Plug and Play Insurtech announced today that 17 startups will join Batch One of “Insurtech Europe powered by Plug and Play,” an innovation platform formally launched on November 14, 2017 by Plug and Play Insurtech and Insurtech Hub Munich. The corporate partners on the platform include Allianz, Munich Re, Versicherungskammer Bayern, Talanx, Irish Life, Willis Towers Watson, and Swiss Re.
The 17 startups partaking in Batch One have been selected from over 500 startups screened first by Plug and Play and then narrowed down in collaboration with the Founding and Anchor partners of the program.
“The Munich Platform brings new insurtech solutions and innovation to the heart of Europe. The aim is to foster economic development by facilitating meaningful and strategic interactions between world-class insurance companies and dynamic startups from the area and across our global network” said Ali Safavi, Global Head of Plug and Play Insurtech. “As our first full Insurtech cohort in Europe we are excited to see the results at the end of the program.”
During the next three months, the startups will be introduced to Plug and Play’s corporate partners and have the chance to work with various business units to evaluate POCs, pilot projects, and investment opportunities. Plug and Play does not take equity as a prerequisite to join the program and there is no cost for the startups. Plug and Play invests separately from the activities of the program in line with its own investment thesis. The startups will remain part of the ecosystem even after graduation on January 23th, 2019, at the program’s EXPO.
The 17 companies that have officially joined the program represent a variety of insurance areas from end distribution to claims handling.
“We are delighted to have been selected for the InsurTech Europe Program and look forward to further developing our innovative solutions in the insurance sector. Our Visual Intelligence enhances insurers understanding of risks and consequently improves risk selection, pricing and underwriting.” Aman Bajaj, Insurance Lead at Geospatial Insight
About Plug and Play Insurtech
Established in 2016, Plug and Play Insurtech is one of Plug and Play’s largest industry-specific programs. Alongside its headquarters in Silicon Valley, this platform runs programs in five global locations including Beijing, Munich, New York, Singapore, and Tokyo. The program currently has over 70 corporate participants including Farmers Insurance, Allianz, Nationwide, SOMPO Digital Lab, and Travelers, and has worked with hundreds of international Insurtech startups to date.
For more information, visit http://plugandplaytechcenter.com/insurance/.
Plug and Play Insurtech Contact: insurtech-munich@pnptc.com
About Insurtech Hub Munich
Insurtech Hub Munich is one out of twelve digital hubs initiated by the German Federal Ministry of Economy, in cooperation with insurtech startups, corporate partners, investors and research institutions, all based in Munich. Our goal is to determine the future of the insurance sector by providing a platform for the everyday exchange between all important current and future players, building meaningful partnerships across industries and enabling alternative ideas and business models.
For more information, visit https://www.insurtech-munich.com/.
Insurtech Hub Munich Contact: hello@insurtech-munich.com
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