Insurtech ThingCo has garnered £3m ($4m) investment from BHL(UK) Holdings to boost its telematics solutions.
BNL(UK) Holdings is the majority owner of comparethemarket.com through BGL (Holdings) Group. The wider group also has more than 15 million customers and significant business interests in South Africa and Australia.
Mike Brockman, CEO of ThingCo, said: “The investment from BHL provides vindication for all we have achieved in the last three years and all we plan to accomplish in the next stage of ThingCo’s growth. This boost will enable us to manufacture and roll out more solar powered ‘Theo’ devices to meet the growing demand from the insurance market. It will also provide funds we need to launch our direct to consumer Theo branded proposition incorporating sensors and HD camera.”
Ian Leech of BHL (UK) Holdings added: “ThingCo has created a telematics solution leveraging leading edge technology and data processing power that offers significant risk reduction and customer engagement capabilities for insurance providers of any size in any global region. As a group focused on harnessing innovation to support our growing customer base, we can see the massive potential in ThingCo’s services for insurance brands globally. We look forward to being part of ThingCo’s success story.”
In 2020, ThingCo launched Theo, its solar powered, AI-enabled telematics device and expanded its distribution centre in Newcastle.
Little Theo enables advanced telematics services with intelligent voice, sim card, and crash detection. Test versions of the device are currently with a number of leading motor insurers.
The device sticks to the windscreen of the vehicle and can run for 50,000km per year before needing to be recharged.
In addition, as well as data gathering, it incorporates crash detection and intelligent voice. This is to immediately support customers after a collision and during the claims process.
All data, trips, and scores are relayed to the Theo App to give instant feedback to the driver. Users can benefit from the Theo reward scheme to encourage good driving.
Policywise also partnered with ThingCo to speed up its auto insurance claims process.