Fairmatic: A Promising Insurtech Startup, Redefining Commercial Auto Insurance for Fleets

Through the innovative blend of advanced telematics, business auto insurance expertise, and human empathy, forward-thinking fleet businesses are now safer on the road & pay less in insurance premiums every year.

How?

With a mobile app and an intuitive, easy-to-use dashboard, Fairmatic’s AI-powered auto insurance enables better-informed fleet managers, safer driving habits, and fairly priced premiums for businesses one mile at a time.

Since its inception, Fairmatic’s technology has analyzed driving data to deliver practical and actionable tips to drivers that lead to safety and savings.

A Complex Challenge Meets an Innovative Solution

More vehicles are on the road than ever. But, the hustle and bustle of modern transportation have brought along severe impacts for businesses – from a safety and cost perspective.

In 2021, collisions and incidents surged to their highest since 2005, and in 2022 rose by nearly 18% from 2019. Likewise, according to Property Casualty 360, the commercial auto industry, as a whole, saw an increase in premiums during Q1 of 2023.

On average, Fairmatic customers save at least 20% per year on their insurance premiums and report 49% fewer collisions with 25% overall safety improvements.‍

Why?

Roads are more congested and see more types of risks than ever before. However, not all driving is created equal, so we believe safer drivers shouldn’t subsidize riskier ones – which is why Fairmatic was developed and is the first data-driven fleet insurance to reward safety with savings.

Fairmatic’s approach to insurance leverages AI-powered technology, telematics, and machine learning technology to drive meaningful cost savings for fleets by placing much-deserved value on responsible driving, leading to safer roads and more successful commercial fleets.

The Fairmatic underwriting model is trained and tested with over 200 billion miles of driving data to help fleets proactively manage safety issues with actionable insights. See How We’re Different.

Those core beliefs and methods of operations (embedded into the very code of our technology) are only part of what makes Fairmatic unique. Our leadership team combines experienced experts from the technology and insurance spaces.

The evident advancement of our vision to create safer roads while enabling better fleet management, along with our striking technology and melting pot of insurance and technology leaders, led to esteemed recognition by industry data specialists.

CB Insights Recognizes Fairmatic as One of The Most Promising Insurtech Startups of 2023

CB Insights, a global leader in mining (and helping enterprises of all sizes make sense of) emerging, game-changing market data, released winners of their second annual Insurtech 50 – “a list of the 50 most promising private insurtech companies across the globe.”

We’re thrilled to announce our inclusion on the prestigious list, recognized by CB Insights as a promising insurtech startup for creating a new commercial auto insurance category.

In the often antiquated & invariably legacy-dominated world of insurance, where tried & tested processes, policies, and rocky consumer relationships have seen little to no change, innovative insurance technology startups (dubbed “insurtech”) are disrupting the legacy insurance industry at large and in a big way.

By developing better AI tools, leveraging better telematics, enabling better predictive risk models, utilizing usage-based insurance models and beyond, trailblazing insurtech companies like Fairmatic are forging the path to a smarter, fairer and more transparent commercial auto insurance landscape.

‍

Learn more about the experiences of our partners, and insured and discover how Fairmatic can transform your business.

Follow us on Linkedin and Twitter for the latest news, product updates, and more.