How it works for FinTech/InsurTech start-ups
1 Submit Your Ideas Online:
Apply online by 28 February 2019 by submitting a video of no longer than 3 minutes that explains your business idea. Make sure you cover the following:
- An overview of your business
- How it will solve real FinTech or InsurTech challenges that Santam faces
- Proof of your track record in the market
After all the submissions are received, 10 candidates will be shortlisted based on the following criteria:
- Applicability to Insurance: Does your start-up align with or disrupt the insurance industry value chain? Does your start-up focus on enhancing insurance capabilities using technology? Does your start-up target enriched insurance business models? Does your start-up utilise emerging technologies like Blockchain, AI, advanced analytics etc?
- Originality/Competitiveness: Is the start-up innovative? Will it enhance Santam’s product offering?
- Time to Market: How much time will it take to pilot and implement the product with Santam?
- Proven Track Record: Do you have evidence of your ability to deliver commercial value to Santam?
Shortlisted candidates will be prepared to pitch to a Santam panel of judges.
The shortlisted candidates will pitch to a panel of Santam judges on 28 March 2019 at a showcase event where 5 finalists will be selected.
4 Engagement with Santam:
The 5 finalists will be given the opportunity to engage with Santam and prove their business case as well as participate in LaunchLab programmes if needed.
5 Final Showcase and Pilot:
The 5 finalists will again pitch to a Santam panel of judges and one winning start-up will be chosen by Santam. They will receive R200,000 in seed funding to pilot with Santam.
Should Santam choose to invest, depending on the investment vehicle and business assessment, funding and contractual elements of the new business will be discussed. Please refer to the participation terms and conditions for further info.
These are our Santam Safety Ideas competition winners season 1 and season 2.
Click here to enter.