Application for FWD Startup Studio Accelerator Program is now open, with a focus on Asia-based startups that are venture-backed in insurtech or adjacent verticals.

FWD Startup Studio, in collaboration with 1337 Ventures, has announced in a statement on Tuesday about the 5th cohort of FWD Startup Studio Accelerator, a game-changing 13-week program designed to catapult insurtech or adjacent vertical startups to new heights.

According to the statement, the FWD Startup Studio Accelerator aims to bring together the brightest minds in the industry, fostering innovative collaborations and potentially leading to proofs of concept (POC).

Thus, aspiring startups seeking to enrich their ventures through a strategic partnership with FWD Insurance in Malaysia are encouraged to apply.

“Startups bring new ideas to traditional businesses and industries, which aligns closely with our vision of changing the way people feel about insurance,

“Through our Startup Studio Accelerator as well as TIM Ventures, our venture capital fund, we are keen to identify outstanding startups, work together with them and help them grow, leveraging on our presence in 10 markets across Asia,” said Ryan Kim, Group Chief Digital and Marketing Officer, FWD Group.

The accelerator program offers a plethora of benefits for participating startups:

Industry expertise: gain unprecedented access to decision-makers within FWD Insurance and esteemed mentors who can provide invaluable guidance, open doors to collaborations, and facilitate partnerships.

Acceleration of growth: fast-track the development of collaboration to a real proof of concept (POC) before the accelerator program concludes, giving the startup the momentum it needs to thrive.

Fundraising opportunities: connect with prominent investors such as TIM Ventures and 1337 Ventures, expanding network within the investor community. Exceptional collaboration ideas may even unlock the potential for Venture Capital funding.

Access to customers and markets: successfully piloting idea in Malaysia could spark interest from other FWD branches in different countries, opening doors to new markets and potential scaling opportunities.

Resource support: empower startup with over $20,000 worth of credits on digital infrastructure and cloud services, providing essential resources to fuel your growth.

Networking and community: join a vibrant community of like-minded entrepreneurs and global insurtech and adjacent vertical leaders, fostering meaningful connections that could propel startup to new heights.

Bikesh Lakhmichand, Founding Partner of 1337 Ventures, said the FWD Startup Studio Accelerator presents an incredible opportunity for startups to engage with FWD Insurance to explore a proof of concept (POC) solution and access to decision-makers and mentors within FWD Group.

“We are eager to support and witness the growth of promising startups in the insurtech and fintech space,” he said.

Thus, venture-backed seed stage Asia-based startups who are in the insurtech or adjacent verticals are encouraged to apply and develop a proof of concept (POC) design with FWD Malaysia.

The startups who participated in the previous cohorts have walked away from the accelerator better equipped to be game changers within their respective industries.

Past participants include; BlueDuck, Kapitani, Finory, Betterteem, Koha, Safyer, Cashku, eHibah, CoreHalal, Du-It, Marion, Protos Labs, uPledge, Warantee and more.

Applications are open now, and the deadline for submissions is August 28, 2023. FWD Startup Studio Accelerator will begin on 5 September 2023.

FWD Startup Studio is a innovation and accelerator platform that empowers startups to realize their full potential and drive transformative change in the insurance, takaful and adjacent sectors.

With a commitment to fostering innovation, FWD Startup Studio provides startups with access to industry expertise, resources, and collaboration opportunities to accelerate their growth.

Established in 2012, 1337 Ventures is Malaysia’s accelerator program and early-stage accelerator.

Pioneering the design thinking methodology and design sprints in Malaysia, 1337 Ventures has utilized its learning to accelerate the growth of over 2,500 startups from six different countries.

1337 Ventures has launched accelerators for multinational corporations (MNCs) and government-linked companies (GLCs) such as Bank Negara Malaysia, Khazanah Nasional, Telekom, Digi, MDEC, CIMB and Maybank.

More recently, 1337 Ventures becomes one of the three new recipients of the equity crowdfunding license from the Securities Commission Malaysia.

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