Just hours after my blog Auto insurance, digital maturity and how to transform it and one of the disruptive insurtech competitors to incumbent carriers raises $17m.
From drones with big customers like the BBC and NHS to cars and commercial vehicles. The company’s “real time risk engine” allows it to charge customers per flight instead of asking them to take out an annual policy like many traditional insurers do. In July 2020, it started offering the same product to companies in the automotive sector.
And read into Flock's strategy this:
“This is the industry where we’re growing the fastest,” Klinger, Flock’s CEO, told CNBC, adding that his start-up wants to disrupt the “clunky and slow” $160 billion commercial motor insurance market, which is dominated by traditional insurance firms like Aviva and Direct Line.
“We’ve built a technology that can essentially price insurance on a per second and per meter basis,” he said. “Every single journey is priced independently.”
Flock’s “usage based” products are designed to harness the driving data from telematic devices in cars, vans and trucks to determine how much the customer should be charged.
It wants to sign up companies with thousands of couriers like Amazon as customers, as well as ride-hailing firms like Uber. Self-drive hire companies like Virtuo and Jaguar Land Rover’s The Out have already signed up as customers.
A catalyst to relook at reinvention, transformation and the best technology partners to help achieve that and stop Flock and other competitors eating away at profitable business?
Connected vehicle and drone insurtech startup Flock has received $17 million in its series A funding round.