AllState Corp., a US based property and automobile insurer, plans to launch a start-up accelerator in India. It is looking to make partnerships with Indian start-ups in the field of data analytics, mobility, internet-of-things (IoT) and cloud to provide such services to its customers, with IoT being its core focus area to disrupt the insurance industry.
“We are looking at companies working on technologies specific to social media, analytics, cloud, telematics and IoT that will enable service to our connected customers,” said Chetan Garga, MD of Allstate Solutions (ASPL) in India.
As per an ET report, the company has a technology budget of USD 800 million, but it is still undisclosed how much amount it will invest in its Indian Operations. The company said that it is talking with companies across the world and is yet to take a call on establishing accelerators elsewhere.
Allstate was founded in 1931, is known through the “You’re In Good Hands With Allstate ®” slogan. In last year end, Allstate had USD 123.5 million in total assets. It went public on June 11, 1993.
A few months back, Wisconsin-based home and auto insurer American Family Insurance partnered with Microsoft to set up a corporate accelerator in Seattle for startups in the internet-of-things and home automation sector.
Image Source: ShareableCategory News Startups