Israeli insurance startup Vesttoo announced Tuesday that Plug and Play, a global innovation platform that has funded companies such as Dropbox, PayPal and N26, has joined Vesttoo as a shareholder through an equity investment.
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Vesttoo's proprietary technologies utilize AI and machine learning to forecast and price long-tail risks such as longevity, excess mortality, lapse, as well as Value-in-Force (VIF) monetization and excess mortality Industry Loss Warranties (ILW) and transfer them to the capital markets, allowing insurers, reinsurers and pension funds to adopt proactive strategic risk and capital management.
"We are very excited to have Plug and Play on board and to join the ranks of prominent and successful companies which have graduated Plug and Play's programs. In today's volatile economy and COVID-19 stress, taking advantage of AI-based technologies to assess, price and transfer risk to the capital markets is the best way to bridge the insurance industry's funding gap and face the increasing challenges," said Vesttoo CEO Yaniv Bertele.
