Led by multiple Series A underwriters, the global insurtech emerges from the ranks with the top C-suite of insurers and technology experts to revolutionize low-cost insurance.
NEW YORK and BANGALORE, India and TEL AVIV, Israel, Oga. 31, 2022 /PRNewswire/ — Insurtech 2.0 Company Fairmatic today unveils a unique offering that introduces a unique approach to fleet insurance – focused on saving safe fleets and improving road safety for all. Fairmatic is led by an all-star team including the former president of Allstate Jamie Trishas its President of Insurance, and Jonathan Matus, the former head of Android phones and Facebook, as its CEO. Fairmatic also announced a $42 million Series A funding round led by Foundation Capital.
“Fairmatic is bringing an alternative to the traditional insurance industry: one that provides protection and gives fleets fair and cost control,” he said. Jonathan Matus, founder and CEO. “Having spent many years working with mobile phone technology everywhere, I was deeply concerned about its unintended impact on road safety. The launch of Fairmatic is a reflection of our mission to transform Commercial Auto insurance into a force for good.”
“In the past, auto insurance has been a failure of insurers and insurers, large losses and recoveries,” he said. Jamie Trish, President of Insurance. “Fairmatic is flipping the script by redefining the sweet win-win-win-win-win-win-win-win-win-win-win-win-sweet environment where safe cars are rewarded with money; Fairmatic thrives and people benefit from better road safety for all . Our profitable growth puts Fairmatic at the forefront of Insurtech 2.0.”
Fairmatic began approaching risk and underwriting in an unbiased way using data and AI to develop a sustainable insurance strategy that promotes safety and retention. Undercover, Fairmatic tested its prediction method with thousands of paying drivers and found the best results on record.
AI-powered threat models have been trained with nearly 200 billion driving data and tested over five years of operation, demonstrating a proven way to help fleets monitor and manage security issues with potential alerts. A simple system change can result in significant cost savings, which in turn leads to a sustainable fleet business with safer drivers, competitive insurance rates and lower costs.
“Insurance in this sector has been very unfair. Now more than ever, due to the rise of the situation makes things worse, ships need good and transparent insurance,” said Matus. “Safe boats have to pay less because they are less dangerous, but in the end they pay for unsecured boats because the existing insurance companies that sell cars use a pricing system that fails to account for the real events and damages that exist in each group.”
Fairmatic’s Series A funding round was led by Foundation Capital, along with Aquiline Technology Growth. The company is also backed by Insurtech, fintech and angel investment firms, including Yahoo co-founders Jerry Yang; Israeli-American investor and Forbes Midas List 2022 single VC Oren Zeev; Co-founder of Hippo Insurance Assaf Wanda; entrepreneur and multiple unicorn investor Bill Tai.
“Raising a substantial Series A in the current financial crisis is a testament to the opportunity Fairmatic has and its proven track record as an underground company, which we can only hope will continue,” Foundation Capital’s said. Charles Moldow, who also joins the Fairmatic team. “Having a sufficient market for $160 billion, the commercial insurance industry is poised for a revival. Fairmatic offers innovative ways to find fleets at the same cost using technology and benefits that consumers have enjoyed for years. “
Along with Trish and Matus, Fairmatic’s all-star C-suite also includes Ed FordChief Actuary of Progressive Insurance, and Brian Specht who led the growth of the cybersecurity insurtech unicorn coalition. The Fairmatic Group uses technology and insurance excellence to improve the entire insurance process from risk selection, underwriting and distribution, the entire risk mitigation and claims process. With its incredible opportunity to rethink the way marine insurance is purchased, underwritten and designed to reflect new protections and savings, Fairmatic is moving forward to expand its global team with locations in the US, Israel and India.
Fairmatic is creating Insurtech 2.0 by providing the first data-driven fleet insurance that provides protection and financing. Fairmatic’s innovative approach to the electric insurance industry leverages AI-driven technology combined with telematics data to create cost savings for fleets, safer roads for people and a more profitable business model. Fairmatic’s software has been trained and tested with over 200 billion data points to help fleets better manage safety with actionable information.
Established in 2017 by Jonathan Matus, the tech giant that helped launch Android phones and Facebook, Fairmatic is essentially rethinking commercial vehicles from the ground up to make the roads safer, one team at a time. Following its recent Series A round, Fairmatic has raised a total of $42M from Foundation Capital, Aquiline Technology Growth and insurtech, fintech and technology angel investors. Fairmatic is expanding its global team. Find out more about Fairmatic at fairmatic.com or join the ranks of unconventional, flexible and passionate technologists within reach [email protected].
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