Canadian Underwriter

Aviva Canada partners with OneEleven to launch InsurTech growth program

February 2, 2018   by Staff

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Photo copyright: Karsten NegliaAviva Canada and innovation hub OneEleven have partnered to launch a Canadian InsurTech growth program.

“Insurance is a massive industry that touches almost all Canadians and it’s still challenged with legacy processes,” Ryan Spinner, Aviva’s head of digital and innovation, said in a news release. “We think it’s time for disruption and we look forward to working with these startups to make that happen.”

Related: Insurtech explained

The program—which Aviva and OneEleven are calling the largest of its kind in Canada—will see the insurer act as a mentor to six technology startups looking to provide services or solutions for the insurance sector.

Startups will receive feedback and advice on their technology, as well as access to customers, talent and capital. Applications for the program will be accepted until March 4, 2018.

Aviva plans to invest $170 million over the next three to five years in disruptive startups through its corporate venture capital fund, Aviva Ventures.

According to Aviva, close to 75 per cent of insurers believe their companies will be disrupted from now through 2021.

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This story was originally published by Canadian Insurance Top Broker.