Aviva has agreed to acquire a majority stake in Neos Ventures, the smart technology insurance provider which helps customers monitor and protect their homes with connected devices.

The agreement builds on Aviva’s existing relationship with Neos, after its corporate capital venture fund, Aviva Ventures, announced a strategic investment in 2017.

Based in London, Neos was launched in 2016 and now employs 30 people. The firm combines connected home devices - such as cameras and sensor technology - with home insurance.

In October 2016, the fledgling InsurTech secured more than £1 million in initial seed funding from investors including Barry Smith (former chief executive of Ageas), Steve Broughton (former managing director of RSA Insurance), and former England footballer and Match of the Day host Gary Lineker.

The investment is part of Aviva’s strategy to build closer relationships with customers through digital technology, according to a statement.

Rob Townend, managing director of Aviva UK General Insurance, said that 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,” he added.

The transaction is subject to regulatory approval and is expected to complete in the first quarter of 2019.

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