LB Insurance (LB Forsikgring) has entered into a new and exciting collaboration with an Insurtech Venture Capital Fund. The aim is for the collaboration to help create new innovative products, solutions and services for the benefit of the members.
LB Insurance is planning to turbocharge its innovation work through a new partnership Fin TLV, an international player within Fintech and Insurtech. FinTLV is headquartered in Tel Aviv, Israel, which is known for its strong entrepreneurial culture and strong research institutions, and where the Danish state also opened an innovation center back in 2016.
“For a long time we have been looking for a strong partner to strengthen our work on innovation. In this context, we have also looked outside Denmark's borders in areas where entrepreneurship and venture culture are given high priority, and Israel is very high placed in this respect. Collaboration with startups is the path to exciting new solutions that can help to develop LB Insurance. However, we have learned very early on that it is difficult to spot all interesting opportunities. That is why we have purposefully looked for partnerships that can help us establish contact with startups and other relevant partners - both in Denmark, but also outside of Denmark”, says Christophe Kirkegaard, Section Director of Communications, Marketing & CSR at LB Insurance.
“Where others participate in accelerator programs, where you meet startups that may/may not be suitable for your organization, we have from the start chosen a more focused approach and have sought a partner, who can help us to find opportunities and startups that are right for LB Insurance and our desire to create value for our members”, says Christophe Kirkegaard.
FinTLV has several insuretech startups in their portfolio, many of which focus on IoT and artificial intelligence. In addition, FinTLV has a strategic partnership with Sapiens, the supplier of the core system that LB Insurance is implementing.
“We have been in close dialogue with FinTLV to ensure that they have a deep understanding of LB Insurance business model as a mutual and member-owned company. FinTLV has thus had interviews with all our directors as well as several employees. FinTLV will now start to look for international startups, which could be relevant for us to investigate further and possibly initiate cooperation with. By extension, FinTLV helps us establish collaboration with the concrete startups and implement a so-called proof-of-concept, so that we can turbocharge our innovation work and develop new innovative solutions that can create value for our members. The collaboration with FinTLV is really starting now, and we hope to be able to present new initiatives over the next 6 months ”, says Christophe Kirkegaard.
In addition to FinTLV, LB Insurance are looking into opportunities in Denmark and the Nordics concerning collaborations and startups. LB Insurance is a member of Copenhagen FinTech and also a part of EURESA and ICMIF, which is a European innovation collaboration among mutual companies and a global network of mutual companies, respectively.
About LB Insurance
LB Insurance is a mutual and member owned insurance company. With almost 400,000 members, LB Insurance is today the third largest insurance company in the private market.
Facts about FinTLV:
FinTLV is an early stage fintech and insurtech venture capital fund, which also has an Open Innovation program for global insurers. FinTLV has a special focus on startups that develop solutions based on artificial intelligence, big data and blockchain, and startups that work within IoT and Cyper risks. Founded in 2016, they are headquartered in Tel Aviv, Israel and have 3,500 startups affiliated with their network. See more at www.fintlv.com