Erie, PA, June 14, 2024 — The Erie Regional Chamber and Growth Partnership (ERCGP) is proud to announce the launch of the 2024 FIRE Accelerator Program, now in its seventh year, focusing on cutting-edge Insurance Technologies. This year's program is presented by Erie Insurance and ValueMomentum. The open application period begins today, and the program will begin on October 1st.
The FIRE Accelerator, ERCGP's flagship entrepreneurship program, seeks to drive innovation in the US insurance industry through emerging technology trends. The 2024 cohort will concentrate on applications that:
Promote insurance value chain optimization: product, underwriting, billing, claims, distribution, and more.
Improve data analytics and insights
Increase operational efficiency: Task automation, process digitization, etc.
Enhance the customer-agent-insurance provider relationship
Enable talent optimization
Program Success
Graduates of the FIRE Accelerator have consistently demonstrated significant success, collectively raising over $500M in follow-on funding and generating annual revenues exceeding $60M. Alumni have secured customer engagements and investments with local industry giants, including Fortune 500 companies, educational institutions, top manufacturers, and investment organizations. Nationally, these startups have participated in prestigious programs like YCombinator, TechStars, Plug and Play, 500 Startups, and MassChallenge.
What Can Participants Expect?
Selected companies will benefit from:
Capital Investment: Each company will receive $50k ($25k from Erie Insurance and $25k from ValueMomentum).
Tailored Curriculum: Workshops and lectures by subject matter experts to address gaps and cover high-value topics.
Strategic Networking: Access to potential partners, customers, investors, suppliers, and more.
Mentorship: Guidance from expert mentors at Erie Insurance and ValueMomentum, program staff, and alumni.
Exposure: Presence at the Erie Homecoming Conference, media opportunities, and a public demo day.
Industry Support
Sponsored by Erie Insurance and ValueMomentum, the FIRE Accelerator ensures selected companies receive comprehensive support. Erie Insurance and ValueMomentum are committed to engaging with cohort companies through mentorship, instruction, and exploring potential partnerships.
The ERCGP, comprising over 600 organizations, is dedicated to actively engaging with cohort companies. These companies will provide real-world product and service feedback, connections, mentorship, and potential partnerships throughout the program.
Quotes:
James Grunke, President and CEO, ERCGP
"I extremely pleased with this enhanced partnership with Erie Insurance, ValueMomentum and the Erie Regional Chamber and Growth Partnership. This is the next step in positioning the FIRE accelerator as one of the premier programs in the Country and I am confident that accelerator director Jordan Fuller will continue to build on his already successful program."
Erie Insurance – Attribution: Keith Kennedy, Senior Vice President, Next Level Innovation
“I have been impressed with the Accelerator Program since its inception in 2018. Erie Insurance is excited that this year’s program is focused on the insurance industry. We look forward to working with ValueMomentum as corporate sponsors and the cohort companies for everyone’s benefit.”
ValueMomentum – Attribution: James Carlucci, President, ValueMomentum
“I am thrilled that ValueMomentum is able to partner with Erie insurance and the Erie Regional Chamber and Growth Partnership for this year’s Accelerator Program. We look forward to empowering talented entrepreneurs aligned to ValueMomentum’s mission of designing solutions that help insurers foster resilient societies.”
About Erie Insurance
Erie Insurance Group, based in Erie, Pennsylvania, is the 12th largest homeowners insurer, 13th largest automobile insurer, and 13th largest commercial lines insurer in the United States based on direct premiums written, according to A.M. Best Company. Founded in 1925, Erie Insurance is a Fortune 500 company and the 17th largest property/casualty insurer in the US based on total lines net premium written. Rated A+ (Superior) by A.M. Best, ERIE has nearly 7 million policies in force and operates in 12 states and the District of Columbia. For more information, visit www.erieinsurance.com.
About ValueMomentum
ValueMomentum is a leading solutions provider for the global property & casualty insurance industry. The company helps insurers stay ahead with sustained growth and high performance, enhancing stakeholder value and fostering resilient societies. Having served over 100 insurers, ValueMomentum is one of the largest services providers exclusively focused on the insurance industry.
About Erie Regional Chamber and Growth Partnership
The Erie Regional Chamber and Growth Partnership is dedicated to promoting economic growth, advocating for businesses, and driving community prosperity in the greater Erie region. Established in 1847, the Chamber serves as a catalyst for local businesses, fostering an environment where companies can thrive and make a positive impact on the community.
Contact Information
For media inquiries, please contact:
Jordan Fuller
Director: Entrepreneurship
Erie Regional Chamber and Growth Partnership
Phone: (724) 831-8027
Email: jfuller@eriepa.com