ROCKY HILL, Conn., June 15, 2018 – Connecticut Innovations (CI), Connecticut’s strategic venture capital arm and the leading source of financing and ongoing support for innovative, growing companies, today announced that Travelers, the Hartford-based provider of property casualty insurance for auto, home and business, will offer an Innovation Prize to VentureClash competitors developing solutions and pursuing market opportunities in insurtech. The winner of the prize can potentially take home as much as $50,000.
VentureClash is a $5 million global venture challenge for early-stage companies in digital health, financial technology, insurance technology and the Internet of Things. Companies that apply to VentureClash will automatically be considered for the Innovation Prize.
“There is great momentum and development happening in the insurtech space now, and with companies like Travelers, that are focused on innovation in the space, we expect to see some of the strongest insurtech companies in the world,” said Matt McCooe, CEO of Connecticut Innovations. “Through this effort and others, Travelers continues to demonstrate its commitment to entrepreneurship and innovation.”
Travelers joins Stanley Black & Decker in establishing a second Innovation Prize for VentureClash competitors. In April, Stanley Black & Decker established a prize to be awarded to early-stage companies working to develop products, services and solutions in security and Industry 4.0.
“At Travelers, we’re focused on innovation and identifying new technologies and solutions that will benefit our agents, customers and employees,” said Michael Klein, Executive Vice President and President of Personal Insurance at Travelers. “We’re proud to be a part of VentureClash and thrilled to award the Insurtech Innovation Prize that will help provide the financial support a startup needs. Efforts like these strengthen Connecticut’s innovation ecosystem, attract world-class talent and inspire the big ideas of tomorrow.”
The extended deadline for first-round applications is Friday, June 22, 2018. The Travelers Insurtech Innovation Prize will be presented at the VentureClash finals event, to be held on October 18, 2018, at the Yale School of Management.
Managed by Connecticut Innovations, VentureClash is Connecticut’s global venture challenge focused on early-stage companies. The challenge identifies high-potential companies in digital health, fintech, insurtech and the Internet of Things that will receive investments from a $5 million investment award pool. Learn more at www.ventureclash.com.
About Connecticut Innovations
Connecticut Innovations (CI) is Connecticut’s strategic venture capital arm and is the leading source of financing and ongoing support for innovative, growing companies. CI provides venture capital and strategic guidance for early-stage technology companies, and connections to its well-established network of partners and professionals. For more information, please visit www.ctinnovations.com.
The Travelers Companies, Inc. (NYSE: TRV), is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $29 billion in 2017. For more information, visit www.travelers.com.
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