Vivametrica is one of the first batch of companies to be selected by Plug and Play (PNP) Insurance. Arguably one of the biggest seed-stage investor and innovation platforms, Vivametrica will join the ranks of Dropbox and Paypal to name a few others who have also gone through Plug and Play’s program.
23 Startups Have Been Hand-Picked by The Largest Insurance Corporations
SUNNYVALE, Calif., Sept. 27, 2016 /PRNewswire/ — With the rapid growth of Insurtech, Plug and Play Insurance has selected the top 23 startups to join their Innovation Platform. According to PwC, 74% of insurance companies believe some part of their business is at risk of being disrupted.
The 12-week program connects startups to some of world’s largest insurance corporations. The official partners include Admiral Group, Aviva, Compare.com, Farmers Insurance, HDI, Maiden Re, Markel, Munich Re, Nationwide, Pronto Insurance, SOMPO Digital Lab, Talanx, The Hartford, Travelers, and USAA.
Plug and Play’s venture arm initially looked at over 800 startups and narrowed that list down in collaboration with participating corporate partners. The remaining 33 startups attended Selection Day where they pitched their ideas in-person. Out of those finalists, 23 have been hand-picked to join the program for business development and the possibility of pilots, POCs, or strategic funding.
“Munich Re is proud to be the founding partner that helped create the first, highly successful insurance innovation platform in Silicon Valley. We are extremely pleased with the caliber of insurtech startups Plug and Play has sourced and signed up, and look forward to working with them as part of this prestigious program,” says Robert Mozeika, Executive Innovation Strategy at Munich Re in Silicon Valley.
“Starting a program with 23 of the best Insurtech startups changing the industry is a great step forward for our innovation strategy,” says Ali Safavi, Director of Plug and Play Insurance. “Having many major insurance partners and experts involved in the program distinguishes our selection process and leads to a comprehensive investment method for us.”