Risk management, insurance brokerage and advisory firm Willis Towers Watson and global innovation platform Plug and Play have formed a global InsurTech partnership.
The deal extends Willis Towers Watson’s access to early stage InsurTech start-ups across all of Plug and Play’s InsurTech platforms in Beijing, Munich, New York, Silicon Valley, Singapore and Tokyo.
As per the deal, Willis Towers Watson will assist in qualifying, mentoring and collaborating with insurtech start-ups in Plug and Play’s global ecosystem.
The two companies also partner on new platforms such as health and wellness, along with Enterprise 2.0, which seeks to transform management structures, company culture and how work is organized.
Willis Towers Watson investment risk and reinsurance head Carl Hess said: “We’re very excited about this partnership and believe it demonstrates our commitment in bringing the newest and most innovative technology – both our own solutions and offerings from the world’s leading tech centers – to our clients.
“It also accelerates our ability to advise clients on start-up-driven innovation and create greater value for them and the insurance industry.”
Plug and Play CEO Saeed Amidi said: “This global partnership between two very powerful brands will strengthen our collective efforts to source innovative InsurTech solutions from around the world.
“We look forward to much success between our two organizations as we continue to engage with the global start-up community.”
Established in 1828, Willis Towers Watson has its presence in more than 140 countries, with over 40,000 employees. The company designs and offers solutions to manage risks and optimize benefits.
Headquartered in Silicon Valley, Plug and Play has developed accelerator programs, corporate innovation services and an in-house venture capital for advancement of technological progress.
The company has its presence across 28 locations globally, giving start-ups the necessary resources to succeed.
Since its inception in 2006, it claims to have supported more than 6,000 start-ups and has 220 official corporate partners. Companies in its community have raised more than $7bn in funding, with portfolio exits including Danger, Dropbox, Lending Club, PayPal, SoundHound and Zoosk.