Trak Global was founded in 2009 with the intention of using telematics technology to help identify when an accident has taken place in a vehicle and then use this information for claims.
In 2012, the business launched Carrot, a provider of usage-based insurance leveraging Trak’s iBox and PhoneBox technology platforms.
In addition to serving the insurance market, Trak has a range of fleet and business offerings. For example, the business also found some success supplying the technology to the car rentals industry, partly to help identify when an accident took place, but also to help assist with asset management.
With such a broad range of products and services on offer, it’s not surprising that Trak Global was recognised at the November 2017 Amazon Growing Business Awards for the second time running – having scooped its previous gong in 2016.
We caught up with Andrew Brown-Allan, MD of Trak Labs, to go behind the curtain of this company’s impressive growth story.
What does a typical Trak Global client look like?
A typical client would be an insurer who wants to enter the telematics and digital connected insurance market – one which requires an end-to-end platform that collects data about vehicles, whether through a piece of hardware or a mobile application.
Something that binds all of our customers together is that each come to us for a technology solution manages an asset – that asset is always a motor vehicle.
What is the competition like?
There are lots of businesses that offer the same technology, but fundamentally the method of data collection is not the thing that’s important.
The data in its raw state isn’t useful, it’s how you process that data, interpret that data and act upon that data – that’s the thing that delivers more favourable outcomes, whether it’s helping young drivers not to crash as much, or removing a pay out on a fraudulent claim, or stopping a rental car being used for criminal activity.
It’s the interpretation of that data, the algorithms and scoring processes, the interventions and risk management that I think sets us apart.
How has Trak Global grown over the past 12 months?
We’ve had a really good 12 months. We recognise the importance of motor manufacturers in telematics and have been able to draw alongside some very significant global manufacturers, and partnered with them on their exploits in this market.
We work closely with Volkswagen and Mini BMW – working with them on a number of initiatives in telematics for the purpose of insurance. That’s helped not only grow our income, but also helps us grow really strategically important relationships with motor manufacturers.
What advice do you have for other businesses looking to scale?
The biggest challenge for lots of scale-ups at the moment, given that many are reasonably technology based, is access to appropriate talent – particularly around coding and software engineering. Find them, suitably reward them, tie them into your business – that would be sage advice as they are increasingly the rock stars of modern business.
What was your experience of the Amazon Growing Business Awards?
We’ve been very fortunate, we’ve won back-to-back in the same category but for the next turnover band up. We’ve gathered some really useful exposure from it, it’s inferred a great deal of credibility on our business.
I think Amazon’s association with the awards play out very well, and of course it gives us access to a number of networking opportunities. It’s certainly something that we’re proud to be a part of, and we’d definitely recommend it for sure – I think it helps to open doors.
With thousands of punters visiting Flight Club each week, and award wins raining in, Real Business stepped up to the oche to check out a truly unique growing company.