SUNNYVALE, Calif., July 20, 2017 /PRNewswire/ -- Plug and Play Insurtech continues expansion of its innovation startup platform, signing its 50th participant only a year after opening its doors for business. Arch Insurance Group Inc., based in New Jersey, signs as its 50th participant shortly after it's 45th partner joined the program in May.
Mark Lange, Senior Vice President, P&C Programs of Arch Insurance said, "We are very excited to team up with a dedicated organization that sits at the forefront of innovation within the industry. We are confident that our collaborative efforts will build a long lasting and successful relationship between Arch Insurance Group and Plug and Play."
Over the past year, the Plug and Play Insurtech team has grown to over 50 participants with a global presence in three continents. Plug and Play Insurtech Batch 2 recently presented at Plug and Play's Summer Summit to an audience of over a thousand people. Plug and Play Insurtech's startup innovation platform introduced some of the hottest startups in the insurtech space to the rest of its ecosystem of thousands of corporate partners, investment firms, and universities. "Increased engagement from carriers and traditional corporations in the industry has encouraged entrepreneurs and investors to enter the Insurtech space. This trend can only improve processes, distribution, risk management, and increase efficiency for many of our corporate participants. We are moving in the right direction, however, for us to reach our goal of building the 'ultimate startup ecosystem', we still have a long way to go. We believe by providing value to the Insurtech space, we will reap the benefits in return as an investor." said Ali Safavi, Director of Plug and Play Insurtech.
This second batch was hand selected by the majority of corporate partners who have been with the program for over the past six months and widely varies from the previous batch, in both digital solutions and innovation. From their first batch, approximately 30% of the startups that participated in the program are engaged in proof of concept (POC) pilots with corporations, and from the second batch, 69% of their startups are in talks around POCs. Plug and Play Insurtech released their year in review, giving a glimpse into the performance of their first two batches. View the infographic here: http://bit.ly/insurtechinfo
Earlier this week Plug and Play Insurtech kicked off Batch 3 with its top 150 list including focus areas such as Data Analytics, Chatbots, Cybersecurity and Wearables. The list includes applicants from Asia, Europe and Africa. Plug and Play Insurtech's Selection Day for Batch 3 will be located at Plug and Play's headquarters on August 30-31st. Startup applications for this next batch close July 24th. For inquires or to apply, please visit: www.plugandplaytechcenter.com/startup-application/
About Plug and Play Insurtech
Established in 2016, Plug and Play Insurtech is one of Plug and Play's largest industry-specific programs. This 12-week business development program is headquartered in Silicon Valley. The program currently has over 50 corporate participants including Farmers Insurance, Munich Re, Nationwide, SOMPO Digital Lab, and Travelers, and has worked with hundreds of startups to date. Plug and Play Insurtech runs three separated tracks throughout the program: General Insurtech, Property & Casualty, and Life/Health/Group. For more information, visit http://plugandplaytechcenter.com/insurance/
About Plug and Play
Plug and Play is a global innovation platform. We connect startups to corporations and invest in over 150 companies every year. Since inception in 2006, our programs have expanded worldwide to include a presence in 22 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 6,000 startups and 180 official corporate partners, we have created the ultimate startup ecosystem in many industries. We provide active investments with 200 leading Silicon Valley VCs, and host more than 365 networking events per year. Companies in our community have raised over $6 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, PayPal, SoundHound, and Zoosk. For more information, visit www.plugandplaytechcenter.com
SOURCE Plug and Play