A-Plan Group has made its first purchase since announcing its takeover by Hyperion
A-Plan Group has bought telematics provider Ingenie Ltd from Watchstone Group.
The deal comes just a fortnight after Hyperion announced plans to buy A-Plan, creating a £4bn GWP business.
A-Plan chief executive Cark Shuker said the broker had further acquisitions in the pipeline, having recently completed a deal to buy specialist vehicle intermediary RH Specialist Insurance.
The acquisition is a technology play, A-Plan said, with the aim of ”growing and diversifying its technology capability”.
A-Plan said Ingenie would allow it to offer ”a wide range of cutting-edge technical solutions and services to other companies in the insurance, mobility, OEM sectors and beyond”.
Ingenie operates its own telematics broker, and the acquisition includes the book of business which will be taken over by A-Plan Group-owned student and young person insurer Endsleigh.
”This offers great opportunity for accelerated growth under the Ingenie brand, whilst also supporting Endsleigh’s considerable ambition for its own telematics offering,” A-Plan said.
Ingenie also white labels products to B2B clients, with solutions including device supplier and installation management, driver risk scoring, distracted driving, driver identification, psychology derived behavioural feedback and coaching, FNOL detection and crash reconstruction.
A-Plan said acquisition will allow it to “significantly grow” its B2B offering and offer its products to new markets, broaden its distribution base and “leverage the already considerable investment that APG has made in technology and data”.
Commenting further, Shuker said: “In recent years, we have made very significant investment in our digital and data infrastructure, and we are very excited to welcome Ingenie and the team into the Group.
”Ingenie bring much more than simple telematics, and we look forward to working with the team to deliver innovative new products for the benefit of our clients, insurer friends and other partners as we continue to push on with our digital and data capability.