Arch Insurance Group has partnered with Silicon Valley-based accelerator Plug and Play on its startup innovation platform, the companies announced.
The New Jersey-based insurer becomes Plug and Play’s 50th industry sponsor, joining the likes of Aviva, USAA, Munich Re and Sun Life Financial in hopes of forging relationships with up-and-coming insurtechs.
"We are very excited to team up with a dedicated organization that sits at the forefront of innovation within the industry,” said Mark Lange, senior vice president of P&C programs at Arch Insurance, in a statement.
Last week, Plug and Play kicked off its search for its third batch of insurance startups to participate in its accelerator. Focus areas for this round include data analytics, chatbots, cybersecurity and wearables, according to the company. Its list of 150 applicants so far encompasses insurtechs from Asia, Europe and Africa. Selection day will be held at Plug and Play headquarters Aug. 30.
"Increased engagement from carriers and traditional corporations in the industry has encouraged entrepreneurs and investors to enter the Insurtech space,” said Ali Safavi, director of Plug and Play Insurtech. “This trend can only improve processes, distribution, risk management, and increase efficiency for many of our corporate participants.”
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