Britain’s national mapping service Ordnance Survey has invested an undisclosed sum in insurtech startup Flock.
The additional investment follows Flock’s $17m in Series A funding round announced last month.
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Flock joined Ordnance Survey’s Geovation Accelerator Programme in 2017 to gain technical know-how and understand how location data could support their proprietary real-time risk engine.
The equity investment is Ordnance Survey’s first in a startup.
Flock currently offers sage-based insurance for fleets of commercial vehicles including drones, cars, and vans. It started as a drone insurer in 2018.
The insurtech’s proprietary risk engine, provides real-time data such as vehicle sensor and location data, weather, traffic conditions, and accident data, to quantify risks.
It counts BBC, Netflix, the National Health Service, Jaguar Land Rover, The Out, and Virtuo among its clients.
Ordnance Survey chief proposition and innovation officer Paul French said: “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.”
Flock CEO Ed Klinger said: “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.”
In June this year, Flock and AND-E UK teamed up on commercial motor insurance.
