Mark Wilson, the former chief executive of insurance giant Aviva, today emerged as the chief executive of a new tech-led insurance company.

Wilson, who was ousted from Aviva after shareholders became frustrated with its failure to grow revenues, was famed for his fascination with technology at the company, even setting up a “digital garage” in trendy Hoxton Square.

Today he announced he was launching a new company, Abacai, with backing from private equity giant Sun Capital Partners.

It will start off in the £16 billion motor insurance sector, and aims to use artificial intelligence to offer better, more individually tailored pricing for consumers.

Reinsurance giant Munich Re is already onboard as a key strategic partner.

Wilson is setting up a management team to take over an existing Sun Capital-owned insurer called Complete Cover Group but the plan is to invest £50 million and transform the operation by building a sophisticated AI platform.

Abacai said it was also planning to do takeovers and mergers “to expand its footprint at pace and enter additional markets.”

Munich Re will be its long-term strategic partner for data analytics for underwriting and reinsurance.

Wilson had a stellar career at the top of the insurance world, having turned around Asian giant AIA before being hired to do the same at Aviva.

While he was lauded for saving the troubled UK company, later years saw investors become frustrated with its difficulties in growing and lack of focus.

Under new CEO Amanda Blanc it has recently gone through a major disposal programme of overseas divisions to focus on the UK, Ireland and Canada.

Wilson will be chief executive of Abacai, while Sun Capital founder and partner, Edward Spencer-Churchill, will be co-chairman.

He has hired McKinsey director of transformation Colin Price and Goldman Sachs’ European “insurtech” head Jamie Hay to run transformation and strategy respectively. Hay’s role will also be to oversee mergers and acquisitions.

The business will initially target both non-standard and prime customers for motor insurance in the UK before expanding into other classes of cover and countries.

The goal is to use analytics technology to offer a better deal to customers, they said, citing Financial Conduct Authority findings that a mature policyholder is overcharged £85 a year for motor and £122 for home insurance.

Wilson said: “We have an ambitious vision for Abacai as a high growth disruptor. There is a massive opportunity in the fast-evolving digital insurance market and we plan to be at the forefront of the industry. The winners in the next decade will be those who can leverage AI and new technology to give customers simpler, more competitive products within a framework of social good.”

Wilson and the other executives will buy a “substantial shareholding” in Abacai, and Sun Capital is also making a significant additional investment, the group said.

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