PwC is collaborating with Early Metrics to launch the Scale | InsurTech programme to support high potential scale-up businesses.
The programme, which launches this May, will link fast-growth scale-ups and established insurance organisations to generate mutually beneficial commercial opportunities and relationships.
Nine of the brightest international InsurTech businesses have been identified to undertake a 12-week programme, helping them to raise their profiles, identify commercial opportunities and prepare their business to scale.
The programme, which will take place in London, introduces the companies to potential customers, industry decision makers and leading experts who may become customers, market advisors or even business partners.
PwC’s 2018 CEO survey found that 85 per cent of insurance CEOs are concerned about the pace of technological changes – more than leaders in any other industry.
Jonathan Howe, PwC’s Global InsurTech leader, has also warned insurance brokers that they are not immune from the disruption created by InsurTechs and that they should be responding to developing technology.
The Scale programme facilitates partnerships and collaboration between innovative InsurTechs and established insurance organisations, keen to capitalise on the potential of partnerships in driving profitability and growth.
According to the PwC CEO Survey, nearly half of insurance CEOs are planning a new strategic alliance or joint venture over the next 12 months.
“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,” said PwC’s Global InsurTech lead Jonathan Howe.
“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.”
The Scale | InsurTech cohort of businesses include Apexx, which is a payment gateway between insurers and numerous global payment methods such as Visa and MasterCard. It allows access to every payment solution in the world and enabling significant savings on payment acceptance fees.
Blocksure is a decentralised insurance platform for brokers, MGAs and (re)insurers which enables real time processing of transactions across policy administration and claims management, eliminating a number of current back office processes.
Participants on the programme will 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.