Insurtech platform nSurely closes €535,000 funding round
Irish insuretech platform nSurely, which harnesses artificial intelligence (AI) to help insurers evaluate risk in real-time, beginning with the motor usage-based insurance sector, has closed an early-stage funding round raising €535,000.
The oversubscribed funding round attracted support from leading insurance and IoT industry veterans in Ireland, the US, and the Caribbean. Former Linked Finance CEO Niall Dorrian is also an investor and is joining the nSurely board. Gerry Hassett, ex-Irish Life managing director and InsTech co-founder, also joins as a strategic advisor.
NSurely’s operates in the rapidly growing usage-based insurance (UBI) space, where vehicle data is gathered via telematics, letting insurers calculate driver risk in real-time. nSurely’s platform generates data that allows insurance company customers to properly measure driver risk and to offer ‘pay how you drive’ (PHYD) insurance products. Costs are tailor made depending on use, mileage, and driver behaviour.
The Cork-based company is already operating in the Middle East (Bahrain), and will launch pilot projects in Ireland and the UK in early 2022. The company believes its approach will have global appeal, providing a plug-and-play solution that will transform the traditional insurance industry. nSurely’s ultimate goal is to create a more transparent and accurate way of pricing insurance policies.
“Now that we’ve proved out the concept, it’s amazing to have support from experienced insurance and fintech industry veterans,” said Aravind Ravi, CEO and co-founder, nSurely. “Our new team will help us scale up the application for this technology. Usage-based insurance will help insurers better manage risk while giving consumers the ability to pay lower premiums that more accurately reflect their specific driving habits. It’s the future and will soon be ubiquitous in the insurance industry.”
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