Insurtech Hub Istanbul aims to attract one billion liras in investment for startups
There are currently eight Insurtech Hubs around the world and one of them was recently established in Istanbul’s Yildiz Teknik University, in its Teknopark premises.
Insurtech is an insurance ecosystem enabler with high-value added services for startups, scale ups, insurers, reinsurers, brokers, agencies, technology providers, investors, governments, universities, technoparks, incubation centers and others. Launched in October, the Hub will establish a 15-month program for startups and help Istanbul become a global technology hub for the insurance industry.
The Hub aims to bring in local and international investors and attract a total of one billion liras in investment by 2023. It will provide a wide range of services, from hackathons to scale ups for entrepreneurs and startups, helping at least 16 startups annually to begin with and up to 120 in five years.
It also aims to be a regional hub not only for Turkish startups but also for Eastern Europe and the MENA region.
Insurtech Hub Istanbul was established by a group of professionals who have worked in the insurance services and technology consulting industries for years, Fatih Acer, the founder of AcerPro, and international insurtech ambassador Andrew Warburton.
The insurtech industry last year saw 500 startups raising a total of $24 billion in fundraising rounds, while Turkish startups only raised a mere TRY 200,000. However, the Turkish insurance industry saw TRY 60 billion in premium production in 2017. The industry can increase premium production and drive down costs only with new technologies and innovation-led startups, Acer, Insurtech Hub’s Istanbul President, said.