Telenav enters insurance
Telenav, a provider of connected car and location-based services, has recently launched a new insurance business. The company is behind Novo Insurance, which currently offers car insurance in Tennessee and Wisconsin.
Novo acts as a sub-agent for Motion Auto, a car insurance startup, and coverage is provided by 21st Century Premier Insurance Company, a Farmers company.
Telenav, which recently went private after being a public company, had a minority stake in Motion Auto as of November 2019, and in August 2020 the company shared that it had increased its investment in the startup.
Telenav has been talking about insurance for some time and the ultimate plan, as shared last year, is to drive its “in-car insurance solution” forward. So far, the Novo experience is an out-car one.