Dogpatch Labs has selected eight young Irish insurtech start-ups to take part in what it claims is Ireland’s first insurtech pre-accelerator programme.
The innovation and entrepreneurship hub has joined forces with InsurTech Ireland and the InsurTech Network Centre to make the programme possible. The pre-accelerator programme is supported by the Arclabs Fund 1 GP Ltd. The investors in Arclabs Fund 1 are Enterprise Ireland, Suir Valley Ventures, Bank of Ireland Seed and Early Stage Equity Fund, South East BIC, Centrica Innovations, and the Local Authorities of Carlow, Kilkenny, Waterford and Wexford.
The aim of the programme is to find founders that are tackling pressing insurance problems in new ways and give them the skills they need to get ready for a start-up accelerator and/or investment.
“With 15,000 employees in the Irish insurance industry alone, the entrepreneurial potential within the ecosystem is very exciting”
Ireland is home to global insurance and reinsurance players, with 11 of the world’s top 15 insurance companies holding a presence in the country.
In an increasingly dynamic and data driven world, insurtech start-ups can promise innovative and dynamic solutions to problems that the industry is grappling with.
Assured of growth
“The level of interest we’ve had in this programme shows what a healthy insurtech ecosystem we have here in Ireland”, said Dave Power, director of Innovation at Dogpatch Labs.
“With insurance increasingly in the spotlight due to factors including COVID-19 & climate change, the programme creates opportunities for startups and corporates to collaborate to create win-wins. We believe Ireland has the potential to become the home of the European insurtech industry, and this programme is just the beginning.”
The pre-accelerator offers InsurTech startups route-to-market and access to insurance industry leaders to develop their ideas, with fireside chats and mentoring from some of the top insurtech experts in Ireland.
InsurTech Ireland and Dogpatch Labs have been collaborating since 2019, with Dogpatch Labs hosting InsurTech Ireland meetups which have attracted over 2,000 attendees.
Gerard DeVere, Founder of InsurTech Ireland, explained: “Technology is completely changing the insurance industry, and the strength and quality of this cohort demonstrates this positive momentum. This country has the expertise, the talent and the mentor access to run a world-class InsurTech accelerator in the future. With 15,000 employees in the Irish insurance industry alone, the entrepreneurial potential within the ecosystem is very exciting.”
Sean Fleming, Minister Of State at the Department of Finance also welcomed the announcement: “I am delighted to offer my support to the Insurtech pre-Accelerator event, delivered by Dogpatch Labs, Insurtech Ireland and the InsurTech Network Centre at Institute of Technology Carlow (supported by Enterprise Ireland). Ireland has the potential to be a leading global hub for Insurtech technologies and can be at the cutting edge of developments in the area.
“The sector offers exciting opportunities for graduates across the economy and future advances can provide Irish consumers with enhanced value for money and a wider range of products. Key to this is developing linkages between the insurance industry, Insurtech start-ups and international companies; this initiative gives the start-ups of today the chance to be the innovators of tomorrow.”
Garry Leyden from ArcLabs added: “Ireland has the opportunity to be a leading European hub for Insurtech and this programme is about finding the next generation of Irish Insurtech companies that can scale internationally.”
8 Irish insurtech start-ups to watch
Dogpatch Labs revealed the eight selected insurtech startups with the potential to drive the future of the industry.
- ApplyOn – A platform for last mile insurance digitalisation.
- CyberPie – Enabling the microbusiness owner to take control of their cybersecurity. (Previously completed New Frontiers phase 2)
- Equine MediRecord – Automating regulatory compliance to equine welfare and anti doping regulations
- Gatepost – AI driven solution providing verified information to insurers pre-quote (Founder was previously Managing Director of Verisk in Ireland)
- ITUS Secure Technologies – Enabling small businesses to see the strength in their Cybersecurity Shield (Regional winner of Zurich’s Innovation Champion, 2020)
- nSurely – Off the shelf cloud platform for Usage Based Insurance products
- Penny FS Technologies – Penny is designing an application to digitise long-term savings in minutes
- UPackage – Provides software for insurers operating in the e-commerce industry.
The virtual Showcase Day will take place on Tuesday, November 23rd. Register at: https://dogpatch.click/insurtech-showcase