Plug and Play launches insurance innovation platform

In partnership with founding partner Munich Re, Sompo Insurance, and USAA, Plug and Play is launching its newest program, Plug and Play Insurance, the company said.

This Innovation Platform is comprised of a network of industry leading reinsurers, insurance companies, brokers, and automakers built around a 12-week Silicon Valley based startup accelerator.

Plug and Play´s model brings together a roundtable of complementary partners to guide the direction of the program and help decide which startups are accepted. Twice per year, participating corporate partners gather to determine the scope of the current round, and this will then be used to source 850-1000 startup applications looking to innovate in the insurance industry.

Plug and Play has successfully launched Innovation Platforms in Brand & Retail, Financial Technology & Security, Connected Health, Internet of Things, Media, Travel & Hospitality, and New Materials & Packaging, and will look to replicate the success of their model in the Insurance industry.

The Insurance Innovation Platform is a 12-week program designed for early and growth-stage startups.

Plug and Play Tech Center is a global technology accelerator and venture fund.

Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity.

The USAA family of companies provides insurance, banking, investments, retirement products and advice to 11.5 million current and former members of the US military and their families.