Aviva is looking to utilise the insurtech’s expertise in smart technology
Aviva has acquired a majority stake in Neos.
Neos, launched in 2016 and consisting of 30 employees, is a smart technology insurance provider which helps customers to monitor and protect their homes with connected devices.
The deal builds on Aviva’s existing relationship with Neos. The insurer, through its corporate capital venture fund, Aviva Ventures, announced a strategic investment in Neos in 2017.
In a statement, Aviva said the acquisition is part of its strategy to build closer relationships with its customers through digital technology.
Rob Townend, managing director of Aviva UK General Insurance, 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.”
Neos has built its business by combining connected home devices, such as cameras and sensor technology, with home insurance. Through smart devices, homeowners can quickly detect water leaks, smoke or intruders, with instant alerts to their smartphones.
Neos chief executive, Matt Poll, said: “I am delighted that Aviva has chosen to make a further significant investment in Neos. It is a great reflection on how far we have come in creating value for our customers.
“I know Aviva shares our excitement about the future for our technology and innovative proposition in the insurance market and what Neos can go on to achieve.”