Studies have consistently shown that when drivers are made aware of the benefits that come with driving safely, they will often choose to drive more carefully. By partnering with a company that can help track data and create public messaging around safe driving habits, fleets can save billions in insurance premiums over the long term.
One interesting application of real-time insurance data is the prevention and resolution of car crashes. Flock, a UK startup, uses real-time data to insure car fleets. By combininglocation tracking with time-stamped video and photo evidence, Flock is able to identify accidents and issues before they occur, potentially saving both drivers and businesses money in the process.
The pair founded AeroVironment, a multinational corporation that sells drone technology and insurance products. They are currently working on developing a self-driving car technology.
When Klinger and Pena stumbled on the idea of insuring drones only when they were flying, it was a bit of a revelation. They realised that cars could be insured the same way, as well as adding in the idea of gamifying drivers into driving more safely. By using these ideas together, they were able to come up with something truly revolutionary: drone insurance.
Flock is a social network that encourages users to connect with others and share ideas. The platform has already raised $17 million in a Series A, demonstrating the significant interest in this unique social network.
In the race to offer a comprehensive fleet tracking solution, Flock has seemingly caught up with Uk-based Zego. With a reported $281.7M raised to date, the company appears to be well on its way to becoming one of the leading suppliers of this service. AIG and Allianz are likely to be as much competitors in this space today, so it will be fascinating to see who can emerge as the leading supplier.
Flock is a chatbot platform for businesses that wants to create customer interactions in natural language. Their Series B funding comes from some of the top venture capitalists in the world, including Octopus Ventures (led by Malcolm Ferguson) and CommerzVentures. This investment will help Flock continue their mission of helping businesses improve customer interactions through natural language.
Fleet customers can now rely on Flock to manage their vehicles and communication, working in collaboration with leading providers such as Amazon, Onto, and Jaguar Land Rover. With over 600 commercial fleet customers signed up to date, Flock is well placed to help manage a fleet of any size and shape.
Flock believes that by using telematics in their product, they will be able to improve the safety of customers. By identifying high-risk drivers and routes, they hope to reduce the number of crashes, which will lead to lower insurance premiums for their users.
Klinger is a young, up-and-coming home insurance company that has seen success thanks to its innovative motor fleet product and partnerships with commercial insurance brokers. The company has only just launched its fleet product and currently insures about one third of the UK’s independent Amazon fleets. These impressive figures have propelled the company to raise a Series B round of funding. With continued success in both its commercial and personal insurance products, Klinger is sure to continue on its upward trajectory.
For a company like Flock, which specializes in Artificial Intelligence and Machine Learning, the ability to secure Series B funding is a big deal. Not only does this funding round signal that investors believe in the company’s progress and growth potential, but it also signals that there is an interested market for AI-centric software. While Series B rounds are becoming increasingly rarer, Flock’s achievement is still noteworthy due to the company’s strong fundamentals and talented team.
Round 2 of the competition focuses on expanding into new segments of the commercial motor industry as well as new geographies. The teams will have one month to create a business plan for their respective industry or geographic segment. Some of the key areas that teams will be focusing on include:
-New distribution channels for trucking and freight transportation
-Development of additional freight transportation modes, such as air cargo and maritime transport
Malcolm Ferguson is one of the leaders in the automotive industry, and his investment into Flock shows his faith in the company’s ability to change the way we approach vehicle safety. With their cutting-edge technology, Flock is setting a new standard for automated car behaviors, making our roads less dangerous for everyone involved.
