Via News Release
“MINNEAPOLIS-ST. PAUL – June 24, 2019 – The OnRamp Insurance Accelerator welcomed five teams from around the world to the Twin Cities for its inaugural cohort. Rigorously selected by the gener8tor team from a pool of 545 applications, the five teams represent a diverse mix of founders and industries.”
The accelerator kicked off on June 6 and will culminate in a Premiere Night celebration at the end of August. Each startup receives a $100,000 investment and will work with the gener8tor, Allianz Life and Securian Financial teams during the three-month accelerator to grow their businesses.
The OnRamp Insurance Accelerator builds on the success of the annual OnRamp Insurance Conference, which relocated to Minneapolis-St. Paul in 2019. Started by gener8tor in 2015, the OnRamp Insurance Conference brings together the insurance industry’s leading corporations, investors and startups.
The OnRamp Insurance Accelerator will operate out of gener8tor’s new Twin Cities’ offices:
● WeWork Uptown: 1330 Lagoon Avenue, Minneapolis, MN 55408
● Osborn370: 370 Wabasha Street N, St. Paul, MN 55102
“We’re excited by the breadth of the companies that are in the first cohort,” said Pooja Shah, Managing Director of the OnRamp Insurance Accelerator. “The teams are tackling a wide range of problems from better access to the right asset mix for retirement accounts to predicting customer churn to digitizing direct mail.”
The five companies in the inaugural OnRamp Insurance Accelerator cohort are:
Accern’s (New York, NY) data science platform automates the research and underwriting process for financial institutions and helps them make better data-driven decisions. This leads to an estimated 70% reduction in cost, a 90% reduction in time to a decision, and a 30% decrease in risk. Accern currently has 40+ enterprise clients, including Allianz, IBM, and Norges Bank.
Claimspace’s (Sydney, Australia) online platform delivers a transparent claims experience for insurance carriers and their customers. Claimspace integrates with existing systems or can be used as a standalone solution and gives insurers visibility across claims portfolios and product lines. Focused on complex claims, Claimspace increases productivity by reducing inbound calls by up to 40% and can reduce the lifetime of the claim process by up to 25%
Inkit (Minneapolis, MN) tracks and automates personalized letters and other pieces of physical mail. Inkit integrates with most CRMs digitizing companies’ offline points of contact with their customers – use cases include marketing campaigns, billing, and compliance notices. Inkit counts 35+ customers globally, including: P&G, Asana, Bird, Bright Health, Sotheby’s and Boxed.
Micruity (Toronto, Canada) adds pension-like insurance products to employer 401(k) plans by streamlining transactions between plan administrators and life insurance carriers. Micruity facilitates the placement of annuities into retirement plans, increasing annuity sales for life insurance carriers and creating a guarantee that feels like a pension for employees.
Relativity6 (Boston, MA) maximizes customer retention for insurance carriers and financial institutions. The Relativity6 platform predicts which customers are at risk of churning approximately 60 days in advance. Built at MIT, Relativity6 reduces monthly churn by 1% and creates a 5% lift in quarterly revenue. Relativity6’s customers include Willis Towers Watson and MetLife.