Spanish insurance company MAPFRE has formally launched its new insurtech startup accelerator, known as insur_space.

Based in Madrid, the accelerator has been set up with an aim to develop new insurance solutions to meet the requirements of all types of client, which then can be included into MAPFRE’s existing business.

The newly launched insurtech startup accelerator is part of MAPFRE Open Innovation, the insurer’s innovation platform that seeks to drive innovation both at MAPFRE and within the insurance industry.

In order to develop new solutions, MAPFRE will grant more than €100m per annum. The funding will be in addition to over €600m that the insurer has already invested in technology.

The new accelerator, which is already working with 19 startups, leverages a two-pronged approached for startup development.

The first approach concentrates on assisting entrepreneurs to get their business model off the ground, while the other helps startups with a mature proposal and looking for help and mentoring to consolidate their business.

To further consolidate its positions in insurtech space, MAPFRE participated as an anchor investor in the “Alma Mundi Insurtech Fund, FCRE” private equity fund, in which MAPFRE will invest €25m.