INSURANCE

Fairmatic raised $46 million in its latest funding round

Fairmatic uses an AI-powered underwriting approach to deliver continuous savings to merchant fleets. The company provides a simple way to monitor driving events and offers practical optimization tips, giving fleets more control over their risk management approach.

The company encourages safe driving and does not penalize fleets for unavoidable accidents. This differs from traditional insurance models that rely on historical data, which has resulted in losses and expensive premiums, especially when renewing, Fermatec said.

“Fairmatic meets the central requirement of improving commercial auto insurance: incentivizing safe driving,” said Marcos Rio, partner at Battery Ventures and co-founder and former CEO of Insurtech Guidewire 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 behavior, enabling Fairmatic to offer insurance products that reward fleet managers for safe driving and potentially deliver greater profitability than traditional, loss-based approaches to underwriting and pricing. .

“We are excited to partner with Fairmatic as a model for core innovation in financial services,” said Ryu. “Fulfilling the company’s mission will entail more than just convenience and lower insurance costs for its customers; it will enhance the safety of the roads we all depend on every day.”

read the following: What’s next for commercial auto stakes in 2023?

“New developments in artificial intelligence, combined with a suite of proprietary driving insights, have allowed Fairmatic to launch an entirely new approach to addressing the most important questions in commercial motor insurance: which drivers are safe and unsafe; how insurers can help drivers improve safety and reduce risks,” said Jonathan Matos, founder and CEO of Fairmatic. “With such powerful new technology to improve driver behavior, there is tremendous opportunity to reframe the problem and solution from first principles. This new funding reinforces Fairmatic’s leadership in artificial intelligence innovation geared towards meaningfully improving road safety and profitability.”

With the new funding, Fairmatic is expanding its AI and data science capabilities by opening a new research and development center in Israel and bringing in former NASA researcher Guy Shaviv as the new Chief of Engineering in Israel.

“Israel has some of the best talent in the world in technology and mobility,” Shaviv said. “The people here are creative, smart and aggressive – exactly what a startup needs at its stage.”

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