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TikForce embarks on globally scalable business with established industry player
2 minute read
Shares in TikForce (ASX: TKF) traded as high as 5.7 cents in the first 15 minutes of trading on Tuesday morning, representing a gain of approximately 12% with the potential to break above technical resistance in that vicinity.
This followed news that the company had launched TikRide, an extension of the TikForce platform that is designed for the ride-share and taxi industries, a sector that has an addressable market of circa 90,000 drivers in Australia alone.
However, the goal is to expand well beyond Australia into international markets in 2017. The model is definitely transferable and should appeal to governments, regulatory bodies and drivers alike in other countries given it becomes a universal passport that will allow credentialed drivers to work across multiple organisations with minimal bureaucracy.
Importantly, this development involves an exclusive agreement with the Australian arm of global insurance and risk management services firm Arthur J Gallagher (AJG), which will offer a complementary new insurance system.
The insurance policy offered by AJG will only be available to drivers using TikRide. As part of the overall package, that TKF platform automates the validation of driver credentials and will be used for the first time to manage and assess insurance risk for an insurer.
As a result, AJG will now be able to offer a comprehensive insurance policy at a competitive premium for drivers involved in the right sharing, hire car and taxi industries.
Remember, however, that this is still in the early stages of development and professional financial advice should be sought if considering this stock for your portfolio.
As part of the package, TKF will also offer RideSafe passes as part of the TikRide offering with the passes providing added confidence to passengers about the identity and qualifications of their driver through a simple mobile app.
Highlighting the broader benefits of this development, TKF’s Chief Executive Kevin Baum said, “Not only is the agreement significant for us because of AJG’s market position, it also gives us a strategic inroad to apply our technology to the insurance market for the first time”.
He added that both parties have already identified a number of other markets where they can work together to reduce risks, as well as the cost of insurance.