Aviva has partnered with Founders Factory, a leading multi sector digital accelerator and incubator, co-founded by Brent Hoberman, Henry Lane Fox and Jim Meyerle.
Founders Factory will build and develop over 200 innovative technology businesses over the next five years, providing capital and resources to support their growth. Aviva will be its exclusive financial services partner, working with seven start-ups, each year, over this period.
The partnership will support Aviva’s broader digital strategy, creating opportunities for technical specialists, creative designers and commercial teams to test and develop new ideas and services aimed at making insurance and financial services more tailored and accessible to Aviva’s customers.
The in-house team of experts at Founders Factory, many of whom are successful entrepreneurs themselves, will provide hands-on support and advice to participating startups, as well as working with its corporate partners to build and launch new products and services.
As part of the agreement, Aviva’s venture capital arm, Aviva Ventures, has made a multimillion pound equity investment in Founders Factory.
Andrew Brem, chief digital officer, Aviva, said: “Insurance and financial services has been stuck in a bygone, analogue era when it comes to engaging with customers – we believe it’s high time to bring the industry into the digital age, for the benefit of customers and insurers alike.
“Partnering with Founders Factory gives us an opportunity to work with a highly talented pool of entrepreneurs who can help us identify new opportunities and deliver them. Only by being brave and disruptive can we truly accelerate our digital strategy and ensure we are giving customers what they rightly expect.”
Brent Hoberman, co-founder and executive chairman, Founders Factory, added: “At Founders Factory we are delighted to partner with Aviva, a global leader in insurance. We are looking forward to working closely with their teams, and accelerating and incubating world class fintech businesses.
“Entrepreneurs will be very keen to work with such a market leading company and champion of digital innovation. The combination of Aviva with the other corporate investors across multiple sectors in Founders Factory will create more global winners.”