ThingCo: building next-generation telematics
Founded in January 2018, ThingCo was built to be a game-changer in the automotive telematics industry. The focus in on tackling the weaknesses in already existing products in the market such as practical, technical and regulatory challenges.
The company’s range of revolutionary b2b and b2c products include a fully encrypted telematics platform uses the latest Amazon Web Services IoT serverless technology, providing clever claims solutions and a smarter, data-driven way to drive.
ThingCo also has a range of ‘black box’ telematics hardware named Theo. AI-driven, intelligent and powered by Alexa technology, it gives customers the support they need and helps prevent accidents. ‘Little Theo’ is a fully wireless, solar-powered telematics solution, and paired with its slick app has a whole host of unique features.
Chief Executive Officer of ThingCo is Mike Brockman, who also founded InsureTheBox. Mike’s enthusiasm to change the motor insurance industry for the better has spanned over his 40+ years of experience. His advocacy to teach safer driving habits and desire to help bring down the rising costs of insurance premiums was part of the innovation behind the company and thus the brand Theo.
ThingCo recently announced that it had appointed a new Chief Operations Officer and Board Director, Martin Williams. Martin moves from his seven-year role at Octo UK, where he held the position of Managing Director and Vice President of Revenue and sales.
“This is just the start,” said CEO, Mike Brockman, “There is so much more to achieve and Martin will be a driving force for good as we reach out to global markets and TheoPro – our revolutionary seeing, sensing and talking AI-enabled device in 2021.”
Akur8’s US$30mn Series B to fuel US and APAC expansion
Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.
The company strives to embody four key values:
- Challenging a status quo that doesn’t benefit customers
- “Disrupt the known, organise the unknown”
- Provide artificial intelligence (AI) tech with a distinctly human edge
- Create solutions that will endure the test of time
At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”
Transforming insurance pricing
In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”
Cover image source: Akur8