ThingCo, the ‘out of the box’ telematics insurtech, has been placed at 13 in the InsurTech50 ranking. ThingCo has been designed to make telematics work successfully for brokers and insurers across the UK and exemplifies how the UK’s telematic expertise can be recognised globally.
The Insurtech 50 ranking follows a 1,000-strong reader vote. Then an expert judging panel featuring leaders at Insurtech UK, Innovate Finance, techUK, 11:FS, KPMG & BusinessCloud made choices from the shortlist. The final ranking was determined by a combination of reader votes and judge selections, placing ThingCo at number 13.
In addition, following a ‘speed dating’ event with insurers in the U.S., ThingCo has been selected for InsurTech NY’s Growth-Stage Accelerator program cohort in 2023. This is set to help the business expand into North America, building on ThingCo’s growth in the U.K. since its launch in 2018.
Founded by Mike Brockman CEO and Jonathon Valentine CIO, ThingCo’s telematics solutions put the customer experience front and centre. Unlike most other telematics solutions providers, ThingCo helps insurance providers attract, on-board and engage customers by extracting the most value from 20 billion plus telematics datapoints collected since launch. This is helping to make motorists’ journeys safer, improving loss ratios and cutting fraud.
ThingCo’s Theo device is self-installed very easily, solar powered so there are no wires to connect and delivers highly granular data to ThingCo for insurance providers to use in underwriting, risk mitigation and at claim.
Jonathon Valentine, CIO said: “2023 has been an incredible year for our business. We now have data flowing into our platform from over 100,000 vehicles. The more data we gather, the greater intelligence we can give back to insurance providers. Fundamentally, ThingCo is changing both the perception and the reality of what telematics can deliver when it’s done correctly.”