Achmea Innovation Fund (AIF)
Achmea is launching a corporate strategic venture capital fund that will provide early stage and growth capital to companies that are active in the areas of healthcare, the safe living environment and income provision. The fund will also focus on emerging technologies in Fintech and Insurtech, with the aim of:
• Gaining access to emerging/disruptive and competitive business models;
• Creating insights in new technologies, customers and channels;
• Creating financial returns for Achmea.
AIF is focusing on innovative companies that:
- Are active within the following five domains: healthcare, mobility, the living and home environment and personal financial planning;
- Innovate in the areas of customer contact and efficient operations, both with regards to insurance products and related services;
- Provide access to disruptive technologies such as artificial intelligence, the Internet of Things, Mobile solutions, cybersecurity, blockchain and augmented reality;
- Have a clear growth path (business model) and a driven management.
The ambition is to grow the fund to an initial size of EUR 100 million. AIF will mainly focus on minority investments in the Netherlands, its neighboring countries, Scandinavia and Israel, and possibly on fund-of-fund investments. Investment sizes will vary between EUR 500,000 and EUR 5 million per investment (inclusive follow-on investments). Investments above EUR 5 million will need to be approved by the board of directors of Achmea. AIF will also act as a partner to its portfolio companies and be co-responsible for their societal impact and commercial success. About Achmea
Achmea is the #1 insurance company in the Netherlands. With its approximately 14,000 employees, it is managing brands such as Centraal Beheer, Interpolis and Zilveren Kruis in the areas of health, property and life insurance. Originally a cooperative company, and majority owned by a foundation, its socially responsible background continues to influence the company’s mission and strategy. Achmea strives to balance the interests of its customers, partners, employees and shareholders in a responsible way, with a special attention to a number of Sustainable Development Goals.
In 2018, total premiums amounted to EUR 20 billion. Achmea is the market leader in the area of property and health insurance in the Netherlands. With Centraal Beheer APF, Achmea also provides pension related services and has more than EUR 129 billion of assets under management. Furthermore, via its brands Centraal Beheer and Woonfonds, Achmea is also offering mortgages. While the Netherlands is Achmea’s home market, it is also active in five other countries.The organization
AIF is structured as an independent entity (100% subsidiary of Achmea) with a separate investment committee (IC) and board of directors. The aim is to cooperate intensively with the various divisions of Achmea, in order to fully benefit from working with a large insurance company like Achmea. Furthermore, through close cooperation with the different parts and subsidiaries of Achmea, the fund will benefit from the knowledge, networks and functional resources of the insurer. AIF will have short lines to various senior managers of Achmea and its board of directors.
The Head of the AIF leads a small team of investment professionals (two Senior Investment Managers and one other Junior Investment Manager/ Associate, as well as a general administrative employee). The investment team also cooperates closely with Achmea’s innovation scouts, in order to identify relevant trends, innovative business models and technologies.
The fund is supported by various staff functions of Achmea (Finance, Legal and Communication) that will also assist the decision-making process of the IC and can also help the portfolio companies of the fund.