Trakm8

Trakm8 PLC is providing market leading Fleet Management Solutions, Engineering Services and Telematics Hardware to organisations worldwide.

<div>Listed on the London Stock Exchange, Trakm8 is a turnkey solutions provider for insurance telematics and fleet management. The company develops its own devices and software that collect data and provide insights to help organizations and drivers minimize risk and improve efficiency.</div>

InsurTech: Infrastructure

Trakm8 announces two-year extension to Sainsbury's contract

Direct Line Group

The partnership will see Trakm8 providing telematics data for Direct Line Group to offer auto insurance, as well as its AI-powered first notification of loss (FNOL) crash algorithm.

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience

InsurTech: Personal Lines

Startups in the automobile insurance space, predominantly providing usage-based insurance using telematics devices and/or smartphone sensors.

<div>
 
 Listed on the London Stock Exchange, Trakm8 is a turnkey solutions provider for insurance telematics and fleet management. The company develops its own devices and software that collect data and provide insights to help organizations and drivers minimize risk and improve efficiency.
 
 
 Trakm8&rsquo;s end-to-end white label solutions for insurers include telematic devices (delivery, installations and data management) along with a digital platform for insurers and an app for policyholders. The platform allows insurers to view and manage driving data and insights such as driver behavior, journey information, exception reporting, fraud identifiers, driver scoring, first notification of loss, crash details, and alerts/messages. Trakm8&rsquo;s policyholder app allows users to view their driver data and scoring, policy documents, and vehicle location and to connect with insurers.
 
 
 In addition, the company provides fleet management solutions through a digital platform, which uses AI-based algorithms to optimize fleet operations. The platform also enables organizations to monitor vehicle health, driver behavior, track vehicles live, and remotely download tachograph-data.
 
 
 Key customers and partnerships
 
 
 Trakm8&rsquo;s customer portfolio includes Direct Line Group, 
 <a href="https://sp-edge.com/companies/489205">
 By Miles,
 </a>
 Ticker, Ingenie and LexisNexis. In July 2022, it was awarded a contract to supply devices, a custom app, and a platform for auto insurer, 
 <a href="https://sp-edge.com/companies/2164894">
 Love Your Miles.
 </a>
 
 As of end-March 2023, it had 348,000 vehicles using its telematics devices.
 
 
 Funding and financials
 
 
 In FY2023 (ending March 2023), Trakm8&rsquo;s revenue was recorded at GBP 20.2 million (~USD 25.5 million) with gross profits of GBP 12.5 million (USD 15.8 million). However, it recorded a net loss of GBP 783,000 (~USD 988,000), respectively. 
 
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Bambi Dynamic

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Coterie Insurance

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Underwriting platforms that evaluate risks related to life insurance, health insurance, and related products such as disability and critical illness coverage. They may utilize medical underwriting criteria, genetic information, lifestyle factors, and demographic data to assess applicants' insurability

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INCUMBENTS_PRESENT

PROMINENT_CATEGORY

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 Direct Line Group (DLG) has decided to continue its partnership with Trakm8, a supplier of insurance technology and solutions. Trakm8 will provide telematics data for DLG's auto insurance and AI-powered first notification of loss (FNOL) crash algorithm, extending a partnership initiated in 2014.
 
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