Plug and Play, a Silicon Valley Innovation Platform, launched Plug and Play Insurtech Munich to bring new insurtech solutions and innovation to the heart of Europe and create economic development centered on world-class insurance companies.
Saeed Amidi, Founder and CEO of Plug and Play, commented: “Plug and Play has been working with startups for 12 years and is active in over 20 locations globally. Our goal is to match startups to corporations based on their interests to create mutually beneficial partnerships that embody the Plug and Play spirit of open innovation. We are excited to introduce these companies into our ecosystem in Munich and help them grow.”
The Plug and Play team has now selected 16 startups to join the "Insurtech Europe powered by Plug and Play" platform in Munich. The startups partaking in Batch Zero have been carefully selected out of hundreds of applicants. They represent varied insurance areas from end distribution to claims handling and all the important processes in the middle.
One of the 16 startups is the Zurich based startup IMburse, which developed a cloud-based technology platform that enables companies to collect and pay out in any market, any currency and any technology via a single integration. Companies can also easily deploy advanced automation models directly to payments to significantly reduce costs and unlock new offerings.
During the next three months, the startups will meet Plug and Play's corporate partners and have the chance to secure pilots, POCs, and investment opportunities with these companies. Plug and Play does not take equity as a prerequisite to join the program and there is no additional cost for the startups. Plug and Play invests separately from the activities of the program in line with its own investment thesis. The startups will remain part of the ecosystem even after graduation on June 26th, Plug and Play Insurtech's First Expo Day in Europe.
Plug and Play Munich was created in partnership with Allianz, Munich Re, Talanx, Versicherungskammer Bayern and Swiss Re as well as in collaboration with the Insurtech Hub Munich (part of the Digital Hub Initiative by the German Federal Ministry for Economic Affairs and Energy).