insurtech. We want it to be the undisputed capi- tal of insurance in the world." For 2019, the accelerator has 10 fresh startups hailing from seven countries. The companies, vetted and selected by Startupbootcamp and its corporate supporters, are drawn to the program, first and foremost, by the prospect of forging relationships with big insurers that could one day pay them meaning- ful revenue for their innovations. "What attracts them is the insurance companies," said Sabine VanderLinden, CEO of Startupbootcamp InsurTech, which has found a home at Upward Hartford in downtown's Stilts building. "The ability to have partnerships, to shape new offerings with large compa- nies, renowned companies. If they can get the traction, get the clients, invest- ment is going to come." While VanderLinden can't predict the future, she said a startup that wins a big new client in the region is likely to put down roots here. Several companies from her 2018 program have leased space at Upward Hartford as they work on product pilots with area carriers and others. An insurer's perspective The region's insurance companies — Aetna, Cigna, The Hartford, Travelers, 2019 Hartford InsurTech Hub accelerator companies • CareValidate, of Atlanta, offers smart sensors that monitor quality of care in senior-living institutions. • ClaimSpace, of Australia, makes customer communication and analytics software. • Canada-based Dream Payments provides digital payment services to financial institu- tions and insurance companies. • Handdii, of Australia, offers a digital platform that automates the property insurance claim process and connects insurers, brokers, customers and property-repair workers. • Medyear, of New York, is a social network that connects consumers to healthcare providers for communication and access to health records. • Pineapple Tech, of South Africa, makes AI-enabled software that allows users to snap a picture and quickly receive an insurance quote on an item. • See Your Box, of Switzerland, makes internet- of-things software and hardware that track goods in a supply chain in real time. • U.S.-based Pitch Gauge offers software that inspects and measures roofs using mobile devices. • SkyWatch Technologies, of Israel, is a li- censed broker in all 50 U.S. states and offers on-demand drone insurance. • Talem Health Analytics, of Canada, offers a platform that predicts injury recovery times and provides other insights into claims costs. Breeding Startups Amid CT's pay-for-presence incentives, insurtech tests a different model HBJ PHOTOS | MATT PILON Hartford Mayor Luke Bronin introduces the Hartford InsurTech Hub's 2019 cohort of startups, which hail from around the world, at the Nov. 29 Insurance Market Summit.

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