The startups will operate in the Lansing area “with the optimum end result being the creation of a subsidiary, licensing possibilities, acquisition or other activities that enhance the competitiveness of our investor insurance companies, and to permanently bring new high-tech companies to Michigan,” according to a Monday announcement on the formation of PROTO InsurTech. Companies chosen by PROTO InsurTech will also receive business development help through a four-month support program. and Farm Bureau Insurance of Michigan, to form PROTO InsurTech, which will provide the first cohort of startups up to $60,000 each in exchange for a small equity stake in the company. LEAP partnered with the Michigan Economic Development Corp., plus Delta Dental Plan of Michigan Inc.
“I invite every insurance company in the state to immediately invest and get involved, so we can build our insurance headquarters culture into the best in the world.”
“Insurance companies today are more like IT firms and must compete for the best ideas and global talent, so that this critical industry can continue to offer really good paying, diverse jobs to tens of thousands of Michigan residents - especially here in Lansing, our Great Lakes insurance hub,” said Bob Trezise, president and CEO of the Lansing Economic Area Partnership.
Bob Trezise, president and CEO, Lansing Economic Area Partnership COURTESY PHOTO
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