South Korean insurance companies, DB Insurance (DB) and DB Life Insurance (DB Life), are hosting the 2024 InsurTech Startup Incubation Program (ISIP) in collaboration with Korea Internet &amp; Security Agency (KISA), local media Daily Korea <a href="https://daily.hankooki.com/news/articleView.html?idxno&#61;1061983" rel="noopener noreferrer nofollow">reported</a>.Insurtech is a compound word of insurance and technology. This year, the ISIP focuses on recruiting blockchain-based insurtech startups with high potential that can contribute to the insurance business value chain, including activities such as product launch, marketing and customer service. The program is open to any insurtech startup with innovative technologies and services.Launched in 2020, the ISIP has been supporting insurtech startups with innovative ideas to expand their business in the insurance industry, aiming to create a robust and collaborative insurtech ecosystem. Over the past four years, the program has served as a mentor for 21 startups, supporting their product release, new technology verification and business pivoting.<h3 id="business-growth-opportunity-for-insurtch-startups">Business growth opportunity for insurtch startups</h3>Startups selected for the ISIP are provided with the opportunity to receive mentorship – including mentoring services from insurance experts, business strategy advice and IR pitching coaching sessions – that will help facilitate their business growth.In addition, selected startups will be eligible to apply for surety credit to the Korea Credit Guarantee Fund on favorable terms and gain opportunities to raise funds from venture capitalists. Those deemed profitable enough for commercialization will be able to have a chance to collaborate with DB and DB Life.Application forms are available on the KISA’s website and can be submitted via e-mail between Feb.27 to March 27. Applicants should undergo document screening and a presentation test to join the ISIP.

DB Insurance and KISA recruit blockchain insurtech startups for incubation program

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