Fairmatic raises $46 million in latest funding round

Fairmatic uses an AI-powered underwriting approach to deliver ongoing savings to commercial fleets. The company provides an easy way to monitor driving events and offers practical advice for improvement, giving fleets more control over their risk management approach.

The company encourages safer driving and does not penalize fleets for unavoidable accidents. This differs from traditional insurance models that are based on historical data, which has led to losses and overvalued premiums, especially at renewal time. fairmatic said,

“Fairmatic addresses the central requirement of improving commercial auto insurance: motivating safer driving,” said Marcus Ryu, partner and co-founder of Battery Ventures and former CEO of insurtech. guide software, “The company does this by capturing the rich data signal generated by our smartphones and applying it to the task of identifying unsafe driver behaviour, enabling Fairmatic to offer insurance products that reward fleet managers for safe driving. safer and potentially achieve greater profitability than the traditional one. loss-based approaches to underwriting and pricing.

“We are excited to partner with Fairmatic as an example of fundamental innovation in financial services,” said Ryu. “Fulfilling the company’s mission will mean more than convenience and lower insurance costs for its customers; It will improve the safety of the roads we all rely on every day.”

Read below: What’s Next for Commercial Auto Risk in 2023?

“New developments in AI, combined with treasure troves of proprietary driving insights, have enabled Fairmatic to unlock a whole new approach to addressing the most critical questions in commercial auto insurance: which drivers are safe and which are not; how insurers can help drivers improve safety and reduce risk,” said Jonathan Matus, founder and CEO of Fairmatic, “With this powerful new technology to improve driver behaviour, there is a great opportunity to reframe the problem and solve it from first principles. This new funding strengthens Fairmatic’s leadership in AI innovation aimed at significantly improving road safety and profitability.”

With the new funding, Fairmatic is scaling its AI and data science capabilities by opening a new research and development center in Israel and electing former NASA researcher Guy Shaviv as the new head of engineering in Israel.

“Israel has some of the best talent in the world in both insurtech and mobility,” Shaviv said. “The people here are creative, smart and aggressive, exactly what a startup needs on our stage.”

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