The two will launch services in Silicon Valley and Aisa, as well as launch Aflac Ventures Lab, a 10 week startup accelerator program.
“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,” said Nadeem Kahn, President of Aflac Ventures in a statement. “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.”
What Aflac Ventures Lab will do for startups that join is offer access to its innovation teams and business units, and the chance to work with those teams to co-develop and customize solutions that address needs and problems. Successful startups will join Aflac’s innovation programs. The Lab will accelerate two cohorts of startups every year, with the first expected group to commence in the second quarter of this year.
Plug and Play, which has been working with the insurance industry since 2016, has grown as the top insurance industry innovation hub, with Aflac Ventures being its anchor partner, with offices and workspaces co-located with Plug and Play.
“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,” said Saeed Amidi, Chief Executive Officer of Plug and Play.