New telematics insurer Ticker to launch in 2019 backed by Munich Re, Willis
Ticker, a new telematics insurer set to launch in early 2019, has secured the backing of reinsurer Munich Re and partnered with broker Willis Towers Watson for its Radar pricing technology.
Ticker has formed a managing general (MGA) arrangement with Munich Re’s Digital Partners, and Munich Re / HSB Ventures has invested in the business.
Meanwhile, Willis Towers Watson is assisting the start-up in preparation for the launch. The broker is providing Ticker software support, including the development of advanced management information dashboards, as well as acting as an advisory partner to help the start-up identify solutions to other pricing and underwriting challenges.
Ticker is founded by the former Ingenie founder and chief executive Richard King. The business is chaired by the former RSA managing director Steve Broughton. Its executives, non-executive directors and investors also include former England footballer Gary Lineker and retail magnate Theo Paphitis.
“From the beginning, Ticker has aligned with the smartest players in the industry," said King. "Willis Towers Watson is in a league of its own, ensuring we are well placed by having on board the latest pricing technology during the critical start-up phase.”
Tim Rourke, director, insurance consulting and technology, Willis Towers Watson, said: “We have already had great success in providing a number of emerging firms with specialised support tailored to fit the distinctive needs of each business. We now look forward to continuing our work with Ticker, while demonstrating our ongoing commitment to bringing the newest and most innovative insurance consulting and technology to our clients – whether they be multinationals or disruptive start-ups.”
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