Singapore-based cooperative insurance company NTUC Income has selected nine start-ups for the first round of its equity-free accelerator program, Income Future Starter. They were picked from 190 applications from 20 countries.
The program is a partnership with Infocomm Investments Private Limited (IIPL), a wholly-owned subsidiary of the Infocomm Development Authority (IDA) of Singapore.
Each of the nine start-ups will receive an equity-free entrepreneur grant worth SGD28,000 , as well as mentorship from industry veterans from firms such as Income, IIPL, Philips and KPMG, offering their expertise as part of the program’s structured curriculum.
Examples include: Health2ynce from Taiwan, which offers a healthcare management platform providing care for diabetics through automated care and analytics; Innoplay Lab from South Korea, which provides robotics solutions for home security; and Anywhere 2 Go, a Thai start-up that enables better communication between drivers and motor insurance companies for faster claims.
Ken Ng, CEO of Income said: “Given that insurtech is at its infancy in Singapore, we understand that start-ups working in this new frontier are unfamiliar with the insurance business.”
Alex Lin, head of IIPL added, “The start-ups selected for this inaugural programme run have products and solutions that display an alignment with Income’s business needs and gaps… Upon graduation with a minimum viable product, they’re ready for the next stage of growth, and Income Future Starter, with its customer base and domain expertise, catapults them to their next phase.”
The program will commence on January 9, 2017, and a demonstration day will be held on March 24.
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