Vehicle telematics company Risk Technology, creators of the intellectual property behind the system currently being rolled-out to vehicle insurance and breakdown markets, has won a maximum £250,000 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 intellectual property 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.
Wayne Gilbert, CTO, Risk Technology, said: “The Smart programme funding is an amazing endorsement of the company and our telematics solutions.”