A Canadian insurtech company has been selected as one of the first members of an insurance accelerator program in Hartford, Connecticut – and will now have direct access to a half-dozen insurance companies.
Ubios, out of Quebec, leverages Big Data, the Internet of Things and motion detection technology to help landlords prevent water damage – and save on insurance – in condos.
The company is one of 11 insurtech companies selected for the inaugural 2018 cohort of the Hartford InsurTech Hub. The 11 companies were whittled down from an initial 1000 applicants.
Of the 11, two are from India, one from Australia, one from Singapore, six from the US – and Ubios, from Canada.
Mathieu Lachaîne, founder and CEO of Ubios, said the start-up was “thrilled” to have been selected.
“We’ve started sales in Canada in 2017, and it was our plan to start exploring the US market in 2018,” he said. “The Hartford InsurTech Hub will accelerate that effort tremendously, as we’ll have direct collaboration with insurers to target our efforts to their customers who experience the most pain from water damages.
“We’re thrilled because the property and damage insurers who are partners in the Hartford Insurtech Hub (Travelers
, The Hartford, USAA) are very committed. They experience water damage losses in the hundreds of millions every year.”
The start-ups in the acceleration program will work closely with the program insurance partners Cigna, The Hartford, Travelers, USAA, White Mountains, and CTNext.
Being included in this initial Hartford cohort could be a big win for Ubios. The US market remains the largest market in the world, and has been aggressive in adopting insurtech.
The 11 successful teams will relocate to Hartford for the start of the program in January, and will remain for three months, with access to the insurance partners. They will receive support, resources, and industry and investor connections.
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