European telematics and Web of Issues options supplier ABAX Group, by means of Truthful Insurance coverage, has acquired RA Forsikring for an undisclosed sum.
Primarily based in Hamar, Norway, RA specialises in insurance coverage particularly for the taxi sector in Norway.
To supply insurance coverage options, the corporate works with Eir Försäkring AB, Duvi Pension, and Matrix Insurance coverage.
This acquisition marks ABAX’s enlargement into the data-driven automobile insurance coverage sector.
It additionally expands the experience of the corporate, which affords linked mobility options for gear management, device monitoring, and automobile monitoring.
With the combination of Truthful’s expertise platform and knowledge insights, the collaboration between Truthful and RA goals to supply a clear insurance coverage product.
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This product is designed to help skilled drivers in actively managing their danger on the highway.
Truthful, an impartial industrial automobile insurance coverage model below ABAX, utilises Eir Insurance coverage for distribution, protection, claims, and administration providers.
ABAX Group CEO Emma Dyga stated: “Over the previous 5 years, ABAX has emerged as a frontrunner in utilising good mobility knowledge throughout Europe. Buying RA will present us with an accelerated development path in Norway, boosting the event of our insurance coverage enterprise Truthful and aligning with our strategic objectives of sustainable development and data-driven innovation.”
RA chairman Ole Erik Alnæs stated: “We’re delighted to affix the ABAX Group – this transaction validates our revolutionary providing that has pioneered a brand new commonplace for the Norwegian taxi trade. This symbiotic InsurTech partnership will considerably enhance our addressable market and speed up our development.
“We’re excited to learn from ABAX’s profound data-driven verticalised tech stack that we’re satisfied will drive synergistic innovation and a singular worth proposition for our rising buyer base, leveraging the facility of information and telematics.”
The acquisition follows the launch of ‘Truthful Automotive Insurance coverage’ within the Norwegian market by ABAX.
The brand new providing is a data-driven technological answer, which goals to optimise insurance coverage premiums for industrial automobile fleets based mostly on driving behaviour.
This answer will initially serve ABAX’s Norwegian buyer base.
