Insur_space fast-track-to-market program
Insur_space by MAPFRE has launched a new call to attract initiatives from around the world that want to grow in the insurance market. The third edition of this 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.
Applications can be submitted online until July 24th.
MAPFRE Open Innovation
The insur_space program is part of MAPFRE Open Innovation, the company’s strategic commitment to drive customer-focused transformation through partnerships and the use of emerging technologies that create a positive impact on business and society. Led by the Group Chief Innovation Officer, José Antonio Arias, MAPFRE Open Innovation is a global model with teams in the different entities and countries where the Group has a presence. All MAPFRE Open Innovation initiatives operate under a single indicator: how many clients benefit from our innovations.
MAPFRE is a global insurance company with a worldwide presence. A leading company on the Spanish market, it is the largest Spanish insurer in the world, the third largest insurance group in Latin America, and it is in sixth position in terms of Non-Life ranking in Europe by premium volume. MAPFRE has over 34,000 employees and in 2019 it had revenue of nearly 28.5 billion euros, and a net profit totaling 609 million euros.