Business News

Irish Life joins Plug and Play Insurtech Programme

By Business & Finance
07 August 2018
David Harney, CEO, Irish Life Group  

Irish Life has joined Plug and Play’s Insurtech platforms in Munich, Germany and Silicon Valley, California.

Plug and Play is one of the world’s leading start-up accelerators and open innovation platforms. Through this new association, Irish Life will be an anchor partner of the European Insurtech Programme, with direct access to start-ups in life and health insurance, and will also have access to Plug and Play’s Silicon Valley programmes including Fintech and Healthtech.

Welcoming the establishment of the strategic partnership, David Harney, CEO, Irish Life Group said that it would position Irish Life at the forefront of specialised global innovation in the insurance industry and deliver benefits for its customers in Ireland.

We will be focusing on innovation and technology evolution across three categories – propositions, operations and distribution – with direct access to start-ups in these areas. The use of Artificial Intelligence (AI) to improve insurance processes is one application in which we are particularly interested.

“Our partnership with Plug and Play is just one of the ways Irish Life will continue its commitment to delivering innovation initiatives which benefit our customers, employees, brokers and distribution partners. This is a key strategic objective for Irish Life,” he said.

Plug and Play Insurtech – improving the insurance industry

Plug and Play Insurtech is an innovation platform bringing together corporations, start-ups and investors to work on improving the insurance industry. Since Plug and Play Insurtech’s inception in May 2016, it has provided a vast innovation platform to more than 70 corporate partners globally and has made over 20 investments in Insurtech startups.

The Plug and Play Insurtech programme for the life and health insurance industry has focused on developing technology-driven solutions relating to financial wellbeing, healthcare and wellness, customer-centric services, risk and fraud assessment and life solutions. The technology start-ups in the Plug and Play programme are developing a wide range of solutions to improve customer experience and operational processes including using artificial intelligence and robotics to transform paper heavy processes such as claims handling, underwriting and customer servicing.

As a partner in the Plug and Play programme, Irish Life will have access to some of the best global start-ups in the Insurtech industry.