Think of that scene in the minority report. There, all self-driving cars run around the city. Someone thinking of you more practical might have said, “Yes, but what about insurance …?”
Born from an academic project to see drones, Flock has moved to offer Drone insurance Then commercial vehicle insurance. The twist is that it hooks into the car’s telematics. Therefore, the vehicle is insured only when it is actually in motion and does not cause an accident, not when sitting on the premises.
Flock has now raised $ 17 million in Series A funding led by Social Capital, an investment vehicle run by Chamath Palihapitiya, best known as a SPAC investor and chairman of Virgin Galactic. Flock’s existing investors Anthemis and Dig Ventures also participated. This round brings Flock’s total funding to $ 22 million. Justin Saslaw (Social Capital’s Fintech partner) has joined Flock’s board of directors, and Ross Mason (founder of Dig Ventures & MuleSoft) has joined.
Ed Leon Klinger, CEO of Flock, said: The proliferation of electric vehicles, new business models such as ride-sharing, and the emergence of self-driving cars pose significant challenges not found in traditional insurance companies. “
He added: “The modern fleet needs just as fast-moving, just as modern insurers. Commercial vehicle insurance is a $ 160 billion market and seeks turmoil. The opportunity in front of us is It’s immeasurable. “
Chamath Palihapitiya, CEO of Social Capital, said in a statement: By using real-time data to truly understand vehicle risk, Flock meets the demands of a rapidly evolving hyper-connected world. Herds have the potential to unlock and enable a truly autonomous world and even save lives. We are excited to be able to participate in their journey. “
Klinger talked to me over the phone and outlined how the company reached the sweet spot by connecting to the Telematics API for cars and making special integrations with existing providers and OEMs. And we build bespoke integration with them. Often they are not as advanced as others. Therefore, use an integrated platform or use those approaches. We are very flexible. Flock’s core value proposition is its flexibility and does not force its own integrated approach. “
Connected car insurance startup Flock raises $17M Series A led by Chamath Palihapitiya – TechCrunch Source link Connected car insurance startup Flock raises $17M Series A led by Chamath Palihapitiya – TechCrunch