The Global Insurance Accelerator (GIA), based in Des Moines, Iowa, announced that W. R. Berkley Corp. (W. R. Berkley), will join the GIA board of directors through a commitment to be an investor.
Founded in 1967 and based in Greenwich, Connecticut, W. R. Berkley has more than 50 operating units across the globe. W. R. Berkleys investment will help fund the GIAs annual, 100-day program, and its operating unit, Continental Western Group (CWG), will likely be the first contributor of staff to participate as program mentors.
The GIAs annual program invites insurance technology (insurtech) startups to Des Moines for a 100-day, immersive insurance experience, during which program mentors provide business coaching as well as exposure to insurance company operations, focused line of business (LOB) insight, and access to potential additional investors. Each April, cohort companies graduate by pitching onstage in front of Global Insurance Symposium attendees.
The GIA investors, now including W. R. Berkley, not only have an opportunity to acquire a financial stake in some of the top insurtech startups in the world, but can also expect to influence the early business and product evolution of cohort companies. As a part of the GIA, insurer investors are often exposed to the newest industry-specific technology trends ahead of formal product launches, and, are therefore better positioned against modern competitors operating in the same markets.
W. R. Berkley joins the GIAs existing investor group, which includes American Equity Investment Life Holding Company, Delta Dental of Iowa, EMC Insurance, Farm Bureau Financial Services, Farmers Mutual Hail Insurance of Iowa, Grinnell Mutual Reinsurance Company, IMT Insurance Company, Markel Corporation, Mutual of Omaha Insurance Company, and Principal Financial Group.