Fairmatic raises $46 million in latest funding round

Fairmatic uses an AI-driven underwriting approach to offer continuous savings for commercial fleets. The company provides a simple way to monitor driving events and offers actionable improvement tips, giving fleets more control over their risk management approach.

The company incentivizes safer driving and does not penalize fleets for unavoidable incidents. This differs from traditional insurance models that rely on historical data, which has led to losses and overpriced premiums, especially upon renewal, Fairmatic said.

“Fairmatic addresses the central requirement of improving commercial auto insurance: motivating safer driving,” said Marcus Ryu, Battery Ventures partner and co-founder and former CEO of insurtech

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