UK connected motor insurtech Ticker and Abacai Group have partnered to increase Ticker’s capacity and introduce new levels of pricing sophistication, bringing connected insurance to a much wider market.
Founded in 2018 and launched in 2019 with the backing of Munich Re Ventures, Ticker has been rolling out its cover for drivers who face high insurance costs, such as novice drivers and van drivers.
Having completed its Series A fundraise earlier this year, led by Eos Venture Partners, Ticker is increasing its capacity to support the launch of new offerings, with products for low mileage drivers, convicted drivers and electric vehicles.
“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,” commented commented Richard King, founder and CEO of Ticker.
“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 fueled by our capital strength, continuous innovation and an absolute commitment to delivering customer value,” he added.
He said that Ticker and Abacai share a similar vision: 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.”
About Ticker
Godalming, England-based Ticker is bringing connected motor insurance to a much wider market using the power of data and technology, particularly for drivers who face higher costs. It has built an end-to-end connected insurance ecosystem that delivers product innovation and an industry-leading digital customer experience. Ticker said its use of data and technology underpin every decision, with a focus on delivering customer value and making insurance better. Ticker is a trading name of Ticker Ltd., which is an appointed representative of Davies MGA Services Ltd.
About Abacai
Abacai is a vertically integrated next generation insurance distribution and underwriting group, operating across the non-standard, short term, and prime segments of the UK motor market. Built using an entirely new AI-based insurtech platform, Abacai’s mission is to disrupt the industry for the benefit of the customer, through providing cheaper, fairer and better insurance products. Abacai Capital, formerly Mulsanne, is the group’s B2B service offering, providing a range of underwriting, claims management, and capital provision services to many of the UK’s leading insurtechs. Abacai benefits from the support of Munich Re, one of the world’s leading reinsurance companies, as a long-term strategic partner for data analytics, underwriting and reinsurance.
About Eos Venture Partners
Eos Venture Partners is a global independent strategic venture capital fund focused exclusively on insurtech, investing in early and growth stage technology businesses that accelerate innovation and transformation across the insurance industry and value chain. Eos was founded in 2016 to bridge the “digital chasm” between insurtech start-ups and traditional re/insurance companies.
Source: Ticker
Was this article valuable?
Here are more articles you may enjoy.
Florida Insurer Can’t Object to Appraiser After the Award Is Decided, 11th Circuit Says 
U.S. Auto Insurers’ Strong Performance to Continue Through 2025: Fitch 
Wall Street Firms to Pay $470 Million to Settle With US Regulators Over Texting 
Downward Spiral: Florida Insurance Agent Charged with Embezzlement After Lawsuits 
