UK-headquartered Insurance provider Aviva has partnered accelerator Plug and Play to launch a Silicon Valley-based initiative called InsurTech aimed at insurance technology startups.
The scheme is part of Aviva’s Digital First Strategy, which was unveiled in 2014 to develop more tailored services. InsurTech follows Aviva’s decision to join forces with incubator Founders Factory in May 2016 and support seven startups per year over a five-year period.
Aviva hopes to attract up to 1,000 applications and will choose 40 to 50 projects participate in the program, which is set to begin next month at Plug and Play’s headquarters in Silicon Valley.
As part of the partnership, Aviva staff will assist Plug and Play, spending up to three months in California to gain an understanding of emerging technologies in the sector.
Monique Shivanandan, chief information officer at Aviva said: “I am delighted we are working with Plug and Play, and see the partnership as a key way to move our culture and innovation forward rapidly.”
Saeed Amidi, founder and chief executive of Plug and Play, added: “It is a great pleasure to partner with such a forward-looking insurance company and it is an honour to be part of their digital transformation.
“We look forward to pursuing innovative ideas in the UK and Europe, as well as building a bridge to Silicon Valley.”