Singapore: Insurer NTUC Income has started an accelerator programme to search for promising start-ups in the insurance tech sector.
The programme was launched on Monday in partnership with Infocomm Investments, the investment arm of the Infocomm Development Authority (IDA).
It aims to shortlist 12 start-ups from around the world which have the potential to disrupt the insurance industry, NTUC Income said in a statement.
These include start-ups working on solutions that will help enhance claims processing, combat fraudulent claims, and robo-advisor services, among others.
NTUC Income chief executive Ken Ng said online insurance products, digitised financial planning and real-time risk monitoring are emerging as major trends in the insurance industry over the next three to five years.
“We believe as such technology becomes pervasive, it will impact the design and pricing of insurance, allowing insurance to become even more customized to the individual customer,” he added.
Entrepreneurs selected for the accelerator programme will receive a S$28,000 grant – not tied to a stake in the company – as well as mentorship from specialists.
Applications to the programme will close on Oct 9.