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Fueled by oversubscribed Series A, world insurtech emerges from stealth with an all-star C-suite of insurance and know-how innovators to rework performance-priced fleet insurance
NEW YORK and BANGALORE, India and TEL AVIV, Israel, Aug. 31, 2022 /PRNewswire/ — Insurtech 2.0 firm Fairmatic at the moment destealths a novel providing that pioneers an unconventional strategy to fleet insurance — targeted on enabling financial savings for safer fleets and enhancing highway security for all. Fairmatic is led by an all-star workforce together with former Allstate President Jamie Trish, as its President of Insurance, and Jonathan Matus, former Android and Facebook cellular govt, as its CEO. Fairmatic additionally introduced a $42 million Series A funding spherical led by Foundation Capital.
“Fairmatic is introducing an impact-driven alternative to antiquated commercial auto insurance models: one that rewards safety and gives fleets fairness and control over costs,” stated Jonathan Matus, founder and CEO. “Having spent years working on making smartphone technology ubiquitous, I was deeply troubled by its unintended consequence for road safety. Fairmatic’s inception is the manifestation of our focus to transform Commercial Auto insurance into a force for good.”
“Historically, commercial auto insurance has been a losing battle for both insurers and insureds, suffering massive losses and inflated premiums,” stated Jamie Trish, President of Insurance. “Fairmatic is flipping the script by redefining a win-win-win sweet spot where safer fleets get rewarded with savings; Fairmatic achieves profitable growth and society benefits from improved road safety for all. Our unique ability to deliver fair and transparent pricing, combined with our proven profitable growth model puts Fairmatic at the apex of Insurtech 2.0.”
Fairmatic got down to strategy threat and underwriting in an unconventional method by harnessing knowledge and AI to introduce a extra customized insurance choice that incentivizes security with financial savings. While in stealth, Fairmatic examined its predictive threat mannequin with tens of 1000’s of paying drivers and has achieved best-in-class underwriting outcomes.
Fairmatic’s AI-powered threat and pricing fashions have been skilled with almost 200 billion miles of driving knowledge and examined over 5 years of operations, demonstrating a confirmed method to assist fleets proactively handle and enhance questions of safety with actionable insights. A easy behavioral shift may end up in significant value financial savings, finally resulting in a extra sustainable fleet business with safer drivers, extra aggressive insurance pricing and decrease attrition charges.
“Insurance in this segment has been extremely unfair. Now more than ever, with inflation making things worse, fleets need a fair and transparent insurance option,” stated Matus. “Safer fleets should pay less because they’re less risky, but they end up subsidizing unsafe fleets because existing commercial auto insurers use a catch-all pricing algorithm that fails to account for actual and dynamic risk profiles unique to each fleet.”
Fairmatic’s Series A funding spherical was led by Foundation Capital, together with Aquiline Technology Growth. The firm can also be backed by Insurtech, fintech and know-how trade angel traders, together with Yahoo co-founder Jerry Yang; Israeli-American investor and Forbes Midas List 2022 one-man VC Oren Zeev; Hippo Insurance co-founder Assaf Wand; entrepreneur and a number of unicorn investor Bill Tai.
“Raising such a substantial Series A in the current economic climate is testament to the opportunity Fairmatic has and to its proven track record while in stealth mode, which we only expect to continue on an exponential trajectory,” stated Foundation Capital’s Charles Moldow, who additionally joins the Fairmatic board. “With a total addressable market of $160 billion, the commercial insurance category is ripe for a refresh. Fairmatic offers new ways for fleets to derive the same technology-based cost savings and benefits that consumers have enjoyed for years.”
Alongside Trish and Matus, Fairmatic’s all-star C-suite additionally consists of Ed Ford, former Chief Actuary of Progressive Insurance, and Brian Specht who led partnership progress at cybersecurity insurtech unicorn Coalition. The Fairmatic workforce leverages the very best of each know-how and insurance to enhance the whole insurance worth chain from threat choice, underwriting and distribution, all the way in which to threat mitigation and claims. With its outstanding alternative to basically reimagine the way in which fleet insurance is priced, underwritten and designed to introduce new security and financial savings advantages, Fairmatic is ramping as much as develop its world workforce with hubs within the US, Israel and India.
About Fairmatic
Fairmatic is shaping Insurtech 2.0 by delivering the primary data-driven fleet insurance that rewards security with financial savings. Fairmatic’s unconventional strategy to fleet insurance leverages AI-powered know-how together with troves of telematics knowledge to create significant value financial savings for fleets, safer roads for society and a worthwhile business mannequin. Fairmatic’s underwriting mannequin has been skilled and examined with over 200 billion miles of driving knowledge to assist fleets proactively handle questions of safety with actionable insights.
Founded in 2017 by Jonathan Matus, a serial technologist who helped launch Android and Facebook cellular, Fairmatic is basically reimagining business auto from the bottom as much as make roads safer, one fleet at a time. Following its newest Series A spherical, Fairmatic has raised a complete of $42M from Foundation Capital, Aquiline Technology Growth and different insurtech, fintech and know-how angel traders. Fairmatic is increasing its world workforce. Learn extra about Fairmatic at fairmatic.com or be a part of the workforce of unconventional, adaptable and curious technologists by reaching out to [email protected].
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