Allstate Joins Global Insurance Accelerator to Help Foster Innovation
Insurer will have employees serve as mentors to innovative startups.
NORTHBROOK, Ill. (Oct. 24, 2017) – Allstate Insurance Company has joined the Global Insurance Accelerator (GIA) program as a way of harnessing the innovative ideas and problem-solving capabilities of key startups in the insurance industry. Allstate will also join the board of directors to help forge new relationships with interesting up-and-coming companies. GIA is the first business accelerator focused solely on innovation in the insurance industry.
One example of recent innovations for Allstate is the insurer’s use of QuickCard Pay – the industry’s fastest claims payment method that is capable of instantly depositing money in a claimant’s bank account after a covered loss. The insurer recently used QuickCard Pay to assist those affected by Hurricanes Harvey and Irma.
“Allstate has a history of innovation with deep expertise in usage-based insurance, connected cars and telematics as well as aerial imagery and claims payment systems,” said Allstate’s Vice President of Claims Innovation and Customer Experience Shawn Broadfield. “By working with the Global Insurance Accelerator, we are building on that history of success. We look forward to identifying new and innovative technologies to help us create an even faster and easier claims experience for our customers.”
“Allstate is an outstanding addition to the GIA,” said Brian Hemesath, managing director of the GIA. “The individuals we’re working with are committed to fostering innovation for their company and the industry, which is a core tenet of the GIA. This relationship with Allstate will benefit both Allstate and the GIA by expanding our collective networks and perspectives considerably.”
Allstate will participate in the GIA program selection process – finding companies with the potential to innovate in the industry. Allstate employees will also serve as mentors to these startups to help them understand the business and make the most of their opportunity to help insurance customers across the country.
For more details, please visit www.globalinsuranceaccelerator.com.
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Allstate is widely known through the slogan “You’re In Good Hands With Allstate®.” The Allstate brand’s network of small businesses offers auto, home, life and retirement products and services to customers in the United States and Canada. In the 20 years since Allstate became a fully independent public company, The Allstate Foundation, Allstate, its employees and agency owners have donated more than $405 million to support local communities.
About the Global Insurance Accelerator Launched in 2015, the Global Insurance Accelerator (GIA) fosters innovation in and for the insurance industry via a mentor-driven, 100-day program. GIA supports an annual cohort by providing each graduate company $40K of seed money in exchange for six percent equity. During the program, cohort members get insurance-specific mentoring via 1:1 meetings with industry executives, as well as basic business infrastructure assistance, coaching on garnering investments, and product-specific insights into strategies for increasing applicability to and feasibility for the insurance industry. The GIA extended network includes insurance company investors, startups and mentors from across the global business and insurance communities. For more details please visit www.globalinsuranceaccelerator.com.