Global Business Innovation Programme in the USA - InsurTech
Innovate UK seeks innovative insurance companies for a market visit to the USA which will include attendance at the InsurTech Hartford Symposium.
Opportunity Details
When
Registration Opens
10/10/2023
Registration Closes
06/11/2023
Award
Innovate UK will fund and organise flights, accommodation, in-market travel, and conference fees for successful applicants, who will also benefit from an intensive 9 to 12 months three phased programme and bespoke support from an Innovation and Growth Specialist throughout.
Organisation
Innovate UK
Note: This opportunity is fully funded support and not monetary funding.
The Global Business Innovation Programme (GBIP) – InsurTech, USA is organised by Innovate UK.
The three-phase, competitive programme consists of a five-day in-market visit to the USA and attendance at the InsurTech Hartford Symposium, intensive pre and post visit training and support by our innovation and growth specialists.
The programme is focused on helping your business to maximise the opportunities identified in the USA and provide international partnership opportunities to help you to develop your innovation and bring your ideas to commercialisation.
Innovate UK is committed to equality, diversity, and inclusion and encourages people from all backgrounds to apply.
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The Global Business Innovation Programme is structured around three main phases and each business will have a designated Innovate UK EDGE Innovation & Growth Specialist to support them for the duration of the offering, including developing an action plan to capitalise on the opportunities identified. The three main phases of the Global Business Innovation Programme are:
Getting ready for the market: Pre-activity briefing workshop to build knowledge and understanding of the market and potential opportunities, including how to do business, cultural aspects, how to protect your IP and training on how to improve your pitch and articulate your value proposition. (2-day workshop)
Market activities: Explore the innovation opportunities first-hand through meeting with key companies and research organisations and potential collaborators and partners through pre-arranged meetings and organised matchmaking. (5 days of market related activity)
Exploiting the opportunity: An exploitation workshop and one-to-one support from a Innovate UK EDGE Innovation & Growth Specialist to follow up and take advantage of the opportunities identified. (1 day workshop and as a guide, around 5 days working with an Innovate UK EDGE Specialist over a 12-month period)
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To apply, you must:
- Be a UK-based innovation-led company with ambitions to grow and internationalise
- Be a company with fewer than 500 employees
- Be able to attend and complete all activities (various dates, Feb-July 2024: see below)
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With the US being the world’s largest insurance market, valued at $1.4 trillion in 2021, there is a considerable amount of growth opportunity for personalised and convenient insurance products.
More than 1,000 global insurance firms are based in the US, with Harford being a hub of insurtech and home to some of the largest insurance companies in the world. The city attracts startups and established companies looking to innovate.
There will be an exciting opportunity to attend the InsurTech Hartford Symposium, a conference for insurance innovators. The conference creates a highly immersive experience for startups, innovators and entrepreneurs, and pushes the boundaries of innovation in insurance to bring together the greatest minds and world-class insurtech leaders.
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Innovate UK will fund and organise group flights, group accommodation and group in-market travel for successful applicants. One senior representative from each company will be funded.
On acceptance to the programme a commitment fee of £500 will be obtained from each participant, which will be refunded on completion of the full activities and agreed action plan. Non-completion after formal acceptance may result in forfeiting some or all the commitment fee.
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Closing date for application: 6th November 2023
Two day pre visit workshop: 27th and 28th February 2024
Market visit: 15th February – 1st March 2024 (including participation at evokeAG conference on 20th & 21st February)
Innovation visit: 14th – 20th April 2024
Exploitation workshop: July 2024
For more information, assistance with your application or to discuss accessibility needs, please contact the global team at global1@innovateukedge.ukri.org.