Innovation “accelerators” are increasingly uniting insurers with technology start-ups in the US, Europe and Asia, according to a report by researcher Celent and Guy Carpenter.

“The majority of the value from insurtech will be created through effective partnerships between incumbents and start-ups,” Celent Insurance Practice Senior Analyst Michael Fitzgerald says. “Accelerators facilitate these partnerships by working with all participants to increase the pace and effectiveness of change.”

Accelerators typically identify and assist start-ups by providing office space, marketing support, mentoring, funding assistance and access to established industry players.

The report examines 10 accelerators including Cookhouse Lab, Fintech71, Plug and Play Tech Centre, Founders Factory and FinTLV.

Artificial intelligence and data management are major focus areas for almost all 10 accelerators, while a relatively high emphasis on the Internet of Things and blockchain signals potential in those areas.

“Start-ups are actively seeking opportunities to work with established insurers, and in some cases attempting to disrupt and supplant incumbent insurers,” the report says.

Participating in an accelerator helps insurers stay abreast of changes and offers an opportunity to work with a rigorously screened group of high-potential insurtechs, according to the study.

The 10 accelerators have received 8866 applications, with 28% surviving the first cut and only 2% making it into a program.

An accelerator may be an independent business with revenue from corporate members, and it often receives fees or equity from its start-ups, or it may be affiliated with a single insurer.

The report does not examine incubators, which it says work with less mature start-ups that are often in a conceptual phase.