MAPFRE’s insur_space fast-track-to-market program aims to jointly develop innovative
solutions with InsurTechs in less than 6-months with full access to MAPFRE worldwide
This amazing partnership opportunity for start-ups has special focus on products designed for an ageing population, plus proactive health and well-being. In terms of risk management insur_space offers up to 100,000 euros of financing with no equity required, which is an excellent step up the ladder for smaller insurtech companies. You won’t get that deal from NatWest bank.
The third call for startups, open until July 24, is aimed at companies in the early stage or growth phase that already have a product in the insurance market and want to scale,
or want to enter the sector through an alliance.
insur_space offers startups the possibility of launching a pilot in less than six months with any MAPFRE unit around the world, including the Group’s digital brands –Verti, InsureandGo and Savia–. Unlike most programs aimed at entrepreneurs, insur_space offers up to 100,000 euros of financing without entering the shareholding of startups.
This particular call focuses on three verticals: the aging population (to address challenges such as dependency, social isolation or home care); proactive health and well-being (promoting healthy habits and improving the lives of both healthy people and those suffering illnesses); and risk, damage and claims management (for any business line in the insurance market).
Joan Cuscó, director of insur_space, summarizes the purpose of the program in one sentence:
“Together we can go further.” “The collaboration between startups and large companies is an opportunity that neither party can miss. We position ourselves as the benchmark program in the insurance sector, reducing processes to weeks that in other conditions take several months. After two years and 22 pilots launched on the market, we know perfectly what we should contribute and what we can expect in return”, he adds.
The startups participating in the program have access to MAPFRE’s 26 million clients and almost 80,000 agents and brokers worldwide, as well as historical data (conveniently anonymised in compliance with current legislation). In addition to €100,000 to cover the costs of the pilot, startups can opt for financing from Alma Mundi Ventures Insurtech, a fund participated by MAPFRE.