SUNNYVALE, Calif., March 15, 2019 /PRNewswire/ -- As part of
their mission to work with innovative, early-stage companies, and
with a view to expanding upon their overall corporate venturing
strategy, Aflac Corporate Ventures has broadened their global
partnership with Plug and Play to include Silicon Valley and
Asia. In addition, Aflac Corporate
Ventures, in partnership with Plug and Play, will launch Aflac
Ventures Lab, a 10-week accelerator program for startups.
Commenting on the expansion, Nadeem
Khan, President of Aflac Corporate Ventures said, "We are
very pleased with our Plug and Play relationship, and are now
looking to grow both the geographic footprint as well as the scope
of engagement with Plug and Play. This is consistent with the
recent expansion of our corporate venture fund as well as the focus
of our venturing program, which is to support the growth and the
business needs of Aflac Japan and Aflac US."
The Aflac Ventures Lab accelerator program will offer select
startups access to Aflac's innovation teams and business units, and
provide the opportunity to co-develop and customize solutions that
address specific needs or pain points. Startups that are
successful will then be integrated into Aflac's innovation
programs. The Aflac Ventures Lab program will accelerate two
cohorts of startups each year, with the first class set to commence
in Q2, 2019.
Commenting on the launch of the accelerator program, Bharat
Rajaram, Managing Director of Aflac Ventures said, "We are
impressed with Plug and Play's global reach and scale, and are
pleased with the evolution of our multifaceted partnership. With
the Aflac Ventures Lab, we have created a truly differentiated
accelerator program to identify, test and engage with startups that
can address a current or future business need. We believe this will
provide startups with quick feedback and a defined path to
commercial engagement, while staying focused on supporting the
business and innovation needs at both Aflac Japan and Aflac
US."
Plug and Play, with its rapid global growth and traction within
the insurance industry has positioned itself as a leading insurance
innovation hub, and the premier platform to connect and work with
insurtech startups. Aflac Ventures has been an anchor partner at
Plug and Play's insurance platform in Silicon Valley since 2016 and
also has offices and workspaces co-located with Plug and Play.
Commenting on the Aflac relationship, Saeed Amidi, Chief Executive Officer of Plug and
Play said, "We are thrilled to extend our partnership with Aflac to
build an innovation program targeted towards solving specific
business challenges they are facing and look forward to seeing this
translate globally."
Also commenting on the expanded partnership with Aflac,
Michael Olmstead, Chief Revenue
Officer of Plug and Play said, "Insurance is changing and to solve
real business challenges, we've created a joint program with Aflac
to be at the forefront of insurance innovation. Our goal is to help
insurance companies and startups engage and innovate more
effectively to benefit policyholders and the entire value
chain."
ABOUT AFLAC
When a policyholder gets sick or hurt,
Aflac pays cash benefits fast. For more than six decades, Aflac
insurance policies have given policyholders the opportunity to
focus on recovery, not financial stress. In the United States, Aflac is the leader in
voluntary insurance sales at the worksite. Through its trailblazing
One Day PaySM initiative, for eligible claims, Aflac
U.S. can process, approve and electronically send funds to
claimants for quick access to cash in just one business day. In
Japan, Aflac is the leading
provider of medical and cancer insurance and insures 1 in 4
households. Aflac insurance products help provide protection to
more than 50 million people worldwide. For 12 consecutive years,
Aflac has been recognized by Ethisphere as one of the World's Most
Ethical Companies. In 2018, Fortune magazine recognized Aflac as
one of the 100 Best Companies to Work for in America for the 20th
consecutive year and included Aflac on its list of World's Most
Admired Companies for the 17th time. Aflac Incorporated is a
Fortune 500 company listed on the New York Stock Exchange under the
symbol AFL. To find out more about Aflac and One Day
PaySM visit aflac.com or aflac.com/espanol.
ABOUT PLUG AND PLAY
Plug and Play is a global
innovation platform. Headquartered in Silicon Valley, they 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, their programs have expanded
worldwide to include a presence in over 20 locations globally
giving startups the necessary resources to succeed in Silicon
Valley and beyond. With over 10,000 startups and 280 official
corporate partners, they have created the ultimate startup
ecosystem in many industries. They provide active investments with
200 leading Silicon Valley VCs, and host more than 700 networking
events per year. Companies in their community have raised
over $7 billion in funding, with successful portfolio
exits including Guardant Health, Danger, Dropbox, Lending Club, and
PayPal. For more information,
visit http://plugandplaytechcenter.com
Media Contact
Allison Romero
allison@pnptc.com
(408) 524-1457
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SOURCE Plug and Play