Supplemental insurance provider Aflac has announced the launch of Aflac Corporate Ventures, which will raise $100 million by 2020 to invest in early-stage companies developing products and software that will complement Aflac’s core business functions.
With an aim to support startups that are aligned to Aflac’s strategic focus in the US and Japan, Aflac Corporate Ventures will work with startup accelerators to identify potential targets for investment. Post investment, it will support its portfolio startups by fostering collaboration between startups, including digital solutions that enhance the customer experience.
Paul Amos, Aflac’s Global Operations said: “With a greater focus on the customer experience, we feel that it is vital that Aflac prioritises potential partners that will help us enhance the services and shareholder value, while building our future growth engine. By investing in companies that we see as vital to our core business, we will be positioned to innovate as these early-stage companies continue to mature.”
One example of an Aflac Ventures investment is its Series A funding of NYC-based Wellthie – a startup that designs e-commerce solutions for insurers and brokers in medical and ancillary insurance lines.
Across the insurance value chain, traditional players are readying themselves for digital disruption instead of hiding behind their currently safeguarded models.