Robert King raises £5m for Ticker
- October 19, 2018
- Posted by: Simon Wait
- Category: Industry News
Ingenie founder and former chief executive Richard King has announced he will launch Ticker, a new telematics insurer, according to Insurance Times.
Ticker will launch in 2019 with a managing general agent arrangement with Munich Re’s Digital Partners (DP).
With investors including Gary Lineker, Munich Re / HSB Ventures, and Theo Paphitis, Robert has been able to raise £5m in seed capital to start Ticker.
Ex-ingenie chief executive Mike Ketteringham has teamed up with Robert and are working together to build the business.
Steve Broughton is also on the Ticker team as chairman, who Robert also previously worked with at ingenie.
The board includes Adrian Brown, Ardonagh chief operating officer and Kerry Michael, former RAC commercial director.
Advisors to the board are Ageas ex-chief executive Barry Smith and RSA ex-head of claims, Andy Warren, who both have invested in the business.
Underwriters, pricing analysts, marketers and developers are already on board and the group has selected its policy administration system, pricing engine, analytic tools and service providers.
Already, the group has decided its service providers, policy administration systems, analytic tools, and pricing engine. The board also already has marketers, developers, pricing analysts and underwriters at its disposal.
Robert commented, ‘Two stars collided: brand-new telematics technology and an approach from DP about an MGA. The opportunity to start building with so much seed capital meant we could attract the best people and take advantage of great advances in insurtech.’