Tokio Marine Holdings, the largest property and casualty (P&C) insurance group in Japan, has announced a new partnership with Plug and Play’s insurtech program in Singapore.
Plug and Play is a Silicon Valley-based innovation platform and venture fund that specialises in the development of early-to-growth stage technology startups.
It has had a partnership with Tokio Marine since December 2017, but the new arrangement will now allow the insurer to access Plug and Play’s network and work with curated startups from the Asia Pacific region for implementation in its offices throughout Southeast Asia.
Plug and Play launched its insurtech program in Singapore last August, and has accelerated 49 startups to date.
Partners to the program have the chance to dictate the focus of each batch of insurtechs, giving them the ability to target specific pain points in their business and search for different solutions.
With the addition of Tokio Marine, Plug and Play now works with seven financial institutions in its fintech and insurtech programs, including Munich Re, Willis Towers Watson, MSIG Insurance and AXIS Capital.
“Plug and Play and Tokio Marine are no strangers; we’ve had a partnership with Plug and Play back in Silicon Valley,” said Hidemi Harada, Vice President and Head of Digital Strategy of Tokio Marine Asia.
“This partnership has paved way to introduce us to 800 start-up companies globally and a better understanding of the Insurtech landscape from global lens,” Harada continued.
“In Asia, we look forward to working with Plug and Play to accelerate and fast track our development with practical digital initiatives for the markets in the region and advance our innovative insurance business models for the whole group. We also look forward on leveraging Plug and Play’s network for cross-industry engagement in IoT, Mobility, Healthcare and Smart Cities.”
Kayvon Deldar, Plug and Play’s Program Head of Insurtech in Singapore, also commented: “We’re very excited to expand our relationship with Tokio Marine to Southeast Asia, where we’re looking to continue upon the success and learnings we’ve seen in Silicon Valley.”
“We look forward to connecting their regional and country teams to the most relevant startups in Insurtech and adjacent industries with the ultimate goal of helping them develop their digital and innovative business initiatives,” he added.
“I speak not only for ourselves, but our startups, that Tokio Marine’s regional and global business is a great strategic partner to have on our platform.”