Multinational insurer Aviva, which plays heavily in the insurtech space, has agreed to acquire a majority stake in Neos, a smart technology insurance provider that lets consumers monitor and protect their homes through connected devices.
According to a press release, the investment is part of Aviva’s strategy to develop stronger bonds with customers through digital technology, while providing services that give them the ability to better manage their daily lives.
“At Aviva, helping customers when bad things happen is at the heart of what we do,” said Rob Townend, MD of Aviva UK General Insurance. “But we also want to help prevent bad things happening in the first place. Harnessing the power of smart home technology allows customers to better manage what’s happening in their homes as well as helping them to avoid a small problem, like a slow water leak, becoming a big inconvenience.”
He added: “By taking a majority share in the business, we’ll be able to use Neos’s expertise in smart technology, and we’re excited to build on our existing relationship with them.”
Neos is based in London, and was launched in 2016. The company combines connected home devices, including cameras and sensors, with home insurance.
“I am delighted that Aviva has chosen to make a further significant investment in Neos. It is a great reflection on how far we have come in creating value for our customers,” said Neos CEO Matt Poll. “I know Aviva shares our excitement about the future for our technology and innovative proposition in the insurance market and what Neos can go on to achieve.
Aviva and Neos already had an existing relationship before the recent announcement, with the insurer announcing a strategic investment in Neos back in 2017 through its corporate capital venture fund, Aviva Ventures, which makes investments in early-stage businesses with the potential to transform the insurance industry.
The transaction is subject to regulatory approval, and is likely to be completed in the first quarter of 2019.
