(Image source: Plug and Play InsurTech website.)
The Society of Actuaries (SOA, Schaumburg, Ill.) has entered into a partnership with Silicon Valley-based accelerator Plug and Play (Sunnyvale, Calif.). The two organizations say they are joining forces to exchange knowledge and ideas that will benefit both the insurance industry and consumers.
This relationship will allow InsurTech start-ups to validate their technology and modeling processes with actuaries, the organizations say. At the same time, they add, it provides SOA members with an exclusive look inside the world of emerging technologies and InsurTech business.
“As an organization, the SOA is committed to providing our members with innovative opportunities to elevate their skills and showcase their rigor in this rapidly changing industry,” comments Andy Rallis, FSA, MAAA, president, SOA. “We are thrilled to work with Plug and Play to connect our members with tech start-ups to share best practices and help spur ideas for the benefit of the insurance industry, regulators and consumers at-large.”
Financial and Technical Expertise
“Actuaries bring the financial and technical expertise that our InsurTech start-ups need in order to create reliable and trustworthy InsurTech products for the insurance industry and consumers,” comments Saeed Amidi, founder and CEO, Plug and Play. “The efforts of SOA members, regulators, and other industry professionals combined with tech-savvy entrepreneurship will lead to innovative technologies now and in the future.”
The two organizations are arranging a variety of opportunities for SOA members and InsurTech start-ups to interact and learn from each other. A group of SOA members will embark on a multi-day immersion experience, working closely with InsurTech start-ups at the Plug and Play Tech Center in Sunnyvale, California. A mentorship network will pair actuaries with start-ups for a longer-term collaborative experience. Additionally, members will have exclusive access to a bi-monthly webcast and podcast series featuring start-ups. The SOA will host a virtual and in-person event later this year, which will gather industry trailblazers to discuss technology and aging.
“Actuaries, start-ups and regulators can all benefit from a knowledge exchange to better understand the opportunities and challenges within InsurTech,” comments John Godfread, North Dakota Insurance Commissioner and current chairman of the Innovation and Technology Task Force for the National Association of Insurance Commissioners (NAIC). “By sharing insights and expertise, we can work together to ensure the development of fair and financially-sound insurance products to better serve consumers.”