Aviva to Acquire Majority Stake in Neos
Aviva has agreed to acquire a majority stake in Neos, the smart technology insurance provider which helps customers to monitor and protect their homes with connected devices.
The investment in Neos builds on Aviva’s strategy to build closer relationships with customers through digital technology and offer services to allow customers to better manage their lives day to day.
“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.” – MD of Aviva UK General Insurance, Rob Townend.
Based in London, Neos was launched in 2016 and now employs 30 people. Designed to make home insurance smarter, Neos combines 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.The agreement to buy the majority stake 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. Aviva Ventures makes investments in early-stage businesses that have the potential to transform the insurance industry.
The transaction is subject to regulatory approval and is expected to complete in the first quarter of 2019.
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