Three South African startups have made it on the shortlist to becoming one of the 10 startups to be accelerated by leading international startup accelerator Startupbootcamp InsurTech in 2017.
Aerobotics, Emerge Analytics and NuvaLaw are up against 20 other startups for the opportunity to collaborate with more than 400 mentors, partners, and investors over a three months’ period to build world-class products, with the ultimate goal of becoming industry leading companies.
Aerobotics, Emerge Analytics and NuvaLaw were three of the 633 applications received by Startupbootcamp InsurTech following a call for applications from innovative early stage startups specialising in insurance.
Startupbootcamp InsurTech and MMI Holdings’ Exponential Ventures hosted the FastTrack tour in South Africa on 11 and 13 October 2016 where these startups presented their solutions for the insurance industry. The events were open to startups looking for expert advice, exposure and the possibility of funding.
Sabine VanderLinden, MD of Startupbootcamp InsurTech, says: “We had a great week in South Africa and found a few gems. It is clear that InsurTech in South Africa has matured compared to 2015.”
Jaco Oosthuizen, chief exponential officer of Exponential Ventures, comments: “This year’s FastTrack tour showed that InsurTech is gaining momentum and catching up to the well-established Fintech startup space, both from a quality of the value propositions presented and the funding that is becoming available to support it. We are proud that we have three South African based InsurTech startups in the top 23 after this global selection process (up from one in 2015). We wish all the teams good luck with the intense selection process during the next two days.”
Aerobotics, a young South African startup that develops drone technology used in the agricultural, logistical and mining industries, uses drones to acquire better data analysis using artificial intelligence algorithms. The business was started almost two years ago. They have developed an automated drone with software that allows farmers to scan their farms and provide analytics to manage their farms more efficiently, by both reducing costs and increasing yields.
Emerge Analytics solves complex business problems using advanced data analytics like artificial intelligence to help clients navigate the corporate data maze emerging with better answers, new insight and optimised profitability.
NuvaLaw is a digital negotiation platform between motor vehicle insurers. The product introduces workflow and measurable efficiency to an environment that is currently unstructured, and results in substantial saving in costs. The product also facilitates Online Dispute Resolution Information exchange & Legal Process Outsourcing to highly qualified and affordable lawyers and mediators.