SUNNYVALE, Calif., March 15, 2019 /PRNewswire/ -- As part of their mission to work with innovative, early-stage companies, and with a view to expanding upon their overall corporate venturing strategy, Aflac Corporate Ventures has broadened their global partnership with Plug and Play to include Silicon Valley and Asia. In addition, Aflac Corporate Ventures, in partnership with Plug and Play, will launch Aflac Ventures Lab, a 10-week accelerator program for startups.
Commenting on the expansion, Nadeem Khan, President of Aflac Corporate Ventures said, "We are very pleased with our Plug and Play relationship, and are now looking to grow both the geographic footprint as well as the scope of engagement with Plug and Play. This is consistent with the recent expansion of our corporate venture fund as well as the focus of our venturing program, which is to support the growth and the business needs of Aflac Japan and Aflac US."
The Aflac Ventures Lab accelerator program will offer select startups access to Aflac's innovation teams and business units, and provide the opportunity to co-develop and customize solutions that address specific needs or pain points. Startups that are successful will then be integrated into Aflac's innovation programs. The Aflac Ventures Lab program will accelerate two cohorts of startups each year, with the first class set to commence in Q2, 2019.
Commenting on the launch of the accelerator program, Bharat Rajaram, Managing Director of Aflac Ventures said, "We are impressed with Plug and Play's global reach and scale, and are pleased with the evolution of our multifaceted partnership. With the Aflac Ventures Lab, we have created a truly differentiated accelerator program to identify, test and engage with startups that can address a current or future business need. We believe this will provide startups with quick feedback and a defined path to commercial engagement, while staying focused on supporting the business and innovation needs at both Aflac Japan and Aflac US."
Plug and Play, with its rapid global growth and traction within the insurance industry has positioned itself as a leading insurance innovation hub, and the premier platform to connect and work with insurtech startups. Aflac Ventures has been an anchor partner at Plug and Play's insurance platform in Silicon Valley since 2016 and also has offices and workspaces co-located with Plug and Play.
Commenting on the Aflac relationship, Saeed Amidi, Chief Executive Officer of Plug and Play said, "We are thrilled to extend our partnership with Aflac to build an innovation program targeted towards solving specific business challenges they are facing and look forward to seeing this translate globally."
Also commenting on the expanded partnership with Aflac, Michael Olmstead, Chief Revenue Officer of Plug and Play said, "Insurance is changing and to solve real business challenges, we've created a joint program with Aflac to be at the forefront of insurance innovation. Our goal is to help insurance companies and startups engage and innovate more effectively to benefit policyholders and the entire value chain."
When a policyholder gets sick or hurt, Aflac pays cash benefits fast. For more than six decades, Aflac insurance policies have given policyholders the opportunity to focus on recovery, not financial stress. In the United States, Aflac is the leader in voluntary insurance sales at the worksite. Through its trailblazing One Day PaySM initiative, for eligible claims, Aflac U.S. can process, approve and electronically send funds to claimants for quick access to cash in just one business day. In Japan, Aflac is the leading provider of medical and cancer insurance and insures 1 in 4 households. Aflac insurance products help provide protection to more than 50 million people worldwide. For 12 consecutive years, Aflac has been recognized by Ethisphere as one of the World's Most Ethical Companies. In 2018, Fortune magazine recognized Aflac as one of the 100 Best Companies to Work for in America for the 20th consecutive year and included Aflac on its list of World's Most Admired Companies for the 17th time. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange under the symbol AFL. To find out more about Aflac and One Day PaySM visit aflac.com or aflac.com/espanol.
ABOUT PLUG AND PLAY
Plug and Play is a global innovation platform. Headquartered in Silicon Valley, they have built accelerator programs, corporate innovation services, and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, their programs have expanded worldwide to include a presence in over 20 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 10,000 startups and 280 official corporate partners, they have created the ultimate startup ecosystem in many industries. They provide active investments with 200 leading Silicon Valley VCs, and host more than 700 networking events per year. Companies in their community have raised over $7 billion in funding, with successful portfolio exits including Guardant Health, Danger, Dropbox, Lending Club, and PayPal. For more information, visit http://plugandplaytechcenter.com
SOURCE Plug and Play