Singapore NTUC Income’s accelerator selects first round of startups
Singapore-based insurance provider NTUC Income announced on Monday that its equity-free accelerator programme Income Future Starter has selected nine startups.
The programme powered by TAG.PASS is a partnership with Infocomm Investments Private Limited (IIPL), a wholly-owned subsidiary of the Infocomm Development Authority (IDA) of Singapore, and aims to hone and invest in global infocomm technology startups.
Each of the nine teams will be awarded a S$28,000 in an equity-free entrepreneur grant and mentorship from specialists who will offer deep professional expertise and industry insights as part of the accelerator’s structured curriculum.
Examples include Health2ynce, a Taiwanese startup that offers a healthcare management platform that revolutionises diabetic care through automated care and analytics; Innoplaylab, a Korean startup that provides robotics solution to address the needs of home security; and Anywhere 2 Go, a Thai startup that facilitates communication and motor insurance claims processing between drivers and their insurance companies.
The shortlisted startups cater to needs across diverse categories including preventive healthcare, enhanced customer experience, robotics solution and digital advisory services.
Ken Ng, chief executive of Income said, “Given that insurtech is at its infancy in Singapore, we understand that startups working in this new frontier are unfamiliar with the insurance business.”
During the 11-week accelerator programme, the nine companies will have access to expert mentors including those from Income, IIPL, Philips and KPMG and will be housed at Singapore’s largest startup space, BASH (Build Amazing Startups Here).
Alex Lin, head of IIPL said, “The startups selected for this inaugural programme run have products and solutions that display an alignment with Income’s business needs and gaps… Upon graduation with a minimum viable product, they’re ready for the next stage of growth, and Income Future Starter, with its customer base and domain expertise, catapults them to their next phase.”
Income’s programme opened for registration in August this year and attracted a total of 190 applications from 20 countries. It will kickstart on January 9, 2017 and a Demo Day will be held on March 24.
