‘Tech transforms the insurance industry:’ Aegon invests in Newest Industry

Insurance company Aegon took a minority share in software startup Newest Industry, based in Bergen op Zoom. – The excitement around technology’s potential to transform the insurance seems to have hit The Netherlands.

The company, founded in 2013, builds custom web platforms for customers such as General Motors and Opel. Financial details of the deal were not disclosed. (link in Dutch)

“The investment in Newest Industry is part of our ambition to contribute to digital acceleration”, says Robbert Bakker, digital director of Aegon.

“Having Aegon on board allows us to grow faster and build more data driven community platforms”, says Newst Industry founder Kees Haverkamp, also founder of real estate platform Jumba.

The Dutch branch of the insurance provider invested in more companies, among which online Mortgage Advisor eyeOpen and Kroodle, that markets a tool that tracks driving behavior and links safe driving to a cheaper car insurance. (Links in Dutch)

Corporate venture

Internationally Aegon Group also has a corporate venture capital arm together with insurer Transamerica. New York-based Transamerica Ventures makes equity investments in technology startups throughout the United States and around the world.

The excitement around technology’s potential to transform the insurance industry now also seems to hit The Netherlands. According to venture capital database CB Insights investors deployed over $2.6B to insurance tech startups globally. The company compiled trends to look out for in 2016 in the insurance tech space.