The insurtech’s chief exec says the insurance company of the future won’t just pay claims, but it will ’actively help customers avoid them’
Britain’s national mapping service Ordnance Survey has taken an equity stake in insurtech Flock.
Flock has become the first Geovation venture where Ordnance Survey has exercised a share option to acquire equity.
Geovation is an Ordnance Survey initiative, in association with HM Land Registry, that provides startups with grant funding, access to data, geospatial expertise and land and property information. It was established in 2009.
To date, 131 startups have gone through the Geovation programme, creating more than 1,600 jobs and raising £110m in investment funding.
Ed Klinger, Flock’s chief executive, said; “Transportation is changing faster than ever, but the traditional insurance industry can’t keep up.
”The proliferation of electric cars, new business models such as ridesharing and the emergence of autonomous vehicles pose huge challenges that traditional insurers just aren’t equipped for.
“Modern fleets need an equally modern insurance company that moves as fast as they do. Commercial motor insurance is a $160bn market, crying out for disruption. The opportunity ahead of us is enormous.
“Everything we do is led by our mission to make the world a smarter, safer place.
”We strongly believe that the insurance company of the future won’t just pay claims - it will actively help its customers avoid them in the first place. That’s the future we’re building at Flock. We’re delighted Ordnance Survey is joining us for the ride.”
Flock originally joined Ordnance Survey’s Geovation Accelerator Programme in 2017.
Through Geovation, the Flock team were able to access support, such as technical skills, and find out how location data could support their proprietary real-time risk engine.
Paul French, chief proposition and innovation officer at Ordnance Survey, said: “We’re really excited to be an investor in Flock, [which is] revolutionising the insurance industry and expanding into new and exciting markets, including connected and autonomous vehicles.
“Through Geovation, we assist many emerging startups to break into the market through our Accelerator Programme and Flock is a testament to what success can look like, harnessing the power of location data, innovative thinking and technology.”
Flock was founded in 2018. It provides insurance to commercial drone operators, such as Netflix, the BBC and a medical delivery service operated by the NHS.
In 2020, Flock expanded into commercial motor fleets, launching the world’s first real-time insurance product for car rental platforms, courier companies and corporate fleets.
It now counts Jaguar Land Rover’s The Out and all-electric car rental platform Elmo among its customers.