Jun 11, 2021

USAA to acquire Noblr, a telematics insurtech

USAA
Noblr
Insurtech
Acquisition
2 min
The United Services Automobile Association will acquire the telematics insurtech company, Noble to offer usage-based insurance (UBI) to its customers.

The United Services Automobile Association (USAA) has today announced it will acquire the telematics insurtech company Noblr to allow it to offer usage-based insurance to its members. 

Wayne Peacock, president and Chief Executive Officer of USAA, said: “The acquisition of Noblr, Inc. increases our competitiveness in the marketplace and adds the choice of UBI capability for our members.

“Members will get personalised pricing that fits their risk and usage profile, better control over the cost of their auto policies, and an exceptional end-to-end digital experience. USAA has always been an innovator, and the addition of Noblr, Inc.’s technology is another example of our commitment to deliver world-class service and experiences to our members”, he added. 

What are UBI products? 

UBI products offer a low insurance premium along with a “mileage variable” by combing both usage and behavioural factors to create personalised pricing, the USAA said. The company also claimed that this option was important for its customers, most of who are military personnel who are highly mobile and deployed frequently. 

The USAA hopes to roll out UBI across the United States over the next three years, beginning with the eight states where Noblr is available, and then expanding into additional states. The acquisition comes off the back of news that the USAA behaviour-based insurance programme, SafePilot, saw a 200% increase in 2020, as nearly half of new policyholders in states with the availability of Noblr opted in for the programme.  

Talking about the acquisition, Gary Tolman, co-founder and Chief Executive Officer of Noblr, said: “This is a wonderful opportunity for the Noblr team to quickly and significantly expand the implementation of usage-based telematics to more states and serve our military families, USAA members. We look forward to being a part of the USAA team as they embark on their next century”. 

 

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Jun 18, 2021

Akur8’s US$30mn Series B to fuel US and APAC expansion

Insurtech
akur8
AI
Insurance
2 min
Parisian insurtech Akur8 has raised $30mn in a Series B round, capital which will be used as it expands out of the EU and into the US and APAC markets

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 Series B round, which comes just over a year after Akur8’s $12mn Series A, was co-led by returning investors BlackFin Capital Partners and MTech Capital.

“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

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