Aviva to support five insurtechs in new incubator program

Aviva has reached an agreement with London-based startup accelerator Founders Factory to launch a health-focused insurtech program aimed at developing five startups each year.

Participants in the six-month incubator will receive operational, business and technical support from Aviva to accelerate their development and complement the insurer’s broader innovation strategy, according to the company. Aviva now holds startup accelerator locations in the UK, Canada, Singapore, Israel and Silicon Valley, with the move.

“People’s needs are rapidly evolving [and] a number of emerging technologies have the potential to transform insurance and provide numerous opportunities to serve our customers better,” said Serge Taborin, director of innovation and new business at Aviva, in a statement. “Startup collaboration is one of the ways we are tackling this challenge.”

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A pedestrian walks near to an Aviva Plc logo on a sign outside the insurance company's headquarters in London, U.K., on Monday, Aug. 1, 2016. Aviva will release their half-year results on Aug 4. Photographer: Jason Alden/Bloomberg

This year’s inaugural startup participants include:

  • Fitwell: An insurtech helping consumers stay fit through its AI powered fitness app and wellbeing coach “Hailee.”
  • Luther Systems: A developer of blockchain-based products intended to improve the efficiency of transaction management systems.
  • Previse: A company that makes instant business payments possible using AI technology.
  • Psious: Helps patients tackle mental health problems with virtual reality.
  • Shepherd: AI software developer that detects when maintenance is required on any piece of machinery.

“We are providing these startups with an unrivalled platform of support both via our operations team and the insights and scale of Aviva,” said Henry Lane Fox, co-founder and CEO of Founders Factory.

As part of the multimillion pound deal, Founders Factory will also collaborate with Aviva on establishing two new businesses annually. The first joint venture is called OnCare, a software platform that allows hospice workers to report on home visits online rather than paper forms.

“Technology is heavily under-utilized within social care and OnCare represents an important first step in dramatically improving the delivery of care here in the UK and abroad,” Fox said.

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