Tokio Marine joins Plug and Play Singapore’s insurtech programme

Agreement expands on previous partnership in North America in 2017

Tokio Marine joins Plug and Play Singapore’s insurtech programme

Insurance News

By Gabriel Olano

Tokio Marine Holdings has partnered with Plug and Play’s insurtech programme in Singapore, following up on its earlier partnership with Plug and Play in Silicon Valley in December 2017.

With this new partnership, Tokio Marine will now have access to Plug and Play’s network and the opportunity to work with curated start-ups from the Asia-Pacific region for testing and implementation throughout their offices in Southeast Asia, a statement from the two firms said.

“In Asia, we look forward to working with Plug and Play to accelerate and fast track our development with practical digital initiatives for the markets in the region and to advance our innovative insurance business models for the whole group,” said Hidemi Harada, vice president and head of digital strategy of Tokio Marine Asia. “We also look forward to leveraging Plug and Play’s network for cross-industry engagement in IoT, mobility, healthcare, and smart cities.”

In August 2018, Plug and Play launched its insurtech programme in Singapore, and has accelerated 49 start-ups to date. According to Plug and Play, the programme’s partners have the opportunity to direct the focus of each batch, giving them the ability to target specific pain points in their business and search for different solutions. With the addition of Tokio Marine, Plug and Play now works with seven financial institutions in their fintech and insurtech programs.

“We’re very excited to expand our relationship with Tokio Marine to Southeast Asia, where we’re looking to continue upon the success and learnings we’ve seen in Silicon Valley,” said Kayvon Deldar, Plug and Play’s programme head of insurtech in Singapore. “We look forward to connecting their regional and country teams to the most relevant start-ups in insurtech and adjacent industries with the ultimate goal of helping them develop their digital and innovative business initiatives. I speak not only for ourselves, but our start-ups, that Tokio Marine’s regional and global business is a great strategic partner to have on our platform.”

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