Swiss Re, the leading reinsurance firm, aims to start a fintech startup accelerator in Bengaluru, India this July. This will be the first attempt of the country to direct its focus on ventures in the insurance industry.
“Approximately 25% of our revenue comes from emerging business markets. From an insurance tech perspective, India will be a very strong focus for us this year,” said Jason Richards, Swiss Re’s property and casualty business management head.
Swiss Re intends to evaluate venture-based and early-stage Indian startups, as well as give the chosen startups access to non-equity based grants. According to the Managing Director at Swiss Re, Alok Kumar, the selection of fintech players will be defined by three core themes. This includes robo analytics and advisors; internet of things (IoT) based sensors; and innovative distribution mediums.