Plug and Play, the startup accelerator based in Sunnyvale, California, has announced a new partnership with industry vendor Guidewire Software to develop early-stage insurtechs participating in its twice-a-year incubator.
According to the companies, Guidewire will provide mentoring and an opportunity for startups to showcase their technology as ancillary features on the vendor’s flagship core InsurancePlatform.
The vendor joins a group of more than two dozen insurance carriers to partner with Plug and Play, including Aviva, USAA, Munich Re and Sun Life Financial. Each respective insurer serves as a technical advisor and potential investor in participating startups, as they develop technologies designed to improve the insurance value chain.
“Our work with the Plug and Play team, its startups, and its member companies, will enable insurers to remain focused on their businesses while we take on more of the heavy lifting in bringing innovative ideas to reality,” said Ali Kheirolomoom, chief product officer at Guidewire, in a statement.
“We have had the pleasure of hosting Guidewire customers at Plug and Play in Silicon Valley for a few years,” added Ali Safavi, global head of Plug and Play InsurTech. “It’s major R&D presence in Silicon Valley, and history of fostering innovation, make them an ideal addition to our ecosystem.”
Plug and Play is currently in the midst of its 10-week winter program involving of 35 startups. The insurtechs are divided into three sub-categories: General insurance; life, health and benefits; and property and casualty. The accelerator has seen its participation grow exponentially since launching in 2016. A total of 10 insurtechs participated in the company’s inaugural session.
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