CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Unum (NYSE:UNM), a market leader in providing disability, life, accident, critical illness, dental and vision insurance in the workplace, announced today it has entered a partnership with Plug and Play Insurtech, a Silicon Valley-based startup innovation platform.
The partnership connects Unum with technology startups through the Plug and Play Insurtech ecosystem to find solutions that enhance the customer experience, improve risk management and create more efficient processes.
“Through venture partnering, we have the potential to integrate new technologies and capabilities into our business at the speed and innovation that is common with startups,” said Ted Reed, vice president of business development at Unum. “Partnering with Plug and Play will help us increase our tempo of innovation and simplify and expedite processes to improve the client experience.”
Unum joins Plug and Play Insurtech’s fourth batch of companies that take part in a twelve-week accelerator program designed for the insurance industry, which will run until June 12. It brings together the world's largest insurance corporations, startups, and venture capitalists eager to embrace innovation and redefine insurance practices. The different members of the ecosystem engage through one-on-one private meetings, pitch events and networking opportunities.
“We are here to connect the best startups to the most innovative corporations. Plug and Play Insurtech brings together the largest insurers ready to establish change,” says Ali Safavi, Global Head of Plug and Play Insurtech. “We are excited to welcome Unum into our ecosystem and help them implement a new innovation strategy to better serve the insurance industry as a whole.”
To learn more about the insurance accelerator, visit Plug and Play Insurtech.
Unum is a leading provider of financial protection benefits in the United States and the United Kingdom. Its primary businesses are Unum US, Colonial Life, and Unum UK. Unum’s portfolio includes disability, life, accident and critical illness, dental and vision coverage, which help protect millions of working people and their families in the event of an illness or injury. Unum also provides stop-loss coverage to help self-insured employers protect against unanticipated medical costs. The company reported revenues of $11.3 billion in 2017, and provided $6.9 billion in benefits.
ABOUT PLUG AND PLAY
Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services, and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in 28 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 6,000 startups and 220 official corporate partners, we have created the ultimate startup ecosystem in many industries. We provide active investments with 200 leading Silicon Valley VCs, and host more than 700 networking events per year. Companies in our community have raised over $7 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, PayPal, SoundHound, and Zoosk. For more information, visit www.pnptc.com.