Smart home insurance company Neos has added Aviva and Munich Re to its growing list of strategic partners as part of its £5 million Series A investment.
It’s a significant boost for the company, launched in 2016 by Andrew Lucas London founder Krystian Zajac along with former MoreThan director Matt Poll, as it looks to continue on its rapid trajectory and establish itself as a nationwide player in the home insurance market through its UK-wide launch, anticipated to happen later this year.
The Neos proposition is simple: homeowners can take advantage of a comprehensive home insurance package alongside a free smart home technology kit, which includes HD cameras, motion sensors, smoke detectors, door contacts and water leak sensors.
These are monitored and controlled using the Neos app; this lets you arm your alarms remotely, view live feeds from your security cameras and see the status of each of your sensors. It also alerts you instantaneously should anything goes wrong and provides you with tools such as live chat functionality, 24/7 assistance and one-click calling to emergency services should you need to act quickly to resolve an issue.
This round of funding was led by Aviva Ventures, with Munich Re signing a managing general agreement (MGA) agreement with Neos to bolster its underwriting capacity.
“The investment and strategic partnership from two respected insurance brands, Aviva and Munich Re, cements our belief that what we’re doing is the future of insurance, given their leadership in innovation,” believes Matt Poll, Chief Executive of Neos. “When you combine this with our distribution partnership with Zoopla (ZPG plc) and underwriting support via Hiscox, we’re excited about the benefits we will be bringing to consumers at full market launch later this year, through positively disrupting the market.”
“Investments are all about talent, future, and disrupting the status quo,” adds Ben Luckett, Managing Director at Aviva Ventures. “Our involvement in Neos reflects all of these three elements, surrounded by great technology delivering a great purpose.
“I am very excited about the opportunities that this investment presents and how we can move focus to making a real impact in people’s lives, from fixing to preventing the bad things happening.”
Aviva and Munich Re joins a number of partners and investors in Neos to date, including Hiscox Insurance, Zoopla Property Group Richard King (founder of Ingenie), Barry Smith (former chief executive of Ageas), Steve Broughton (former managing director of RSA Insurance) and ex-footballer and Match of the Day presenter Gary Lineker.