IT platform Safeture announces new deal with Insured Nomads
Safeture, the Swedish cloud-based IT platform designed to manage risk, safety, and crises involving employees, has partnered up with Insured Nomads in an US/EU sensitive collaboration.
Insured Nomads, which has a presence in London, Hamburg and Birmingham AL in the US, is a global insurtech for the new normal that specialises in cover for travelers, digital nomads and remote workers.
The deal means that the insurtech is now able to offer an upgraded version of their services and products to policyholders, which are much better suited to the new normal.
According to reports, the new collaboration will run for three years, and will benefit Safeture with an a dditional $500,000 in additional revenue as well as membership growth.
Studies show that although in pre-pandemic times, remote work was classed as a perk for employees, a recent survey of HR, legal and compliance, finance and real estate professionals shows that 47% of respondents will continue to work remotely on a full time basis.
With the raised increase in home worker set to be a permanent solution, a demand has been created for new types of cover to protect employees, regardless of their place of work. Insured Nomads is now at the forefront of this challenge, in terms of addressing the needs of remote workers in the new normal.
The addition of Safeture technology provides a cutting-edge layer of security for Insured Nomad customers, who will benefit from the new cover and technology from April 1st 2021.
Speaking about the new deal, Allen Koski, President and CIO at Insured Nomads, said, “The global and remote work lifestyle has been a growing sector but has been accelerated due to the pandemic. By adding Safeature’s technology, we give our policyholders an increased level of security and instant protection while travelling, all within a native app for our Juvo experience.”
Magnus Hultman, CEO of Safeture explained, “This is a key order for us. It clarifies the shift in the economy and it is obvious for attractive employers to offer adequate protection even for the category of employees who rarely set foot in an office - always out of the office.”
He continued, “Our partnership with Insured Nomads signals the true evolution and investment in the remote worker. Identifying their needs and providing the technology to meet them will be the focus of the Safeture and Insured Nomads partnership for the foreseeable future.”
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.
Image credit: Getty