gener8tor Insurance & Wealth Accelerator invests $500K into five new startups

MINNEAPOLIS – ST. PAUL, Minn. – Startup accelerator gener8tor and two leading organizations in the insurance space, Allianz Life Insurance Company of North America (Allianz Life) and Securian Financial, announced today the five participants in the 2024 Insurance & Wealth Accelerator. They are: FutureMoney; Multimodal; Sora Finance; One Eleven Financial Wellness; and Waterlily. The accelerator will invest $100,000 into each of the five companies.

These innovative startups are transforming financial services, insurance and wealth with solutions including: a new way for families to save; a customizable enterprise AI solution for insurers; liability management for advisors; financial wellness as an employee benefit; and long-term care financial tools and planning. 

The newly rebranded gener8tor Insurance & Wealth Accelerator in collaboration with Allianz Life and Securian Financial was founded in 2019. Since then, the accelerator has conducted five successful programs, with today’s announcement marking the sixth cohort of the program. These five companies were selected from over 300 insurtech and wealth startups from across the world that applied to the program, making for another extremely competitive process.

“We are proud to support the 2024 Insurance and Wealth Accelerator,” said Brian Oberman, Director of the NextGen Lab at Securian Financial. “This program highlights the innovative work being done in the insurance industry and showcases a cohort of exceptional founders driving that change.”

“The Insurance and Wealth Accelerator fosters entrepreneurial advancement by bringing groundbreaking startups to Minnesota,” said Chad Virgin, managing director of the corporate venture arm of Allianz Life, Allianz Life Ventures. “We’re excited to support this accelerator and the significant potential these companies have to create positive change and increase accessibility to insurance and wealth management solutions.”

The Minneapolis-St. Paul based gener8tor Insurance & Wealth Accelerator is a hybrid accelerator, which includes both in-person and virtual elements. Each startup will receive a $100,000 investment and will work with gener8tor, Allianz Life and Securian Financial teams during the three-month accelerator. The program also provides hands-on and dedicated support for each startup, focusing on growth and scaling their impact, in addition to direct connections with experienced mentors, industry experts, corporate partners and investors.

“As the industry continues to evolve, I’m privileged to collaborate with such visionary and talented entrepreneurs focused on providing solutions for families, advisors, and operators within insurance and financial services,” said Eddie Olson, Senior Managing Director of the gener8tor Insurance & Wealth Accelerator. “These innovative companies are addressing critical needs and driving meaningful change. This cohort exemplifies the spirit of innovation, making it an exciting time to be part of this dynamic industry.”

The accelerator program will conclude following a three-week series of meetings connecting the startup founders with venture capitalists and corporate venture capital groups. The gener8tor Insurance & Wealth Accelerator program will host a Showcase celebration at the 2025 gener8tor Insurance & Wealth Conference next summer and is currently accepting accelerator applications for next year. Learn more and apply here: https://www.gener8tor.com/investment-accelerators/insurance

gener8tor Insurance & Wealth Accelerator 2024 Cohort

FutureMoney makes it simple to invest in your child’s future and build generational wealth. Based on recent regulatory changes, FutureMoney invented the Junior Roth IRA to grow funds tax-free. A modest weekly contribution for the first 18 years of your child’s life could set them up with a multi-million dollar account later based on historical market returns. Families can set multiple investing goals using general investing, 529 plans, Junior Roth IRA, Traditional IRA, and Roth IRA accounts. FutureMoney received SEC approval in April, and users are already on track to reach $200M in investments based on current contributions.

Multimodal automates complex middle and back office workflows in financial services such as underwriting, claims processing, and loan origination. By augmenting people with Generative AI Agents, Multimodal helps teams move 4x faster and enables companies to reduce operating costs, speed up decision turnaround times, and deliver better customer and employee experiences – all while keeping customer data private and secure. Recognized for its superhuman levels of accuracy and near real-time decision making, Multimodal is the go-to Generative AI partner for those seeking to modernize the way teams work. Since launching in mid-2023, Multimodal has scaled to over $1 million in ARR, partnering with some of the world’s largest financial institutions.

