Bermuda-based Third Point Reinsurance has entered into a partnership with car insurance firm Noblr through a combination of minority equity stake and reinsurance.
Co-founded by Gary Tolman and Jason Foucher, Noblr is a technology-driven insurance company which offers an automobile insurance product that rewards good drivers for making smart decisions and create friendlier and safer roads.
Noblr aims to build a community of responsible drivers using telematics data, actuarial insight and production innovation to give drivers real-time feedback based on their actual driving behaviour. Initially, the firm will focus on personal auto insurance in the US, as it recently launched in Colorado.
Third Point Reinsurance 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 make this a very exciting opportunity, and we are looking forward to working with Gary and Jason to help them grow their business.”
Tolman said: “We are excited to have Third Point Re as a partner given their expertise in reinsurance, and their capital investment will provide the fuel necessary to grow our business.
“While other companies take a more generalized and less transparent approach, Noblr members pay for insurance based on what they actually do. 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 behavior-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 personalized pricing model help directly incentivize better driving.”
The firm’s behaviour-based pricing is said to be calculated in real-time and measures how well and how much someone drives. It is claimed that good drivers could save up to 51%. Additionally, Noblr’s app and personalised pricing model can directly incentivise better driving.
The customer-centric approach is driven by reciprocal exchange insurance structure, where customers are the members who will take the firm forward, Noblr said.