Mike Brockman, one of the insurance sector’s leading visionaries and most respected disruptors has begun a new insurtech venture. ThingCo, a brand which reflects how the business will be leveraging data from the Internet of Things has launched from 1 Royal Exchange Avenue, London.
Mike, the founding member of insurethebox, the global pioneer in telematics insurance has created ThingCo to bring to market the next generation of telematics technology.
The first phase of development will see the launch of a retro-fitted telematics device that will effectively make vehicles smart. The device will incorporate ADAS capabilities including a high definition camera with night-time vision and sensors. As well as improving driver safety, the device will have huge benefits in supporting the FNOL process when an accident does occur, positively impacting all elements of the claims supply chain.
Mike Brockman said: “This is the start of an exciting new chapter after 9 years at insurethebox. ThingCo will facilitate the fast development of new ideas giving me greater flexibility to achieve my ambitions and goals in the telematics arena. We are in talks with a range of businesses from in and outside the insurance sector who understand the wider potential of telematics, the Internet of Things and AI and are keen to invest in this new business and work with us.”
Aioi Nissay Dowa Insurance Europe (ANDIE), part of the MS&AD Group, agreed to purchase a 75.01% shareholding in Box Innovation Group, which includes the brands insurethebox and DriveLikeAGirl for £105 million in 2015. Since this time, the business has continued to develop and grow. Discussions have now been opened to purchase the remaining 24.99% of shares with the intention to fully integrate the business within the ANDIE Group.
Mike Brockman says “I have left insurethebox in fantastic shape and with great prospects for the future. I am leaving with the blessing of ANDIE and we are now entering discussions on how Aioi Japan can invest in this new venture.