OneEleven Financial Wellness helps employees of all ages and stages overcome their daily financial stress in a way that’s accessible and fun, making them happier at home and more productive at work. Traditional benefits are focused on long-term goals like retirement, but fail to address high-mindshare issues that stand in the way of preparing for the future, like paying off debt and budgeting for the rising cost of living. Through OneEleven’s easy-to-use, gamified mobile app, employees create a personalized plan to achieve their top goals and make the most of their existing benefits with support and accountability from a dedicated human coach. As a result, 91% of enrolled employees report a significant decrease in financial stress and employers see up to a 40% decrease in turnover. OneEleven’s partners include Fortune 500 Companies, Top 100 Public Universities and America’s 100 Largest Nonprofits.

Sora provides a platform for financial advisors looking to grow client net worth by optimizing the other side of the balance sheet – liabilities. Sora’s platform automatically populates and refreshes data on clients’ outstanding debt (including mortgages, HELOCs, student loans, credit cards, and business loans), giving advisors unparalleled visibility and out-of-the-box analytical tools for designing wealth-creation strategies. Using its AI-based insights engine and rates from 50+ lenders across the country, Sora also proactively alerts advisors when their clients can save money on existing liabilities and surfaces the best rates on new loan requests. Since launching in 2023 with financial advisors, Sora has scaled to over $600K in ARR, partnering with 500+ advisory firms and actively advising on over $2.7B in liabilities.

Waterlily predicts a family’s future Long Term Care (LTC) needs and costs in retirement. By analyzing over 500M data points using its AI modeling software, Waterlily builds a comprehensive care plan and precisely models the ROI of purchasing an insurance policy for these needs. Since launching in March 2024, Waterlily has deployed programs with Prudential, 2 additional top 40 carriers and one of the nation’s largest IMOs. Waterlily has helped hundreds of families navigate long-term care planning while enabling wealth advisors and agents to close on millions of dollars of assets under management and Life and LTC policy and annuity premium.

“The Insurance and Wealth Accelerator fosters entrepreneurial advancement by bringing groundbreaking startups to Minnesota”CHAD VIRGIN

About gener8tor 

gener8tor is a venture firm and national accelerator network that supports startups, founders, workers, employers, artists and musicians across race, place and gender. gener8tor partners with companies, governments, universities and nonprofits to operate programs in more than 35 communities across 20 states. Fast Company named gener8tor one of the Best Workplaces for Innovators in 2021 and 2022.

About gener8tor Insurance & Wealth Accelerator

Each year, the gener8tor Insurance & Wealth Accelerator with Allianz Life and Securian Financial, invests in five insurtech & wealth startups who participate in a three-month, concierge accelerator program in Minneapolis-St. Paul (hybrid). Each startup receives a $100,000 cash investment, office space and access to gener8tor’s global network of mentors and investors.

About gener8tor Insurance & Wealth Conference

The gener8tor Insurance & Wealth Conference brings together the insurance industry’s leading corporations, investors and startups. The conference highlights innovations disrupting the insurance & wealth industries, the leaders making such innovations possible and how new technologies and business models will reinvent the industry.

About Allianz Life Insurance Company of North America

Allianz Life Insurance Company of North America, one of the Ethisphere World’s Most Ethical Companies®, has been trusted since 1896 to help millions of Americans prepare for financial uncertainties and retirement with a variety of innovative risk management solutions. In 2023, Allianz Life provided additional value to its policyholders via distributions of more than $13.73 billion. Allianz Life is a leading provider of fixed index annuities, registered index-linked annuities, and fixed index universal life insurance. Additionally, Allianz Investment Management LLC (AllianzIM), a registered investment adviser and wholly owned subsidiary of Allianz Life, offers a suite of exchange-traded funds (ETFs). Allianz Life and AllianzIM are part of Allianz SE, a global leader in the financial services industry with approximately 157,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.

ABOUT SECURIAN FINANCIAL 

To be confident in your financial future, you need to trust the strength and commitment of the companies you choose to work with. For more than 140 years, the Securian Financial family of companies has been developing innovative insurance and retirement solutions to meet the evolving needs of individuals, families and businesses. Offered through partnerships with employers, financial professionals and affinity groups, our products help bring peace of mind to more than 23 million customers throughout the United States and Canada. We are trusted by our partners and customers to fulfill our purpose of helping to build secure tomorrows. For more information about Securian Financial, visit securian.com or follow us on Facebook, Instagram or LinkedIn.