AI Insurance – Lower Prices for Safer Roads, Fewer Distractions

April 23, 2024
1 min read


TLDR:

  • Fairmatic, an AI insurance company, uses an AI platform to monitor fleet drivers’ performance and smartphone use to set insurance prices.
  • The platform collects data on driving and phone activity to predict accident likelihood and provide insights to fleet managers.

An Israeli insurtech startup, Fairmatic, founded by former Google employee Jonathan Matus, has developed an AI platform to monitor fleet drivers’ performance and smartphone activity behind the wheel. The platform uses this data to set insurance prices for fleets based on risk assessment. The focus on reducing distracted driving, a negative consequence of ubiquitous smartphone usage, sets Fairmatic apart in the insurance industry.

The platform compiles data on each fleet to create a risk model predicting the likelihood of accidents and provides insights to fleet managers. By monitoring behavior and coupling it with insurance incentives, Fairmatic aims to change drivers’ behavior and make roads safer one fleet at a time. The company has raised $88 million and is focused on American expansion in the $70 billion insurance market.


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