Private insurance provider INSHUR obtains $35 million in financing, aims to broaden operations across the United States.
INSHUR Secures $35 Million to Revolutionize Insurance for the On-Demand Economy
INSHUR, a pioneer in insurance solutions for the rapidly growing on-demand economy, has raised $35 million USD from Trinity Capital. This investment will propel INSHUR's expansion across the U.S., accelerate its path to profitability, and reinforce its development of innovative insurance solutions.
The funding round was led by Viola Growth, with the participation of MS&AD Ventures and existing investors. One of the key areas INSHUR plans to invest in is AI technologies for underwriting and real-time pricing, particularly for the autonomous vehicle market.
INSHUR's platform simplifies and streamlines commercial insurance for on-demand mobility drivers, fleet operators, and delivery drivers. The company's strategy for AI-driven insurance solutions in the autonomous vehicle market focuses on developing advanced AI capabilities for underwriting and real-time pricing tailored to commercial auto insurance, including autonomous mobility.
To achieve this, INSHUR is working with SADA, a Google Cloud partner, to scale and transform the insurance industry with Google Cloud solutions. The company's AI-powered technology will revolutionize commercial auto insurance workflows, aiming for more accurate risk assessment and dynamic pricing models that adapt to the complex and fast-evolving risks associated with autonomous vehicles.
INSHUR's AI-driven insurance strategy also involves expanding its footprint in the U.S. market and forging key partnerships, notably with platforms like Uber. The company has already demonstrated this approach by launching a tailored insurance product for Uber Eats two-wheel couriers in the Netherlands, signalling a broader strategy to integrate insurance offerings within gig economy platforms and fleets operating autonomous or semi-autonomous vehicles.
This integration allows real-time adjusting of coverage and pricing using AI data analytics, improving efficiency and customer experience while managing emerging risks unique to autonomous vehicles. INSHUR's CFO, Tal Brener, predicts a consistent >50% CAGR since 2023, with a goal to cross the $100m revenue run rate in less than a year.
The recent funding will also support INSHUR's U.S. expansion, with the company already setting its sights on Arizona, its second state in the US, following its success in New York. The launch of INSHUR's 'Period Z program' will support more fleet businesses across the U.S., and the company will take the lead in programs like Uber’s 'Bring Your Own Insurance' initiative.
INSHUR's CEO, Dan Bratshpis, states that the raise reflects a disciplined approach to insurance solutions for the on-demand economy. The company aims to continue providing expertise in advancing on-demand solutions for the mobility sector, including for platform giants like Uber and car rental platforms.
Burch & Company, Inc. served as a sole advisor to INSHUR in connection with the transaction. With the backing of significant investors like Trinity Capital and Munich Re Ventures, INSHUR is well-positioned to transform the insurance experience for commercial drivers, aligning with growing industry trends for specialized AI insurance solutions for autonomous systems.
References: [1] https://www.insurtechnews.com/blog/insurtech-news/insurtech-news-roundup-inshur-raises-35-million-to-revolutionize-insurance-for-the-on-demand-economy/ [2] https://www.insurtechnews.com/blog/insurtech-news/autonomous-vehicle-insurance-market-size-to-reach-usd-36-billion-by-2030/ [3] https://www.insurtechnews.com/blog/insurtech-news/insurtech-news-roundup-autonomous-vehicle-insurance-startup-inshur-raises-35-million-to-expand-its-ai-driven-insurance-solutions/
- The funding will enable INSHUR to invest in AI technologies for underwriting and real-time pricing, particularly for the autonomous vehicle market, a key area of focus for their innovation in insurance solutions.
- INSHUR is working with SADA, a Google Cloud partner, to scale and transform the insurance industry with AI-powered technology, revolutionizing commercial auto insurance workflows for businesses in the on-demand economy.
- In terms of the future of the insurance business, INSHUR's CFO predicts a consistent growth rate of over 50% CAGR since 2023, with a goal to cross the $100m revenue run rate in less than a year.
- The investment from Trinity Capital is expected to support INSHUR's expansion into new markets, such as Arizona, and its leadership role in initiatives like Uber’s 'Bring Your Own Insurance' program, aligning with the growing trend for specialized AI insurance solutions for autonomous systems.
