Hood Group and Ticker, the motor telematics insurer from insurance entrepreneur Richard King and Munich Re’s Digital Partners, are launching a new venture this month.
The companies have struck a three-year contract that will see Hood Group provide a sales and servicing provision to Ticker.
The agreement marks Hood Group’s first foray into telematics. Until now, the company has focused on providing home and travel insurance services.
Ticker is launching a next-generation insurance proposition with a self-installable telematics device that is autonomous to the vehicle. It delivers high-quality data at a price point that allows the company to enter the lower-premium market for cars and vans rather than just being targeted at high-premium younger drivers.
Ticker’s executive board that includes Steve Broughton, an experienced non-executive director and chairman, along with Adrian Brown (ex-RSA and currently The Ardonagh Group) and Kerry Michael (former commercial director of the RAC).
Financial backing and support for the start-up comes from the likes of Barry Smith (former CEO of Ageas UK), Gary Lineker (ex-professional footballer and broadcaster) and business entrepreneur Theo Paphitis (of Dragons’ Den fame).
Simon Hood, chief executive of Hood Group, said: “Ticker is our first entry into the motor market and we’re delighted to be working with such a credible, experienced team on this exciting new project.”
“This is a completely new direction for our business, but it’s gratifying to have our reputation for quality services recognised by key players in the insurance industry (and beyond) who only work with like-minded partners.”
“This latest venture is a reflection of a lot of hard work from a committed team and we are positive that it will be a long and successful partnership”
Richard King, founder and CEO of Ticker, said: “Hood Group has an excellent reputation, which is borne out by their impressive client portfolio. From the first meeting, when Simon revealed that the business was looking for a motor insurance partner, we got a good feeling about the approach and can-do attitude.”
“Our sales and service team will be front-line ambassadors for the Ticker brand so Hood Group is another vital part of Ticker’s extraordinary line-up of partners.”