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.
-ENDS-
Media enquiries
Aviva:
Liz Kennett
07800 692 675
Neos:
Nia Evans
0207 924 5656
Important information
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.
About Neos
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:
- We are the UK's leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
- We help our 19.2 million (as at 31 December 2023) customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
- We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2023, we paid £25.6 billion in claims and benefits to our customers.
- In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. We are aiming to have Net Zero carbon emissions from Aviva’s operations and supply chain by 2030. While we are working towards our sustainability ambitions, we recognise that while we have control over Aviva’s operations and influence on our supply chain, when it comes to decarbonising the economy in which we operate and invest, Aviva is one part of a far larger global ecosystem. There are also limits to our ability to influence other organisations and governments. Nevertheless, we remain focused on the task and are committed to playing our part in the collective effort to enable the global transition. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition and action at www.aviva.com/sustainability
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