Bermuda-based reinsurance firm Third Point Re has made minority equity investments in car insurtech start-up Noblr.
Co-founded by Gary Tolman and Jason Foucher, Noblr uses telematics data, product innovation, actuarial insight and design to reward drivers with real-time rates.
The company, which recently debuted in Colorado, will initially focus on offering personal auto insurance in the US.
Third Point Re CEO Dan Malloy said: “One component of our business strategy is to leverage our underwriting and capital markets expertise to offer capital alternatives in numerous forms and combinations.
“Noblr’s innovative platform combined with the management team’s extensive experience in the insurtech space makes this a very exciting opportunity, and we are looking forward to working with Gary and Jason to help them grow their business.”
Noblr CEO and co-founder Gary Tolman said: “Thanks to Noblr’s proprietary technology, Noblr drivers who drive better can lower their rates and make the roads friendlier every trip they take.
“In fact, our behaviour-based pricing is calculated in real time based on how well and how much someone actually drives. In addition to savings, Noblr’s intuitive app and highly personalised pricing model help directly incentivize better driving.”
Noblr said that its behaviour‐based pricing is calculated in real time and measures how well and how much someone drives.
According to the company, good drivers could save up to 51%.