UDoTest is among the eight InsurTech companies coming to Des Moines, Iowa for the accelerator’s annual 100-day program. Also based in Massachusetts, US, the South Africa firm provides business-to-business (B2B) at-home disease testing software platform which helps enterprises improve insurance outcomes.
UDoTest and the selected companies will participate in the GIA’s mentor-driven program by engaging in 1:1 meetings with insurance professionals, site visits to insurer offices, networking events, discussions with seasoned InsurTech founders, education sessions, investor introductions, and much more.
The Global Insurance Accelerator (GIA) promotes innovation in the insurance industry through a mentor-driven, 100-day accelerator program for InsurTech companies. The GIA supports each accepted company a $75,000 investment in the form of a post-money Simple Agreement for Future Equity (SAFE) which converts to five percent of the company.
GIA gives startups basic business infrastructure assistance, coaching on pitching and presentation skills important to garnering investments, help developing go-to-market strategy, and product-specific insights into strategies for increasing applicability to and feasibility for the insurance industry.
“This year’s cohort of companies is solving big and important problems, each of which continues to align with the GIA’s mission of driving innovation in the insurance industry,” said Nicole Gunderson, managing director of the GIA. “Our mentors, largely insurance professionals, are looking forward to engaging with these InsurTech innovators in the months to come.”
“We evaluated a strong and growing application field and were especially impressed by the quality of these founders and their solutions in terms of industry need, product-market fit, and degree of innovation,” said Jeff Russell, president of Delta Dental of Iowa and board chair for the GIA.
GIA will conclude the 2020 program with final presentations as part of a “demo day” at the Global Insurance Symposium on April 22.
Formed in 2012, UDoTest provides self-sampling screening test kits intended to conduct colon cancer and other wellness tests for early detection of diseases. The company’s self-screening testing products permit conducting of accurate pathology tests to detect diseases such as HPV, STD, Colon and Gluten Intolerance, enabling patients to offer convenient and simple solutions for personalized at-home screening.