The fourth edition of its insur_space program will focus on three verticals: health and wellness, climate risks, and cybersecurity for SMEs.
Insur_space by MAPFRE has launched a new fast-track-to-market program to attract initiatives from around the world that want to grow in the insurance market. The call will remain open until March 31 and is aimed at early-stage or growth companies that already have a product in the insurance market and want to scale or enter the sector through a partnership. The call is also aimed at scale-ups that may be interested in accelerating their international expansion with us.
Insur_space offers startups the possibility of launching a pilot in less than six months together with any MAPFRE organization globally, including the Group’s digital brands: Verti and Savia. Unlike most programs directed at entrepreneurs, insur_space offers up to 100,000 euros of financing without becoming a shareholder in the startups.
The call focuses on three verticals: health and wellness, climate risks, and cybersecurity for SMEs.
Joan Cuscó, director of insur_space, sums up the purpose of the program in one sentence: “Together we can go further”. “Collaboration between startups and large companies is an opportunity that neither party can let slip away. We are positioning ourselves as the benchmark program in the insurance sector, reducing to a matter of weeks processes that otherwise take several months. After more than 30 pilots launched on the market, we know exactly what we have to offer and what we can expect in return,” he adds.
The three previous editions of insur_space have resulted in a large number of national and international agreements. In addition, the startups participating in the program have access to MAPFRE’s 26 million clients and nearly 80,000 agents and brokers worldwide, as well as to historical data (properly anonymized in compliance with current legislation). The funding offered (up to €100,000) is intended to cover the costs of the collaboration and does not seek to acquire a stake in the startups. If they are looking for capital, we offer Alma Mundi Insurtech, a venture capital fund of 350 million euros in which MAPFRE holds a stake.
Applications can be submitted until March 31 through the program’s website.
MAPFRE Open Innovation
The insur_space program is part of MAPFRE Open Innovation, the company’s strategic commitment to drive client-centric transformation through partnerships and by using emerging technologies that have 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 various companies 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.