Insurance software company Guidewire will act as a mentor to the accelerator’s cohort of insurtech start-ups
Guidewire Software has announced a partnership with start-up accelerator Plug and Play.
Silicon Valley-based Plug and Play has seen rapid expansion since it was set up in 2016.
The accelerator now boasts that it has created the “ultimate start-up ecosystem”. It has over 6,000 start-ups, 220 corporate partners and 27 global locations. Its insurance partners include Admiral, Zurich, AIG, Aviva and others.
Insurance software company Guidewire will now act as a mentor to start-ups. In addition, it will offer some insurtech start-ups the option to feature in its Guidewire Marketplace.
In the past, Guidewire chief executive Marcus Ryu has said that he expects 95% of investment in insurtechs seeking to build new distribution models would be wasted, but he has expressed curiosity about niche insurtech products and services. He is a strong supporter of innovation; in 2017, Guidewire struck a $275m deal to buy data company Cyence.
Now, Guidewire will be able to use its exposure to Plug and Play’s cohort to get to grips with new insurtech innovations, and it is likely to use what it learns to build on its products.
“Insurers recognize the importance of innovation to their survival in today’s era of engagement. They strive to improve the experiences of their agents, employees, and most importantly their customers, and are embracing the importance of innovation now more than ever,” said Guidewire Software Strategic Ventures and Innovation vice president Lerk-Ling Chang.
Chang continued: “We are excited to extend our strong history of innovation – with our insurer customers, solution providers, and other start-ups – to our collaboration with Plug and Play, its startups, and its member companies, as we collectively work to provide the solutions the industry needs.”