Plug and Play and Society of Actuaries form insurtech partnership

The Society of Actuaries (SOA) has partnered with Silicon Valley-based accelerator Plug and Play 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 modelling processes with actuaries. At the same time, it provides SOA members with an exclusive look inside the world of emerging technologies and insurtech business.

“As an organisation, the SOA is committed to providing our members with innovative opportunities to elevate their skills and showcase their rigour in this rapidly changing industry,” said Andy Rallis, 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.”

Saeed Amidi, founder and CEO of Plug and Play, added: “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. 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 representatives to discuss technology and ageing.

“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.”