Vehicle telematics pioneer, Risk Technology Ltd, creators of the Intellectual Property (IP) behind the innovative telematics system currently being rolled-out to vehicle insurance and breakdown markets, has won a maximum £250,000 (approximately €301,000) award from the UK’s innovation agency, the Technology Strategy Board.
The award is part of the Technology Strategy Board’s Smart programme, which offers co-funding to UK-based companies with cutting-edge innovative ideas and high growth ambition and potential.
The Smart programme helps companies assess potential markets, prove concepts and develop prototypes. By reducing financial risk, it aims to encourage company investment, increase innovation capability, accelerate the commercialisation of new products and services, and contribute to economic growth.
Risk Technology will utilise the funding for a two-year work programme which will enable the company to accelerate its technology and lead the market by extending the fidelity and scope of its vehicle black box solution. The funding will specifically enable Risk Technology to:
- Significantly increase the sampling rate to improve both crash detection and analysis
- Evolve new driver scoring algorithms in order to meet the needs of insurance actuaries
- Synthesise information to feed and exploit transport’s big data network
A major factor in Risk Technology receiving the funding was its strong relationship with the RAC. Risk Technology is the provider of the IP and system knowhow for the RAC and its partners to roll-out a pay-as-you-drive insurance proposition and also enhance the RAC’s breakdown and recovery service. Risk Technology also benefits from being able to utilise the ‘powered by RAC’ brand outside the UK.
Commenting on the award, Wayne Gilbert, CTO, Risk Technology Ltd said: “The Smart programme funding is an amazing endorsement of the company and our telematics solutions. Within this rapidly growing market, we can offer advanced IP, thereby enabling the insurance industry to launch innovative products in a faster timescale. Our ability to offer even faster execution from initial concept through to market delivery will be game-changing for the industry”.