Apollo’s ibott division partners with CI
The London-based independent specialist insurer has signed a Memorandum of Understanding with the Herzliya-based CI LTD. which will enable Apollo's clients to reduce their fleet and rider insurance costs and turn insurance into a revenue source by offering on-demand insurance.
Apollo offers adaptable and flexible underwriting services at Lloyd’s and leads a number of London market consortia. It’s economy initiative Ibott (Insuring Businesses of Tomorrow, Today) was founded in 2009 and is a global provider of insurance and reinsurance solutions.
Since its launch, Apollo ibott has expanded significantly, from an original team of five, writing two classes, to a team of over 100 covering multiple classes.
CI was founded in 2019 and specialises in connected insurance solutions for the shared economy industry. The insurtech startup helps businesses embed insurance into their offerings to strengthen their value proposition, create new revenue sources and bring peace of mind to their clients.
Speaking about the insurer’s latest strategic partnership, Chris Moore, Head of ibott at Apollo Syndicate Management Ltd. explained, "We are proud and happy that we have found a partner that shares our vision and long-term strategy. CI brings its connected insurance technology to evolve an industry that is rapidly growing and with that growth comes a complex risk exposure that needs a modern and digital solution. The key to that is future-proof technology."
Tal Cohen, CEO of CI, added, "The insurance industry is going through one of its biggest transformations in decades, and I'm excited that Apollo is betting big on machine learning technology like CI to take over parts of their traditional risk management functions."
TrueMotion insurtech acquired by Cambridge Mobile Telematics
One of the world’s leading telematics insurtechs, Cambridge Mobile Telematics, was launched in 2010 and powers 65 enterprise programmes in 28 countries.
Meanwhile, TrueMotion, which launched in 2012, has enjoyed significant success as a telematics operator, raising US$10mn in its seed funding round in 2010, and then partnering with the motor insurtech Noblr in 2019.
TrueMotion has also entered the European market, collaborating with LB Forsikring to promote safe driving in Denmark.
The joining of the companies means TrueMotion’s 150-strong workforce will join Cambridge Mobile Telematic’s already established team, along with their client list, which includes Travelers, Farmers, and Progressive.
The new company will focus on increased interest in using telematics for crash reconstruction in personal lines claims and more innovation in the telematics space.
Speaking about the acquisition, William Powers, CEO, and co-founder of Cambridge Mobile Telematics, described the move as an opportunity to explore new markets, expand throughout the US and bring telematics to a much wider customer base.
"With this acquisition, we will use our world-class talent, technology, and scale to help our partners overcome the complex challenges of global road safety,” he added.
Ryan McMahon, VP of insurance and customer affairs for Cambridge Mobile Telematics, explained that expanding the company with additional talent and customers would help meet the demands of a growing telematics market. He also quoted data from a study by J.D. Power which revealed that personal auto telematics users have doubled in five years to 16% of policyholders.
McMahon told the press, “This market is rapidly expanding, and building more capabilities is more important than ever,” McMahon says. “Both companies follow similar philosophies and grew up in similar ecosystems, and now we’re bringing those cultures together.”
He continued, “Telematics is absolutely the future of commercial auto and rideshare, and it’s kind of a step up beyond the normal telematics."
McMahon added, “We will not only widen our lead in smartphone telematics, but also use our combined talent to invent new products for risk measurement, contextual telematics, and crash mitigation across emerging mobile, IoT, connected-car, video, and sensing technologies.”
Five reasons why telematics is in demand
- It reduces fuel costs and increases operational efficiency. This is a consideration for most commercial fleets given the rising costs of fuel
- The technology enables fleet managers to plan operations with greater precision by providing exact locations, timescales, and speeds of vehicles.
- It improves driving standards and monitors driver behaviour, reducing detours and ensuring responsible driving.
- It helps fleet health and maintenance by monitoring the health of operational vehicles.
- It increases corporate social responsibility in terms of care for the driver, the vehicle, the impact of driving in terms of emissions, and also the security of the vehicle itself.
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