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Iowa pioneers insurance technology innovation

April 21, 2016

Iowa pioneers insurance technology innovation

On April 27, entrepreneurs from California, Canada, Ireland, Missouri, New York and Wisconsin will take the stage at the Global Insurance Symposium in Des Moines, Iowa, and pitch their companies with millions in potential investment dollars on the line.

The entrepreneurs are participants in the second class of the Global Insurance Accelerator, the first-ever technology accelerator for the insurance industry, which was founded in Des Moines in 2014. The accelerator recently announced its first big success story, with a member of its inaugural class raising $750,000 in seed funding from a group of investors that included Iowa-based Grinnell Mutual Reinsurance Co.

It makes sense that companies in Iowa are pioneering insurance innovation. The state is home to more than 200 insurance companies, with more than 80 in the Des Moines metro. The names of the companies with headquarters or large offices in Iowa are sprinkled throughout the mentorship of the insurance accelerator, which includes large multinationals like Nationwide, Principal and Transamerica. Insurance companies are attracted to Iowa by the deep talent pool – the state has one of the highest concentration of actuaries in the country – and the affordable cost of business.

Iowa also incentivizes insurance companies with one of the lowest insurance premium tax rates in the nation, and no state corporate income tax on out-of-state sales.



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