New insurance innovation lab to tackle AI, machine learning, robotics
The Silicon Valley Insurance Accelerator, a organization that launched last year to support insurtech companies, is adding a new offering to its membership portfolio.
The organization is opening an innovation lab in the Bay Area to help early-stage insurtech ideas come to market for parties interested in exploring it, but without the time or resources to devote to a full-time project. SVIA lab staff will provide concept development and validation, design, development, hosting and outsourced business processes.
“The Lab offers an outstanding opportunity for those companies interested in exploring InsurTech to do so without the high risk, cost, time, and skill commitment involved in establishing their own in-house InsurTech lab,” said Mike Connor, CEO of SVIA. “With our founding partners offering participating members access to their outstanding resources and vast experience, the Lab enables the insurance community to truly join forces to help our industry as a whole define and drive the next generation of insurance – the digital generation.”
The Innovation Lab also will host "innovation bootcamps" throughout the year, designed to bring new technologies and services providers together with companies interested in exploring and potentially piloting new technologies in insurance, especially artificial intelligence, machine to machine, blockchain, and robotics.