British insurer Aviva has agreed to purchase a majority stake in smart technology insurance provider Neos Ventures for an undisclosed sum.
Launched in 2016, Neos Ventures helps customers to monitor and protect their homes using connected devices such as cameras and sensor technology to quickly detect water leaks, smoke or intruders.
Aviva said that the investment in Neos is part of its plan to forge closer relationships with customers through digital technology while offering services that give them the ability to better manage their everyday lives.
Aviva UK General Insurance managing director Rob Townend said: “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.”
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The agreement to acquire the majority shareholding builds on Aviva’s existing relationship with Neos Ventures. In 2017, Aviva’s through its corporate capital venture fund, Aviva Ventures, announced an investment in Neos.
Subject to receipt of regulatory approval, the transaction is scheduled to conclude in the first quarter of 2019.