[South Africa] The Professional Provident Society partners with Plug and Play to bolster insurance innovations
The Professional Provident Society (PPS), a South African-based financial services company, has announced its partnership with Plug and Play, the world's largest global innovation platform headquartered in Silicon Valley.
This partnership increases Plug and Play's exposure in South Africa, a region with a wealth of untapped opportunities.
"At PPS, we know there is so much more we can do for our members to remain relevant in a digitally-driven world," said Billy Lynch, Executive – Strategic Development for PPS. "Embedding ourselves into the Insurtech vertical within Plug and Play will help us explore new opportunities to enhance member experience, drive experimentation and speed up the delivery of cutting-edge solutions for our members."
This partnership will position PPS at the forefront of insurance industry innovation where focus will be directed in the areas of Insurance, Health, IoT (Internet of Things), Media & Mobile, and Fintech & Security, with leaders from different streams participating. The program is slated to begin in January 2019.
"Plug and Play has seen an influx of promising startups coming out of the South African region. These companies bring a unique perspective to the global insurance market that we don't see here in Silicon Valley," says Ali Safavi, Global Head of Plug and Play Insurtech. "We're excited to grow this partnership with PPS to collaborate on new innovation efforts from South Africa."
Plug and Play Insurtech is an innovation platform bringing together corporations, startups, and investors to work on improving the insurance industry.
Since inception in May 2016, they have provided a vast innovation platform for over 75 corporate partners and have made over 40 investments in Insurtech startups. Plug and Play Insurtech has recently expanded internationally to Beijing, Munich, New York, Singapore, and Tokyo.