U.S. Markets open in 3 hrs 40 mins

Tokio Marine Joins Plug and Play Singapore's Insurtech Program

SINGAPORE, Aug. 19, 2019 /PRNewswire/ -- Tokio Marine Holdings, Japan's largest property and casualty insurance group, today announced their partnership with Plug and Play's Insurtech program in Singapore. Tokio Marine first established a partnership with Plug and Play in Silicon Valley in December 2017. With this new partnership in Singapore, Tokio Marine will now have access to Plug and Play's network and the opportunity to work with curated startups from the APAC region for testing and implementation throughout their offices in Southeast Asia.

"Plug and Play and Tokio Marine are no strangers; we've had a partnership with Plug and Play back in Silicon Valley. This partnership has paved way to introduce us to 800 start-up companies globally and a better understanding of the Insurtech landscape from global lens. In Asia, we look forward to working with Plug and Play to accelerate and fast track our development with practical digital initiatives for the markets in the region and advance our innovative insurance business models for the whole group. We also look forward on leveraging Plug and Play's network for cross-industry engagement in IoT, Mobility, Healthcare and Smart Cities," says Hidemi Harada, Vice President and Head of Digital Strategy of Tokio Marine Asia.   

Last August, Plug and Play launched its Insurtech program in Singapore and has accelerated 49 startups to date. Partners to the program have the chance to dictate the focus of each batch, giving them the ability to target specific pain points in their business and search for different solutions. With the addition of Tokio Marine, Plug and Play now works with seven financial institutions in their Fintech and Insurtech programs.

"We're very excited to expand our relationship with Tokio Marine to Southeast Asia, where we're looking to continue upon the success and learnings we've seen in Silicon Valley. We look forward to connecting their regional and country teams to the most relevant startups in Insurtech and adjacent industries with the ultimate goal of helping them develop their digital and innovative business initiatives. I speak not only for ourselves, but our startups, that Tokio Marine's regional and global business is a great strategic partner to have on our platform," says Kayvon Deldar, the Program Head of Insurtech in Singapore.

Plug and Play Singapore serves as the regional hub for Plug and Play's corporate innovation and venture investments in Southeast Asia. They currently run three programs, focused on Insurtech, Fintech, and Mobility.

For more information on how to get involved, please visit: https://www.plugandplaytechcenter.com/singapore/

About Plug and Play

Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in over 20 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 10,000 startups and 300 official corporate partners, we have created the ultimate startup ecosystem in many industries. We provide active investments with 200 leading Silicon Valley VCs, and host more than 700 networking events per year. Companies in our community have raised over US$7 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club and PayPal.

Our Singapore office was launched in 2010 to invest in high tech startups in the region. Since then we have invested in more than 30 startups and have collaborated with various agencies of the Singapore and Indonesian governments, as well as partnered with multinational and regional corporations to run industry-specific accelerator programs. For more information, visit www.plugandplaytechcenter.com/singapore or email finsg@pnptc.com

About Tokio Marine

Tokio Marine was established in the year 1879 as the first insurance company in Japan and has grown over the decades, now offering an extensive selection of General and Life insurance products and solutions. With a presence in 45 countries and expanding, Tokio Marine ranks as one of the world's most globally diversified and financially secure insurance groups. Today, as Japan's largest insurance group, with over JPY22,531 billion in assets, JPY3,807 billion of market capitalisation (as at end of March 2019) and over 40,000 employees, Tokio Marine is ever ready to collaborate with our stakeholders to continuously realize more achievements.

In October 2018, Tokio Marine Innovation Lab set up its Singapore's home at Tokio Marine Centre. The Tokio Marine Holdings' Digital Innovation Lab in Singapore is the third innovation lab for the Group, following the ones in Tokyo (established July 2016) and Silicon Valley (established November 2016). It will be welcoming the Group's colleagues, start-ups and innovative companies in the region to share ideas and collaborate in the name of disruption and innovation in the InsurTech space. For more information, visit www.tokiomarine.com/asia 

Plug and Play Contact
Plug and Play Fintech and Insurtech Singapore
finsg@pnptc.com