Aviva has agreed to acquire a majority stake in Neos Ventures Ltd “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.
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.
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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This release contains statements relating to Aviva’s announcement of the proposed acquisition of a majority stake in Neos Ventures Ltd. At the time of writing, this acquisition remains subject to regulatory approval. Readers are cautioned not to place undue reliance on any statements, which speak only as of the date that they were made. We do not undertake to update our statements except as required by applicable law and do not provide any representation, assurance or guarantee that the occurrence of the events expressed or implied in any statements will actually occur.
Neos is the UK’s first smart home insurance provider to help consumers protect and insure their homes. Neos's service combines smart home technology, 24/7 monitoring and assistance, plus the back up of comprehensive home insurance, all managed through an app. This creates a policy that’s “always-on” and allows homeowners to actively protect their home from their phone, from anywhere in the world.
Neos ranked no.6 in the Insurance Post Top 100 Global Insurtech list and the highest-ranking UK insurtech firm. In 2018, Neos was named Start-up of the Year at The Insurance Times, Tech and Innovation awards.
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £350 billion in assets. Total group assets under management at the Aviva group are £490 billion.
- Aviva helps people save for the future and manage the risks of everyday life; in 2017, we paid out 98% of all our claims across all our markets and insurance products. We paid £34.6 billion in benefits and claims in 2017.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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