Connected Motor Insurtech Ticker and Abacai Group Partner to Expand Capacity and Improve Pricing Sophistication, Using Machine Learning and Artificial Intelligence
LONDON, September 29, 2021– (BUSINESS WIRE) – Ticker Connected Auto Insurance and Abacai Group have teamed up to increase Ticker’s capacity and introduce new levels of pricing sophistication, bringing connected insurance into a much larger market.
Founded in 2018 and launched in 2019 with support from Munich Re Ventures, Ticker has rolled out its coverage for drivers facing high insurance costs, such as novice drivers and van drivers.
After completing its Series A fundraiser earlier this year, led by Eos Venture Partners, Ticker is increasing its ability 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 partner with Abacai as we launch new products, accelerate our growth and capture a significant share of the UK connected motor market. We have spent a lot of time with the Abacai team over the past few months and our desire 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 auto market. Our partnership will focus on creating clear, fair and transparent products using the latest technology as a catalyst for, simply, better insurance.
“It’s been just over two years since Ticker launched and, in addition to making insurance more affordable and rewarding for safe driving, we are also using data from connected vehicles to provide a much better understanding of the risks to our customers. customers and our insurance partners. This new partnership will allow us not only to increase our market share, but also to accelerate the development of new data sources, machine learning and artificial intelligence. Our next chapter will be fueled by our capital, our continuous innovation and our absolute commitment to deliver customer value.
Mark Wilson, Co-Chairman and CEO of the Abacai Group, said: “We have been deeply impressed with the quality of the team that Ticker has assembled and with its approach to delivering connected products to new market segments. Our partnership is a testament to the value of Abacai’s service to its insurance partners through innovation, underwriting and claims. “
Notes for Editors
Ticker is bringing connected auto insurance to a much larger market using the power of data and technology, especially for drivers facing higher costs. She has built an end-to-end connected insurance ecosystem that delivers innovative products and a cutting-edge digital customer experience. Ticker’s use of data and technology underpins every decision, with a focus on creating customer value and improve insurance. This resulted in Ticker being rated Excellent on Trustpilot, becoming a Feefo Gold Trusted Service Provider and winning GoCompare’s Making Car Insurance Easier award. ticker.co.uk
Abacai is a next-generation, vertically integrated insurance distribution and underwriting group, operating in the non-standard, short-term and blue chip segments of the UK automotive market. Built using an all-new AI-powered insurtech platform, Abacai’s mission is to disrupt the industry for the benefit of the customer, by 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 is supported by Munich Re, one of the world’s leading reinsurance companies, as a long-term strategic partner for data analytics, underwriting and reinsurance. abacai.com
About Eos Venture Partners
Eos Venture Partners (Eos) is a global independent strategic venture capital fund focused exclusively on insurtech, investing in early stage and growth technology companies that accelerate innovation and transformation in the insurance industry and the value chain. Eos was founded in 2016 to bridge the “digital chasm” between insurance start-ups and traditional (re) insurance companies. The investors in the Eos fund, EVP I, come from the insurance industry and form a close strategic relationship with the Eos team in order to derive both strategic and financial value from innovation and technological change in the insurance industry. eosventurepartners.com
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Caitlin Haynes, Account Manager, Rein4ce
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