The Society of Actuaries (SOA) and US-based accelerator Plug and Play have teamed up to help InsurTechs improve their technology offerings.
The two firms are coming together to exchange knowledge and ideas. From this partnership, the companies hope InsurTechs will be able to validate their technology and modelling processes with actuaries.
Furthermore, it will supply SOA members with a look into the emerging technologies and InsurTech startups in the market.
Plug and Play founder and CEO Saeed Amidi said, “Actuaries bring the financial and technical expertise that our InsurTech start-ups need in order to create reliable and trustworthy InsurTech products for the insurance industry and consumers.
“The efforts of SOA members, regulators, and other industry professionals combined with tech-savvy entrepreneurship will lead to innovative technologies now and in the future.”
A group of SOA members will be welcomed into a multi-day immersion experience where they can work with InsurTechs at the Plug and Play Tech Center in California.
There will be a mentorship network which will pair actuaries with startups for long-term collaboration. Furthermore, members will receive a bi-monthly webcast and podcast which features startups.
SOA president Andy Rallis said, “As an organization, the SOA is committed to providing our members with innovative opportunities to elevate their skills and showcase their rigor in this rapidly changing industry.
“We are thrilled to work with Plug and Play to connect our members with tech start-ups to share best practices and help spur ideas for the benefit of the insurance industry, regulators and consumers at-large.”
Late last year, Plug and Play Japan revealed the 17 InsurTech platforms to make its latest programme.
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