The 2023 MassChallenge FinTech program wrapped up in June. The accelerator program focuses on fostering collaboration between leading financial institutions (across banking, insurance, asset management and more), termed as challenge partners, and startups who advance through three rounds of judging to be accepted into the program.
The selected startups are intentionally matched with mentor(s) to support challenge partners in their various areas of need, and in turn receive outcome-driven curriculum, preparing them to scale or increase their corporate readiness.
A strong example of the startup and Challenge Partner collaboration can be seen with BCube, an end-to-end Audit and Policy Management solution provider, and MassMutual, founding partner of MassChallenge FinTech. Through collaboration sessions between BCube (also a 2020 U.S. Early Stage alum) and MassMutual mentors, a specific challenge around insurance providers was uncovered: How to simplify the manual review and certification process for product disclosure documents that are administered in a third-party system. This a cumbersome and time-consuming process which includes extensive subject matter experts’ reviews and then the documents being manually aggregated, processed, and updated in the original system. This process is repeated several times and incurs thousands of hours of manual effort.
Enter BCube’s solution RegStacker PEAR, an adaptation of RegStacker Policy Manager. BCube’s solution includes collaboration between multiple firms, flexible workflows, integrated content infrastructure, interoperability with third-party systems via API, and an integrated RegLibrary. Additionally, the features of the Batoi RAD platform empowered the BCube team to introduce customized and configured solutions into a strategically identified area of MassMutual’s environment swiftly.
How BCube gained traction and support from MassMutual’s stakeholders involved championing the product and its value, streamlining a complex process that can be automated to deliver more efficiently at a compelling price point.
The collaboration was extremely successful, meeting all the project objectives. This rapid progress, bolstered by having a partnership lead within MassMutual to tout BCube’s value, showcases the symbiotic relationship – MassMutual‘s dedication to startups and modernization, the agility and innovation of the BCube RegStacker team, and the invaluable framework provided by the MassChallenge FinTech team, worked together to bring this concept to reality.
“Our partnership with MassChallenge continues to drive clear impact with mutual growth opportunities between our enterprise and the participating startups,” said Mohammed Dastigir, Head of FinTech and HealthTech Partnerships, Ecosystem Development at MassMutual. “BCube is an example of a strong relationship we established to help address a real-world problem within a portion of MassMutual’s business, and we look forward to continuing discussions about how we may further work together.”
BCube Analytics co-founders Steven Bouley and Saji Nair participated in the MCFT 2023 grand finale on June 1. Saji also recently pitched the BCube RegStacker to the Leadership Council on Legal Diversity. The event provided a tremendous networking opportunity to showcase BCube to a wide range of prospects. Saji shared about these experiences, “Such platforms elevate the spirit of innovation and bridge the gap between startups and industry stalwarts, paving the way for mutual growth and collaboration.”