Insurers have invested $1+ billion in start-ups

Insurers invest in startups

Some of the world’s biggest insurers have committed more than $1 billion to investing in technology start-ups as the industry attempts to play catch-up with other parts of the financial services sector and boost profitability. European insurers such as Axa, Aviva and Allianz, along with MassMutual and American Family in the US and Ping An in Asia have all set up specialist venture capital funds dedicated to investing in start-ups that may be relevant for their core businesses. The latest deal will be announced this week, with Aviva and other investors putting £1 million into AppyParking, a smartphone app that helps people to locate empty parking spaces… Other insurers, such as MetLife and Generali, have taken a different route and invest in conjunction with existing venture capital firms. However last year Generali went further and bought full control of MyDrive, a UK-based telematics business.

 

Oliver Ralph

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