Plug and Play Insurance Opens its Call for Startup Applications
Staff Writer | June 22, 2016
Plug and Play's Insurance Platform announces a call for applications from startups for its accelerator program, giving them the chance to compete for a spot in Plug and Play's first insurance batch. Plug and Play Insurance has recently been launched in partnership with Admiral Group, Compare.com, Deloitte, Farmers Insurance, Munich Re, Nationwide, Porto Seguro, SOMPO Digital Lab, State Farm, Travelers, and USAA.
"There's been more of a focus on insurtech in Silicon Valley, and partnering with Plug and Play will keep us and other industry players informed about emerging technologies that could play a role in our sector in the next decade," says Robert Mozeika, executive innovation strategy at Munich Re in Silicon Valley.
Startups accepted into the 12-week program will receive office space in Plug and Play's headquarters, expert mentor curricula, business development, exposure to their extensive corporate partner network, and a chance to pitch in front of Silicon Valley's biggest investors at EXPO.
An insurance kickoff event was held at Plug and Play last week with over 100 attendees and 20 corporations. Startups had the chance to present on stage in front of top corporations and attend a panel discussion with Munich Re, USAA, Deloitte, and AIG that dove deeper into how startups can work with corporations and the types of technologies insurance companies may expect.
"The outcome of our insurance launch event was terrific. We had a great turnout with insurers that are interested in technology advancements that can help the industry and consumers. This is just the beginning of our insurance program and I'm looking forward to seeing where it goes from here," says Saeed Amidi, founder and CEO of Plug and Play.
With over 400 portfolio companies and more than 100 corporate partners, Plug and Play has created focused innovation platforms in the areas of: fintech, brand and retail, Internet of Things, media and mobile, connected health, travel and hospitality, new materials and packaging, and now, insurance. Plug and Play aims to empower entrepreneurs to innovate, pair startups with investors, and connect forward-thinking minds.
"We are already working with thousands of startups in our ecosystem, but with this new initiative, we are looking for stage-agnostic Insurtech startups that could facilitate changes in various aspects of the industry," said Ali Safavi, director of Plug and Play Insurance.
Startups of all stages are encouraged to apply: http://bit.ly/startup-apply. Application deadline is August 1.
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The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
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ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
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