Trakm8 secures contract with Adiona Technologies

Trakm8 said on Tuesday that initial analysis of its journey data confirmed that the level of detail and real-time frequency it provides will support Adiona's four core pillars of pricing and selection, risk pool management, crash and claim and customer engagement.

This contract, which will also see the pair work alongside Duck Creek Technologies and World Programming, was projected to commence writing insurance policies in Autumn 2022.

Chairman John Watkins said: "We are delighted to be working with Adiona as they launch their highly innovative AI based telematics insurance products. Adiona aim to disrupt the insurance market with their approach to telematics based solutions with a customer centric focus being a key driver."

As of 1330 GMT, Trakm8 shares were down 6.15% at 18.30p.