Telematics insurtech Ticker has teamed up with Abacai Group to increase its capacity and introduce new levels of pricing sophistication ahead of a planned expansion.
Ticker is rolling out its black box-based cover for car and van drivers following its launch in 2019. The Munich Re Ventures-backed insurtech completed a series A fundraise earlier this year, led by Eos Venture Partners.
The partnership with Abacai is designed to prepare Ticker for the next stage of its growth. The group, which is supported by Munich Re, provides a range of underwriting, claims management, and capital provision services via it B2B service offering.
With the help of Abacai, Ticker will increase its capacity to support the launch of new offerings, with products planned for low mileage drivers, convicted drivers and electric vehicles.
Richard King, founder and chief executive officer of Ticker, said: “We are delighted to be partnering with Abacai as we launch new products, accelerate growth and grab a significant share of the UK connected motor market. We’ve spent a lot of time with the Abacai team over the past few months and our eagerness to join forces was clear from the start.”
“We share a similar vision: that the right combination of connected technology and underwriting discipline will create the ultimate winners in the UK motor market. Our partnership will focus on building products that are clear, fair and transparent using the latest technology as an enabler for, simply, better insurance.”
King added: “It’s just over two years since Ticker launched and, as well as making insurance more affordable and rewarding safe driving, we’re also using the connected vehicle data to provide a far better understanding of risk for both our customers and our insurance partners.”
“This new partnership will not only allow us to grow market share, but also accelerate development of new data sources, machine learning and artificial intelligence. Our next chapter will be fuelled by our capital strength, continuous innovation and an absolute commitment to delivering customer value.”
Mark Wilson, co-chairman and chief executive officer of Abacai Group, said: “We have been deeply impressed by the quality of the team that Ticker has built and their approach to delivering connected products to new segments of the market. Our partnership is testament to the value of Abacai’s service to its insurance partners across innovation, underwriting, and claims.”