Customers’ needs and expectations are changing. New technologies will fundamentally change the way we do business. We believe that insurance must reinvent itself. By investing in new ideas and brilliant people we will shake up the industry and deliver our purpose- to free people from fear of uncertainty.
Aviva Ventures is our corporate venture capital fund investing £100m by 2020. We look for unique and innovative businesses that can shape the future of insurance. We typically do deals of between £1m-5m for a direct equity stake. We focus strategic returns – we are looking for insight, collaboration and inspiration. Any investment will be backed by a UK company with 33 million customers, a global reach and local insight from 16 countries.
Find out more about the fund and our priorities on this website or check out our latest podcast with Ben Luckett.
We’ve identified four areas where we want to invest.
Meet Ben Luckett and Shahid Mian and hear more about our expertise.
We invest in companies looking to develop and scale their business model.
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Get to know what a global insurance and asset management firm is all about.
Explore the expertise from across Aviva that we utilise for the fund
5dAviva's @NicolasChaussin on reiterative #innovation @ #webitcongress w #digital leaders from FMCG & B2B #startups https://t.co/YXF9nwfLfG
12dRT @MF_Ins: Speaker in the Spotlight: Serge Taborin @AvivaInnovation | The Future of General Insurance https://t.co/VR8J1qSpXj #FoGI16 #ins…
19d@AvivaInnovation investment @AppyParking took on Dragon's Den last night. See outcome at https://t.co/wqxrdFdHSN https://t.co/YPEcdG39m5
Aviva Ventures updates
We are planning to deploy £100m over the next five years making investments of £1m-£5m for up to 20% equity. Typically this is a Seed Plus or Series A round. We’re a strategic corporate venture fund. This means we want to develop a strategic relationship with those we invest in.
As a global financial company we can support investments with expertise, global reach and scale. The businesses we want to work with bring new and disruptive ideas and technologies, talent and speed – helping us to think differently and move at pace.
Ben Luckett, Managing Director, on our priorities
We believe there are exciting opportunities in how technology can make our customers’ lives simpler and our decisions better. This guides our investment focus which is in the following areas:
- The internet of things
The connected world will change the way we do business. Whether it is your car, home, business or health IOT technology will fundamentally impact the way we look at risk.
- Data and analytics
Data is essential to any insurer – analytics drives competitive advantage. New insights and technologies that can transform the way we look at and use data are critical to our future.
- Innovative new propositions
New digital technology gives our industry fresh ways to serve our customers, giving them new products and services, seamless experiences and simple ways to interact. We are looking for the next generation business models that will become the new normal.
- Disruptive distribution
Distribution is key to insurance. Accessing customers in new and innovative ways that recognisees their needs and changing expectations will be the hallmark of winners.
Ben Luckett is the Managing Director of Aviva Ventures. He set up the fund in August 2015 as part of Aviva’s Innovation Strategy.
Prior to this Ben was the Strategy Director for the UKGI Business and has also held roles in Enterprise Risk and Finance. Ben represents Aviva on the East of England CBI regional council and is actively involved in supporting and mentoring local businesses.
Prior to joining Aviva Ben was Senior Marketing Manager at Centrica where he was responsible for the online channel for British Gas. Ben started his career at Accenture where he was a change management consultant specialising in Customer Experience Design for Banking and Insurance clients.
Shah Mian supports Ben Luckett in the day to day running of the fund. An accountant by training prior to joining Aviva, Shah has a wide experience with a variety of roles in finance and corporate rescue in The City, professional practice and in industry, including public companies and SMEs.
Shah has worked for Aviva in a number of functions across M&A, large commercial tenders and strategy. Shah is passionate about helping the fund identify and invest in companies that have the potential to become the next generation of leaders in their chosen markets.
- Actuarial and underwriting
Understanding the various risks facing individual and commercial customers and setting the price for each of our insurance products.
- Proposition development, sales and distribution:
Our teams across the world develop new products and services and package them up in a way that works for customers.
- Asset management
Our asset management arm Aviva Investors is a global asset manager with expertise in real estate, fixed income, equity, multi-asset and alternative investments.
Our marketing team has experience in engaging with customers across the world, including through digital channels.
- Legal and regulatory
Our trained and qualified solicitors, chartered company secretaries and legal advisors as well as political and regulatory experts provide specialised advice and support in everything from mergers and acquisitions and managing the employee share schemes to influencing and complying with new legislation.
Our financial experts analyse complex financial data and use that insight to offer professional advice, to develop our policies and procedures and to improve the way we do things.
Cocoon makes home security simple. The company has invented an all-in-one smart home security system that protects your whole home from a single device, without external sensors. This is possible through Cocoon's Subsound® technology which detects low-frequency sounds caused by movement. These are outside the range of human hearing and travel through rooms and across multiple floors. Designed to be hassle free, Cocoon learns the sounds that fill your home only letting you know if it senses something unusual when you're not there. It's easy to use and setup, so there's no need for professional installation, and can all be managed through your smartphone.
Opun is the UK’s only assured end-to-end home improvement services platform. Using proprietary technology, digitally delivered design advice, the UK’s most stringent selection of trade suppliers, data-driven pricing, realtime tendering, simple integrated credit finance and the most comprehensive home improvement warranty ever offered, Opun’s vision is to become the UK’s Number 1 Home Improvement provider by 2020. Opun was founded by Rod Brown and John Cushing in 2014.
AppyParking is a world leading holistic parking platform that unites the fragmented public and private parking sector and offers a smart city solution designed from the consumer’s perspective. By organising information and turning it into a standardised data set, drivers are provided with a tool giving them complete choice and peace of mind about any destination. By supplying big data in big detail in the format of a licensed API or free app and website, AppyParking offers Last Meter Navigation™. The power of this information saves drivers time, parking tickets, stress and money.
Founders Factory is a leading multi sector digital accelerator and incubator, co-founded by Brent Hoberman, Henry Lane Fox and Jim Meyerle. It will build and develop over 200 innovative technology businesses over the next five years, providing capital and resources to support their growth. They partner with global corporations across multiple sectors to validate business ideas, foster commercial partnerships and accelerate growth for its portfolio startups.
Aviva is partnering with Founders Factory in addition to being an investor as its exclusive financial services partner, working with seven start-ups, each year, over this period.
Meet two of our portfolio companies, Cocoon and Opun
Our purpose is to free people from the fear of uncertainty. We have done that for more than 300 years. Our oldest constituent company began offering fire insurance in 1696. Since then we’ve insured everything from the Titanic, Winston Churchill and James Bond’s Aston Martin DB5 driven by Sean Connery in Goldfinger.
Today we have 33 million customers worldwide, saving for their future and managing their everyday risks. In 2015 we paid out £31bn in benefits and claims to our customers.
We are committed to serving our customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which our people are proud to work.
Our strategy - What we do, how and where we do it
- Not everywhere
As a global company we operate across 16 markets in UK, Europe, Canada and Asia, focusing our resources where we can be most competitive. Our asset management arm currently invests £319bn1 around the world on behalf of our customers.
1As at 30 June 2016
- Digital First
We put Digital First. Customers are increasingly turning to digital to make things more convenient, easier and quicker. To support our digital ambitions, we have developed our digital capabilities across our key markets. We have two Digital Garages in Singapore and London, which act as catalysts for our digital innovation effort, where creative minds from across Aviva and the industry come together to turn innovative ideas into real products and services for our customers.
- True Customer composite
We are a True Customer Composite, which means we combine what customers need – from life insurance, general insurance, accident and health and asset management businesses – under one powerful brand.
- Want to find out more?