Insurance provider Aviva has entered a five-year partnership with UK-based accelerator and incubator Founders Factory to be its exclusive financial services partner and will directly support seven startups per year.
Aviva’s corporate venturing arm, Aviva Ventures, will make a multimillion pound equity investment in Founders Factory as part of the partnership. Founders Factory intends to establish and develop more than 200 businesses over the term of the agreement, offering funding, resources and hands-on support.
Aviva expects the partnership to improve its insurance and financial services offerings, and support its broader digital strategy. The company will specifically focus on technologies spanning the internet of things, data and analytics, customer experience and distribution.
Andrew Brem, chief digital officer at Aviva, said: “Insurance and financial services has been stuck in a bygone, analogue era when it comes to engaging with customers – we believe it is high time to bring the industry into the digital age, for the benefit of customers and insurers alike.”
“Partnering with Founders Factory gives us an opportunity to work with a highly talented pool of entrepreneurs who can help us identify new opportunities and deliver them. Only by being brave and disruptive can we truly accelerate our digital strategy and ensure we are giving customers what they rightly expect.”