Global re-insurer company Swiss Re plans to launch a fintech start-up accelerator in July, touted to be the country’s first to focus specifically on ventures within the insurance sector. “Approximately 25% of our revenue comes from emerging business markets. From an insurance tech perspective, India will be a very strong focus for us this year,“ said Jason Richards, head property and casual business management at Swiss Re.
The company plans on providing non-equity based grants to the selected start-up and will evaluate early stage and venture based start-ups. According to Alok Kumar, managing director at Swiss Reinsurance company, three core themes will define their selection of fintech players. From Internet of Things based sensors and machine devices to systems of engagement, which include robo advisory systems such as artificial intelligence driven bots, and smart analytics, where deep learning will be leveraged for creating predictive systems, underwriting claims and fraud management.
Source: The Economic Times (Bengaluru)
Date: 29th April, 2016