Axis Capital partners with Plug and Play on startup accelerator
AXIS Capital Holdings, the parent company of AXIS Re and AXIS Insurance, has announced a new partnership with startup accelerator Plug and Play Tech Center.
The insurer joins Aviva, Sun Life Financial, USAA and Munich Re as carriers with active business ties to the Sunnyvale, California-based company. AXIS business leaders will serve as program mentors and technical advisors to insurtechs in Plug and Play’s insurance incubator. In return, the company gains access to emerging technologies it can incorporate into core products and operations.
“Our alliance with Plug and Play will allow us to partner with the entrepreneurs who are helping to drive innovation in insurance and reinsurance,” said Chris DiSipio, CEO of AXIS A&H, in a statement. “We are the perfect partner for bringing their ideas to life and are committed to insurtech as a driver of future growth, both for AXIS and the (re)insurance industry.”
AXIS will work with P&C, life and health insurtech startups accepted into Plug and Play’s 12-week program, occurring twice a year. The insurer is keen on collaborating with startups developing platforms in the Internet of Things, mobility and fintech spaces, it says.
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“Our team intends to leverage this partnership and AXIS’ expertise in the field to continue to drive innovation and change in the industry with the hope of creating the ultimate startup ecosystem for insurtech,” Plug and Play Insurtech Director Ali Safavi said.