An insurance accelerator refers to a program in the Sandbox that provides intensive support, mentorship, and resources to innovators with the goal of rapidly enhancing their growth and development.
This program targets innovators that have already established their products or services and are ready to scale their innovations.
The accelerator may be cohort based, offered to market-ready solutions intended to usher them into the insurance market.
1. Providing expert trainings
2. Availing access to funding opportunities
3. Facilitating expansion of product reach
4. Providing One-on-one support
5. Annual thought leaders event.
6. Partnering demo days to showcase the ideas
7. Providing Co-working spaces
8. Avail Intellectual Property support
(1) A person interested in the sandbox shall make a formal application to the Authority (Form 2)
(2) The applicant must have developed a system or product that is ready for testing.
(3) The application must be accompanied by the following:
(a) Concept note of an insurance based innovation
(b) Go-to market strategy
(c) Working prototype ready for market testing
(d) Composition of team members (minimum of 2 active members) and their contact details.
(e) Addressable market size and target audience.
(f) Key Performance Indicators for the testing phase
(g) The main contact person and contact address of the applicant
(h) Evidence of registration of a company, business name or other legal entity (not applicable to entities licensed by the Authority)
(i) A brief description of the innovation that has been developed
(j) A product description with a key facts statement the roll out & testing plan
(k) An MOU with at least 1 partner institution licensed by the Authority (if applicable)
(l) The target market & selected sample for testing
The Authority shall consider the following criteria before admission;
i. Business Viability:
· Clarity of the business idea and value proposition.
· Market demand and potential for growth.
· Scalability and sustainability of the business model.
· Competitive advantage and differentiation from existing solutions.
ii. Team Capabilities:
· Relevant skills,experience and qualifications of the team members.
iii. Market Opportunity:
· Addressable market size and target audience.
· Understanding of customer needs and pain points.
· Market validation and evidence of market interest.
· Potential for market impact.
iv. Financial Projections (where applicable):
· Realistic and well-supported financial projections.
· Demonstrated understanding of financials and key metrics.
· Sensitivity analysis and risk assessment.
v. Innovation and Technology:
· Degree of innovation and technological advancement.
· Potential for leveraging technology to create a competitive advantage.
vi. Social Impact (for impact-focused accelerators):
· Clarity of the social or environmental mission.
· Demonstrated commitment to creating positive impact.
· Measurement and metrics of social outcomes.
vii. Alignment with Accelerator Goals:
· Fit with the accelerator’s focus areas.
· Potential for synergy and collaboration within the incubator’s ecosystem.
· Alignment with the sandbox’s objectives and vision.
(2) An applicant may make adjustments to their application.