May also save lives, also serve as a basis for personalized premiums that will benefit careful drivers (Photo: ShutterStock)
Insurance is one of the tools required for all of us to ensure financing against damage to property, body and sometimes even soul, as defined in the policy.
However, the policy is not always priced equitably, and leads insureds who drive and behave responsibly, for example as drivers on the road, to pay the same premium as those who do not drive responsibly.
An Israeli high-tech, who was one of the top executives of Google and Facebook, at the beginning of the smartphone revolution and specialized in artificial intelligence, as part of his neuroscience studies for a bachelor's degree at Harvard, decided to change this, and along the way also save lives.
He founded Fairmatic, an Israeli insurtech company, which develops an artificial intelligence (AI)-based system for commercial vehicle insurance based on real performance analysis of drivers, driving monitoring and telematics - a combination of information systems and real-time analysis of signals from many data sources.
The analysis makes it possible to adjust the premiums to the driving quality of the drivers and thus to examine the dimension of risk in their driving, to rate it, and to adjust accordingly the amount of the policy required to cover it.
Thus, for example, a driver who observes the speed laws, does not engage in the cell phone or other distractions while driving, and is careful to drive responsibly, will be categorized with a different risk rate than a driver who does not follow the rules of the road.
The company says that its system has already been tested among several hundred thousand drivers in the US, and has shown the ability to predict accidents and insurance claims based on the examination of the drivers' driving. The main activity of the company is among large fleets of vehicles. The information base of the algorithm developed by the company, which determines the degree of risk and pricing with the help
of Artificial intelligence, as mentioned, currently includes about 200 billion miles of driving data collected over 5 years. The insurance discount incentive leads business owners to encourage, in various ways, their drivers to drive more carefully.
The platform also allows the drivers themselves to identify their weak points and the company car managers to know who needs special attention in refreshing the driving rules.
It should be noted that about a decade ago the same entrepreneur founded Zendrive, which provides analysis and recommendations to drivers about the quality of their driving via the mobile phone.
The commercial vehicle insurance market, which includes fleets, stood at $128.44 billion in 2020 and according to the market survey company Allied Market Research it is expected to stand at around $307.1 billion by 2030 - a growth of 9.2% year after year.
Yonatan Matos, founder and CEO of Fairmatic (Photo: Fairmatic)
Fairmatic, ID card
Field of activity
: insurtech
Date of establishment
: 2021
Founder
: Yonatan Matos (41), who serves as the company's CEO.
Vision
: A more equal insurance world that works constantly to reduce road accidents
Employees
: 75, scattered in the USA, India and Portugal.
These days the company is working to establish a development center in Israel for which it is expected to recruit another 30 employees.
The company's total fundraising since its inception
: 42 million dollars.
Among the investors
: Oren Zeev, Bill Tai.
Jerry Yang Foundation capital.
Aquiline.
Key customers
: car fleets in the USA.
Companies operating in the field
: Progressive insurance, Allstate insurance.
CEO's statement
: "The system we developed corrects a distortion in car insurance, in which safe and responsible companies subsidize the insurance of unsafe car fleets, and this is because the insurance companies price them in a similar way without taking into account the level of risk and caution of the drivers of each car fleet. Implementing responsible driving habits over time will enable a significant reduction
of The global scourge of road accidents, which currently takes a toll of millions of dead and injured every year. And now there is also an economic incentive to do so in the form of lowering insurance rates, and especially in a period of economic slowdown that requires a more meticulous examination of expenses."
Of money
Insurance
Tags
Insurance
start up
car accident
car insurance
