Two major players are refocusing their efforts on insurtech:
- Allianz has announced the changeover of its in-house incubator, Allianz X, into a new venture capital investment arm intended to bolster digital and core technology.
- Lloyd’s of London’s broker AFL has hired George Stagg to lead its incubator division as director of innovation.
The two moves by large insurers show the growing importance of insurtech investments.
Allianz gave more details about its refocusing in this area. According to InsurTech News, it will discontinue all early-stage projects and heavily invest in startups with expertise in mobility, connected property, connected health, wealth management, data intelligence and cybersecurity, it says. Each domain represents targeted “ecosystems” of its now former accelerator.
Lloyd’s of London’s AFL Incubator actively supports and accelerates insurtech and general technology start-ups by providing them with a launch platform and access to expertise and insights, market intelligence, regulation and governance, business development, and marketing and brand-building