The application period for the 2020 program is closed. Applications for the 2021 program will open in October 2020.
Who should apply?
- Early- and growth-stage technology companies with innovative solutions for financial institutions and insurance companies.
- Non-fintech, growth-stage companies interested in serving financial services and insurance clients
- Companies interested in collaborating with the Lab’s financial institution partners. Historically, companies in the Lab have ranged in stage from Seed to Series B.
- Companies with a solution that can be tested and deployed.
- Proven track record of successfully integrating with customers.
- If selected, core members of the company must be in New York City for the 3 months of the program (April–June).
In surveying the CTOs/CIOs of Lab’s partner organizations, the business priorities centered on a few major themes for financial institutions and insurance companies.
Specific areas of interest for financial institutions are (but not limited to):
- Cloud: Including cloud management, migration and security
- Data: Alternative data sources to improve underwriting analytics, as well as tools for data management, governance, privacy and visualization
- Digitization: Automating and scaling internal processes to drive operational and engineering efficiencies
- Engagement: Tools focused on clients, employees or agents, including for customer acquisition and experience, product customization, predictive analytics and talent development
- Security: Solutions focused on cyber, risk and identity management, and fraud
Specific areas of interest for insurance companies are (but not limited to):
- Automation: Claims and underwriting automation (including tech enabled processing, policy administration & management)
- Collaboration: Tools connecting various parties including carriers, agents, brokers, third-party administrators, re-insurers and creating a more seamless front-end experience for the consumer between those areas.
- Customer experience: Tools and offerings focused on customer experience including digital brokerage, value-added services, delivery, engagement and servicing platforms / tools
- Data: Tools focused on data management and analytics for underwriting, claims, and new products
- Risk: Solutions focused on risk management including identification, quantification and mitigation of risk
Solutions to the focus areas can incorporate AI/Machine Learning, Blockchain, Mobile, Robotic Process Automation and other technologies. In general, there is an interest this year in more comprehensive end-to-end solutions rather than one-off point solutions.
There is no fee to apply. For those companies accepted into the program, the Lab takes a small amount of warrant coverage.