UK insurance and finance group Aviva has made an undisclosed investment in Founders Factory, a digital accelerator and incubator co-founded by Brent Hoberman, Henry Lane Fox and Jim Meyerle.
Founders Factory has ambitions to build and develop over 200 innovative technology businesses over the next five years, providing capital and resources to support their growth.
Aviva will be its exclusive financial services partner, working with seven start-ups, each year, over this period.
Aviva says the partnership will support its broader digital strategy, creating opportunities for technical specialists, creative designers and commercial teams to test and develop new ideas and services in insurance and financial services.
Andrew Brem, chief digital officer, Aviva, says: “Insurance and financial services has been stuck in a bygone, analogue era when it comes to engaging with customers - we believe it’s high time to bring the industry into the digital age, for the benefit of customers and insurers alike.
“Partnering with Founders Factory gives us an opportunity to work with a highly talented pool of entrepreneurs who can help us identify new opportunities and deliver them. Only by being brave and disruptive can we truly accelerate our digital strategy and ensure we are giving customers what they rightly expect.”