Yes, even Singapore insurer NTUC Income has hopped on the startup accelerator bandwagon. The program’s full name, announced today, is a mouthful: “Income Future Starter, Powered by TAG.PASS.”
This means it’s run with the help of Infocomm Investments, a Singapore government-linked investment firm. TAG.PASS (yes it’s an actual acronym) is Infocomm Investment’s accelerator format for startups.
Future Starter will shortlist 12 startups from around the world that aim to tackle the insurance industry. Each startup will get a US$21,000 grant, without giving up equity. Entrepreneurs will be hosted and mentored at BASH, a startup space in Singapore’s famed Block 71 area. Teams will get access to NTUC Income’s senior management.
Specifically, Future Starter is interested in these areas, though they’re not exhaustive:
- Enhancing insurance claims experience and processing
- Combating fraudulent claims
- Central needs analysis for customers
- Robo-advisor
- Peer-to-peer insurance
- Integrated customer data analytics
Teams can apply from today to October 9, 2016. Startups must have a minimal viable product ready. Recruitment roadshows will be held in Singapore, Taiwan, and Korea.
This is the third edition of Future Starter. The previous editions were startup pitching contests with a US$74,000 top prize.
The previous winners were Privi, a “drug-free solution for haemorrhoids sufferers,” and Jaga-Me, an on-demand service that matches patients and home nursing care professionals.
Corporate accelerators are the latest fad in Singapore’s startup space. Particularly prevalent in fintech, banks like OCBC and DBS have gotten their own programs running. Singapore Press Holdings too has its own program.
Converted from Singapore dollars. US$1 = S$1.34
Editing by Judith Balea
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