FAIRMATIC RAISES $42M TO REDEFINE COMMERCIAL AUTO INSURANCE WITH DATA AND AI
Fueled by oversubscribed Series A, global insurtech emerges from stealth with an all-star C-suite of insurance and technology innovators to transform performance-priced fleet insurance
"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," said
"Historically, commercial auto insurance has been a losing battle for both insurers and insureds, suffering massive losses and inflated premiums," said
Fairmatic set out to approach risk and underwriting in an unconventional way by harnessing data and AI to introduce a more personalized insurance option that incentivizes safety with savings. While in stealth, Fairmatic tested its predictive risk model with tens of thousands of paying drivers and has achieved best-in-class underwriting results.
Fairmatic's AI-powered risk and pricing models have been trained with nearly 200 billion miles of driving data and tested over five years of operations, demonstrating a proven way to help fleets proactively manage and improve safety issues with actionable insights. A simple behavioral shift can result in meaningful cost savings, ultimately leading to a more sustainable fleet business with safer drivers, more competitive insurance pricing and lower attrition rates.
"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," said 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 round was led by
"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," said
Alongside Trish and Matus, Fairmatic's all-star C-suite also includes
About Fairmatic
Fairmatic is shaping Insurtech 2.0 by delivering the first data-driven fleet insurance that rewards safety with savings. Fairmatic's unconventional approach to fleet insurance leverages AI-powered technology in combination with troves of telematics data to create meaningful cost savings for fleets, safer roads for society and a profitable business model. Fairmatic's underwriting model has been trained and tested with over 200 billion miles of driving data to help fleets proactively manage safety issues with actionable insights.
Founded in 2017 by
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