Ordnance Survey invests in InsurTech startup Flock
Ordnance Survey, Britain's national mapping service, has decided to exercise its stock options in UK InsurTech, Flock. This marks the first time Ordnance Survey has ever held equity in a startup.
Flock has recently raised $17M in funding to supercharge its expansion into new geographies and product lines. This round of funding marks a major milestone in building a global, fully digital insurance company for connected and autonomous vehicles.
Flock started out in 2018 by providing insurance to commercial drone operators such as Netflix, BBC and a medical delivery service operated by the NHS. In 2020, Flock expanded into the rapidly evolving world of 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.
Flock joined Ordnance Survey's Geovation Accelerator Programme in 2017. Through Geovation, the Flock team were able to access expert support such as technical skills and how location data could support their proprietary real-time risk engine.
Ed Klinger, Flock’s CEO 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 have become the first Geovation venture where OS have exercised a share option to acquire equity. To date, 131 start-ups have gone through the Geovation programme, creating more than 1600+ jobs and raising £110 million in investment funding.
Paul French, Chief Proposition and Innovation Officer at OS commented; “We’re really excited to be an investor in Flock who are revolutionising the insurance industry and expanding into new and exciting markets, including connected and autonomous vehicles. Through Geovation, we assist many emerging start-ups 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.”
For more information visit Flock - Geovation.