Plug and Play Start-Up Accelerator and the Society of Actuaries Working Together to Inspire Innovative and Financially-Sound Technologies in Insurance

Mutually beneficial InsurTech partnership combines the rigor and technical insights of actuaries with the innovation and technology of start-ups

News provided by

Society of Actuaries

Feb 12, 2020, 10:00 ET

SCHAUMBURG, Ill. and SUNNYVALE, Calif., Feb. 12, 2020 /PRNewswire/ -- The Society of Actuaries (SOA) today announced a partnership with Silicon Valley-based accelerator Plug and Play. The two organizations will join forces to exchange knowledge and ideas that will benefit both the insurance industry and consumers.

"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," said Andy Rallis, FSA, MAAA, president of the 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."

This relationship will allow InsurTech start-ups to validate their technology and modeling processes with actuaries. At the same time, it provides SOA members with an exclusive look inside the world of emerging technologies and InsurTech business.

"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," said Saeed Amidi, founder and CEO of 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."

There will be 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 hand-in-hand 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," said North Dakota Insurance Commissioner Jon Godfread, current chair 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."

The strategic partnership with Plug and Play demonstrates the SOA's commitment to providing its members with dynamic learning experiences, rewarding volunteer opportunities, and collaborative events where they can learn from the experiences and ideas of peers around the world.

Visit www.soa.org/insurtech for more information.

About the SOA
With roots dating back to 1889, the Society of Actuaries (SOA) is the world's largest actuarial professional organization with more than 31,000 actuaries as members. Through research and education, the SOA's mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. The SOA's vision is for actuaries to be the leading professionals in the measurement and management of risk.

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 over 25 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 10,000 startups and 300 official corporate partners, we have created the ultimate startup ecosystem in many industries. Companies in our community have raised over $7 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club and PayPal. For more information, visit www.plugandplaytechcenter.com.

Michael Nowak
Society of Actuaries
847.273.8811 or [email protected]

Sarah Kossek
Golin
312.729.4113 or [email protected]

SOURCE Society of Actuaries