Abacai Group, which was co-founded by ex-Aviva boss Mark Wilson this year, has partnered with connected motor insurtech Ticker.
“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,” said Wilson, who is Abacai’s co-chairman and chief executive. “Our partnership is testament to the value of Abacai’s service to its insurance partners across innovation, underwriting, and claims.”
Launched in 2019 with the backing of Munich Re Ventures, Ticker has built an end-to-end connected insurance ecosystem and in 2021 completed its Series A fundraise led by Eos Venture Partners.
“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,” commented Richard King, Ticker founder and CEO. “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.”
A vertically integrated next-generation insurance distribution and underwriting group set up with the help of Sun Capital Partners, Abacai operates across the non-standard, short-term, and prime segments of the motor market in the UK. It is supported by Munich Re in the areas of data analytics, underwriting, and reinsurance.
