Zang, Lan (2024) InsurTech Accelerator: A Model Bridging the Gap between China Insurers and Technology Startups. Other Degree thesis, Victoria University.

Abstract

Incubators and accelerators have prevailed in the European Union (EU) and the United States (US) in the context of new business models and innovation. Successful financial technology (Fintech) and insurance technology (InsurTech) startups often speed up their growth with the assistance of incubators and accelerators. By contrast, China’s business incubators and accelerators are relatively immature and present a challenging need to encourage InsurTech startups in China and align them with the insurance sector. This research aimed to identify the research question ‘How can InsurTech accelerator bridge the gap between China insurers and technology startups?’ Four sub-questions were proposed: (1) Does the startup company have the motivation to obtain assistance on creating business model? (2) What factors will motivate startup to consider adopting an accelerator? (3) Can the acceleration process change the internal capabilities and external support to build the organisational business model? (4) How does business model relate to innovation performance after acceleration? A framework for InsurTech startups’ success was developed, comprising four variables and five hypotheses. The conceptual model represented how InsurTech startups engage with an accelerator. The proposed relationships were then assessed using a mixed methods approach of explanatory sequential design. The quantitative study comprised a sample of 519 insurance industry practitioners surveyed using questionnaires. Quantitative data were analysed using structural equation modelling. The qualitative study comprised interviews with 28 participants, including a chief executive officer, co-founder, and senior and mid-level managers of startups and accelerators. Industry interviewees were senior China insurance company executives, and the qualitative findings confirmed their shared positive attitudes toward adopting accelerators. Findings also suggested that interaction with the InsurTech accelerators improved the insurance organisation’s business model and boosted higher innovation performance. Moreover, the accelerators potentially enabled the integration of the efforts of InsurTech and insurer stakeholders. The study contributes to the development and future design of InsurTech accelerators in China and sets the stage for further research.

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