We first met the Allianz X at the 4YFN in Barcelona and we were really impressed not only by its presentation in the event but also by its entrepreneurial spirit and the many Startups that it helped build. Without a doubt it is a great example of a corporate accelerator.
We are talking about the subsidiary of the famous Allianz insurance company which offers an intensive 100 days program for business development, were entrepreneurs and 22 Allianz members work together in order to create a new innovative market service with good profit expectations. The young entrepreneurs are paid by the company during the program. Moreover young entrepreneurs have access to the company’ s resources, something that improves their creativity as they are free to be innovative.
Of course Allianz also benefits from this type of investment as the insurance company gets access to entrepreneurial technologies and innovative ideas that contribute at its digitalization and keeps in pace with the digital revolution which has already monopolized the InsurTech.
Allianz focuses mainly in Automotive and Interconnection, Real Estate, Insurance and Asset Management, Digital Health, Data Analysis and Cyber Security, areas of high importance for the company. Yet no restrictions exits as the company is open to new ideas and young entrepreneurial minds. Besides salary, technical support and mentoring in every aspect of the business, after the 100 days intensive program, the company reviews the project and starts the implementation of a business plan so as to create a new market product.
The Startup can get up to 3 million in investments, aiming at becoming a subsidiary of the Allianz Group and an independent market Spin-off. Once the new company is established the owner remains in Munich, at Allianz’s headquarters for one more year and then, the startup is free to go on its own.
The Abracar success story
A good example can be found in Abracar, an Allianz X Spin-off which offers a complete platform trading used cars with absolute safety for the purchaser and the seller. The seller provides online all the information related to the selling car and the Abracar team evaluates them, checks the car and creates the add, so as the buyer can be sure that the car is in good condition and guaranteed by the company’s mechanics. Moreover it offers funds so as to boost the car market.
Other Allianz X startups
Fairfleet: A marketplace where drone pilots offer their services to companies for aerial surveys, photographs, etc.
Bodylabs: An application which monitors our physical health and wellness.
Milebox: An application which is used to monitor driving habits, aiming in educating drivers and reducing accidents and car insurance prices.