European telematics and Internet of Things solutions provider ABAX Group, through Fair Insurance, has acquired RA Forsikring for an undisclosed sum.
Based in Hamar, Norway, RA specialises in insurance specifically for the taxi sector in Norway.
Go deeper with GlobalData
To offer insurance solutions, the company works with Eir Försäkring AB, Duvi Pension, and Matrix Insurance.
This acquisition marks ABAX’s expansion into the data-driven car insurance sector.
It also expands the expertise of the company, which offers connected mobility solutions for equipment control, tool tracking, and vehicle tracking.
With the integration of Fair’s technology platform and data insights, the collaboration between Fair and RA aims to offer a transparent insurance product.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThis product is designed to assist professional drivers in actively managing their risk on the road.
Fair, an independent commercial car insurance brand under ABAX, utilises Eir Insurance for distribution, coverage, claims, and administration services.
ABAX Group CEO Emma Dyga said: “Over the past five years, ABAX has emerged as a leader in utilising smart mobility data across Europe. Acquiring RA will provide us with an accelerated growth path in Norway, boosting the development of our insurance business Fair and aligning with our strategic goals of sustainable growth and data-driven innovation.”
RA chairman Ole Erik Alnæs said: “We are delighted to join the ABAX Group – this transaction validates our innovative offering that has pioneered a new standard for the Norwegian taxi industry. This symbiotic InsurTech partnership will significantly increase our addressable market and accelerate our growth.
“We are excited to benefit from ABAX’s profound data-driven verticalised tech stack that we are convinced will drive synergistic innovation and a unique value proposition for our growing customer base, leveraging the power of data and telematics.”
The acquisition follows the launch of ‘Fair Car Insurance’ in the Norwegian market by ABAX.
The new offering is a data-driven technological solution, which aims to optimise insurance premiums for commercial vehicle fleets based on driving behaviour.
This solution will initially serve ABAX’s Norwegian customer base.
