Thingco, an insurance technology (insurtech) venture based in London, will expand into China, appointing Richard Trebble as partnership director to head its entry into the new market.
Trebble will focus on fostering business opportunities with insurers in China, which is the largest automotive market in the world, and where demand for connected vehicle services is growing. According to the UK’s Minor Metals Trade Association, the Chinese automotive market accounts for around 30% of passenger car sales globally and has grown 18.1% per year over the last decade.
Prior to joining Thingco, Trebble was group partnerships director at Insurethebox, a British provider of telematics motor insurance. He has also held the role of chief information officer at Oxygen Insurance in the past.
“China is the only country in the world where car ownership is projected to substantially grow over the next 20 years,” said Mike Brockman, founder and CEO of Thingco. “The use of telematics fits this market very well even though current regulation there doesn’t permit pricing discounts for good driving. The benefits from risk and claims management, however, through telematics can give Chinese insurers material competitive advantage.”