Aviva acquires majority stake in InsurTech startup Neos

Aviva is set to acquire a majority stake in Neos Ventures, a smart technology insurance provider which helps customers monitor and protect homes through connected devices.

With this majority stake, Aviva will be able to offer its customers the ability to better manage and protect their homes via connected devices. This deal is part of the insurer’s strategy of fostering deeper relations with customers via technology and deliver better management tools.

This transaction follows on from an existing relationship between the two firms, with Aviva Ventures having invested into the company’s £5m Series A in 2017.

London-based Neos is a home insurance platform, which gives homeowners better tools to monitor their house and any risks. The company provides a range of connected smart technology devices, including indoor security cameras, motion sensors, leak sensors, smoke detectors, and window and door sensors.

Through connected devices, homeowners can get a 24/7 monitoring assistance through a mobile app and receive alerts when water leaks, smoke or intruders are detected.

Aviva UK General Insurance managing director Rob Townend said, “At Aviva, helping customers when bad things happen is at the heart of what we do.  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. 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.”

Earlier in the year, Aviva led a €1.8m investment into robo-advisory startup Fundvisory, in a bid to support digital savings in France.

Copyright © 2018 FinTech Global

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