HARTFORD, Conn.--(BUSINESS WIRE)--Munich Re and its equipment insurer affiliate Hartford Steam Boiler (HSB) are sponsoring Plug and Play’s accelerator for the Internet of Things (IoT), the company announced today.
Plug and Play IoT brings together promising startups with corporations, investors and experts to accelerate their commercial development. As anchor partners, Munich Re and HSB will help guide the direction of the program and have mentors on site to support startups accepted into the program.
Munich Re, one of the world's leading reinsurers, and HSB, the number one insurer of equipment and technology, share an interest in identifying and exchanging ideas with top IoT innovators whose technologies have applicability to their insurance businesses.
"Innovation is essential to Munich Re's future. Having senior innovation executives co-located at Plug and Play's Silicon Valley facility gives us the opportunity to learn and experiment with new technology and provide valuable insight to entrepreneurs about the insurance vertical,” said Thomas Blunck, member of Munich Re's Board of Management. “Our quest is to understand the future of risk and identify new opportunities for our global reinsurance and specialized primary insurance business.”
Munich Re and HSB’s strategic corporate venture capital group in San Francisco will participate in Plug and Play's IoT accelerator. Munich Re leverages HSB’s venture capital expertise and capabilities to invest in companies across all funding stages in areas such as the IoT, cyber security, energy and energy efficiency.
"Internet of Things technologies will have usefulness in equipment reliability, smart connected homes and buildings, cyber security and robotics, among other applications," said Peter Röder, member of the Munich Re Board of Management responsible for business in North America. "Being actively engaged in the development of these technologies will fuel our product innovation and allow us deliver unique benefits and service experiences for end client users."
"We are extremely pleased to partner with Munich Re and HSB to find the most exciting and innovative startups that can enhance the insurance industry's ability to deliver new products and services to clients,” said Plug and Play CEO and Founder Saeed Amidi. “We will be looking at the globe for the companies we could invest in and accelerate.”
Plug and Play will conduct two startup review sessions per year and source 100 to 200 startups in consumer and industrial IoT. From these candidates HSB and Munich Re will have the opportunity to help select up to 10 startup companies chosen to go through Plug and Play's IoT acceleration program. During the course of the three month acceleration program, HSB and Munich Re will work with applicable startups and other sponsoring companies to align technology of interest and evaluate possibilities for collaboration as part of the program.