Mutually Beneficial InsurTech Partnership Combines the Rigor and Technical Insights of Actuaries With the Innovation and Technology of Start-Ups
The Society of Actuaries (SOA) 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.