IAG, an insurance company, has made an announcement regarding its climate insurtech accelerator venture. The initiative, known as IAG Firemark Ventures, aims to support and nurture startups in the “climatetech” or climate-focused insurance sector.
The goal is to encourage collaboration and innovation in developing solutions that align with IAG’s global energy, environmental, and sustainability goals. The accelerator venture will work alongside the International ClimateTech Centre, which focuses on sustainable technological solutions to address climate change challenges in urban landscapes.
Together, they aim to help insurtechs scale their operations and meet climate and environmental objectives. The initiative has already attracted numerous startups from the United States, Europe, and Israel, including notable companies such as Earnix, Greeneye, and Dryad.
Through this accelerator venture, IAG intends to support advancements in AI predictions and analytics to effectively address emerging climate risks and uncertainties affecting the insurance industry.
IAG has formed a joint venture, IAG Firemark Ventures, aimed at fostering climate-focused insurance startups. The initiative aims to promote collaboration and develop solutions that assist insurers in meeting their worldwide energy, environmental, and sustainability objectives.
In collaboration with the International ClimateTech Centre, IAG Firemark Ventures will support insurtech companies in scaling their operations and achieving climate and environmental objectives. The International ClimateTech Centre focuses on developing sustainable technological solutions to address climate change issues in urban environments.
The accelerator program was launched in September through a collaborative effort between Jerusalem Venture Partners (JVP), Margalit Startup City, Mini, and Urban-X.
The program has already gained traction, drawing over 500 startups from the United States, Europe, and Israel.
Noteworthy participants include Earnix, a tech unicorn, Greeneye, an AI-powered pest control startup in agriculture, and Dryad, an early forest fire detection solution.
Erel Margalit, the Founder and Chairman of JVP and Margalit, expressed his delight in having IAG Firemark Ventures as a partner in their global exploration of new technologies in the United States, Israel, and Australia.
The progress made in these areas holds great potential for providing innovative solutions and frameworks to tackle the continuously evolving challenges presented by climate change.
According to Scott Gunther, General Partner at IAG Firemark Ventures, climatetech is a significant focus area for future startup investments. He emphasizes that AI predictions and analytics are becoming crucial in addressing emerging climate risks and uncertainties that directly impact the insurance industry.
Gunther remarked, “As an insurance company, we directly observe the significant impact of climate change on our customers, communities, our business, and the insurance industry as a whole.”
Gunther expressed eagerness in collaborating with the International ClimateTech Centre to assist climatetech startups in scaling their operations and contributing to the achievement of climate and environmental objectives.
Source : insurancenews.com.au