Connected motor insurtech Ticker and Abacai Group have partnered to increase Ticker’s capacity and introduce new levels of pricing sophistication, using machine learning and artificial intelligence.
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.
Richard King, founder and CEO 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.
“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 CEO 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.”