TICKER two products live today , for novice and van drivers . In just over two years , we ’ ve managed to get to a US $ 65mn GWP runrate with these two products .
“ We ’ ll have two more going live shortly for low-mileage drivers and convicted drivers , who find it hard to get affordable insurance after a ban or motoring conviction .
“ This year ( 2022 ), we ’ ll launch an electric vehicle product and a proposition for drivers who are new to the UK ( who are often treated as brand-new drivers even when they have a long driving history ). There ’ ll also be a product for older drivers – particularly over-70s who face higher premiums , similar to young drivers . By the end of 2022 , we target a GWP of just over US $ 100m ”
RICHARD KING
You have the support of former England footballer Gary Lineker and Theo Paphitis from Dragons ’ Den , how has this helped the brand ? “ Gary ’ s been a friend for many years . We were next-door neighbours , he was my best man , and we ’ ve invested in many businesses together .
“ Theo is also a friend and we live quite near each other . He was aware of my track record , so it was a quick decision for him to become a seed investor .
TITLE : FOUNDER AND CEO INDUSTRY : INSURTECH LOCATION : UNITED KINGDOM
Prior to Ticker , Richard King was the founder and CEO of ingenie , one of the first connected motor insurers in the UK , which was acquired for $ 145m in 2015 . Alongside this activity , he was a seed investor and non-exec of Neos from 2016 to 2019 – the UK ’ s first connected home insurer , which was acquired by Sky TV in 2021 . In the early part of his career , he was a co-founder of Innovation Group , which developed a motor claims ecosystem , listed on the London market and entered the FTSE 250 .
How important is it to Ticker that insurtechs now have the ability to be in control of pricing ? “ Having a third-party underwriter control your pricing would be like building the latest petrol-powered sports car and then filling it with diesel . Ticker is an insurance company , so we have motor policies and a high level of customer service , but lift up the bonnet and we ’ re really a data company . We need to be in control of the entire ecosystem , especially pricing . More than that : to be best-in-market ,
EXECUTIVE BIO