CHICAGO, August 15, 2023 – Global tech innovation hub 1871 announces the debut of its newest innovation program, InsurTech Innovation Lab, set to launch in October 2023. Applications are now open until September 8th, 2023.
This marks 1871’s inaugural InsurTech initiative, an experience uniting all the major players across the insurance landscape (Property and Casualty, Life,and Health)in a collaborative effort to tackle critical challenges and break ground on solutions for future transformation.
“Several areas within the insurance sector are poised for transformation and innovation. Hundreds of founders are leveraging technological progress to enhance not just the efficiency and expansion of incumbent insurance enterprises, but also to amplify access to the financial security that insurance offers to our society,” said Rachael Feuerborn, Chief Product Officer at 1871. “We’re thrilled to foster collaboration between these pioneering startups, forward-thinking corporations, and InsureTech experts to tackle the biggest opportunities the industry presents.”
“Innovation is the compass guiding us through the ever changing landscape of risk, ensuring that current and future uncertainties are met with ingenious solutions”, said Betsy Ziegler, CEO at 1871.” This new lab unites the visionary power of tech innovators with the security of insurance expertise sparking transformative potential.
InsurTech represents the final addition to 1871’s suite of Innovation Labs this year, following the successes of the Cannabis Innovation Lab, AI Innovation Lab, Supply Chain Innovation Lab, and FoodTech Innovation Lab.
About InsurTech Innovation Lab
Applications to join the Fall 2023 lab are open until 9.08.23. The immersive, 4-month hybrid experience, running from 10.09.23 – 01.18.24, caters to each stage within the cohort respectively, while fostering a collective atmosphere for collaborative innovation.
This Lab focuses on several areas for cohort members to explore, identify, and collaborate to solve key issues within the industry. Startups serving domains across the InsurTech focus areas will be considered for the cohort.
Focus areas this year include:
- Subrogation
- Litigation
- Fraud
- Back-Office Productivity
- Preparing for Volatility — Climate, Workforce, & Talent
Those eligible to join the lab:
- Growth-stage startups with a technology or product focused on the InsurTech space
- Late-stage startups as partners seeking to elevate their brand as experts and influence the InsurTech industry
- Corporations as partners sitting at the forefront of InsurTech innovation or seeking to enhance their capabilities & offerings via partnerships
A selection will ensure that startups admitted to the program are best suited and have proven readiness for optimal lab outcomes.
Information sessions will be held on 8.22.23 and on 8.29.23, to provide attendees with detailed lab curriculum, key dates, and the benefits of participating.
Within the lab, participants are connected to experts, enthusiasts, and investors through immersive workshops and other experiences throughout the duration of the program.
The lab experience alternates in virtual and in-person sessions, convening for a full week in October, November, and December 2023, culminating with the final week in January 2024.
The program ends with a capstone-like InsurTech Innovation Summit in January 2024 — a public event akin to 1871’s AI Innovation Summit, which took place in July 2023.
For inquiries about partnerships or sponsorship options for the InsurTech Innovation Lab or Summit, connect with our team.
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About 1871
1871 is Chicago’s innovation hub and the #1 ranked private business incubator in the world. It exists to inspire, equip, and support early-stage, growth-stage, and corporate innovators in building extraordinary businesses. 1871 is home to ~400 technology startups, ~200 growth stage companies, and ~1,500 members, and is supported by an entire ecosystem focused on accelerating their growth and creating jobs in the Chicagoland area. The member experience includes virtual and in-person access to workshops, events, mentorship, and more. The nonprofit organization has 350 mentors available to its members, alongside access to more than 200 partner corporations, universities, education programs, accelerators, venture funds, and others. Since its inception in 2012, more than 850 alumni companies are currently still active, have created over 14,500 jobs, and have raised more than $3.5 billion in follow-on capital.
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