Insurance provider INSHUR garners $35 million in financing, aiming for growth and expansion in the United States.
INSHUR Announces $35 Million Investment to Drive AI-Powered Autonomous Vehicle Insurance Solutions
INSHUR, a leading provider of insurance solutions for the on-demand economy, has secured a $35 million investment from Trinity Capital. This funding will accelerate the company's research and development efforts to create insurance products tailored for autonomous vehicles (AVs) and expand its on-demand insurance platform across the U.S. and globally.
The investment follows INSHUR's recent successes, including surpassing 1 million policies sold in the U.K., one of its core markets, and the acquisition of American Business Insurance Services (ABI) in April. With the ABI acquisition, INSHUR aims to scale and transform the insurance industry.
INSHUR's strategy for AI-driven autonomous vehicle insurance solutions centers on leveraging advanced AI to enhance underwriting and real-time pricing, specifically targeting AVs and on-demand mobility sectors. The funds will support INSHUR's expansion across the U.S., fast-track its path to profitability, and reinforce its development of innovative insurance solutions.
MS&AD Ventures and existing investors also participated in the funding round, which was led by Viola Growth. This brings INSHUR's total funding to USD $78.5m.
INSHUR is partnering with SADA, a Google Cloud partner, to achieve this transformation using Google Cloud solutions. The company will invest in advanced AI technologies for underwriting and real-time pricing, particularly for the autonomous vehicle market.
One of INSHUR's key initiatives is the launch of its insurance offering for on-demand livery drivers in Arizona. The company is also developing the 'Period Z program' to support more fleet businesses across the U.S. and empower more drivers to control their profitability.
Trinity Capital views INSHUR as a leader in the commercial auto insurance space, especially within the booming on-demand economy. Burch & Company, Inc. served as a sole advisor to INSHUR in connection with the transaction.
With this investment, INSHUR is poised to continue its growth and innovation in the rapidly evolving world of autonomous vehicles and on-demand mobility.
[1] TechCrunch. (2022, April 28). INSHUR acquires American Business Insurance Services to scale and transform the insurance industry. [online] Available at: https://techcrunch.com/2022/04/28/inshur-acquires-american-business-insurance-services-to-scale-and-transform-the-insurance-industry/
[2] TechCrunch. (2022, May 18). INSHUR raises $35 million to expand its on-demand insurance platform in the U.S. and globally. [online] Available at: https://techcrunch.com/2022/05/18/inshur-raises-35-million-to-expand-its-on-demand-insurance-platform-in-the-u-s-and-globally/
[3] TechCrunch. (2022, November 8). INSHUR launches insurance offering for on-demand livery drivers in Arizona. [online] Available at: https://techcrunch.com/2022/11/08/inshur-launches-insurance-offering-for-on-demand-livery-drivers-in-arizona/
[4] TechCrunch. (2022, December 13). INSHUR unveils 'Period Z' program to support more fleet businesses across the U.S. [online] Available at: https://techcrunch.com/2022/12/13/inshur-unveils-period-z-program-to-support-more-fleet-businesses-across-the-u-s/
[5] TechCrunch. (2023, February 14). INSHUR positions itself as a leader in embedded insurance solutions for autonomous mobility. [online] Available at: https://techcrunch.com/2023/02/14/inshur-positions-itself-as-a-leader-in-embedded-insurance-solutions-for-autonomous-mobility/
- The investment in INSHUR will help drive their innovation in AI-powered autonomous vehicle insurance solutions, which is set to enhance underwriting and real-time pricing.
- The investment from Trinity Capital, along with financing from other investors, will aid INSHUR in expanding its on-demand insurance platform across the U.S. and globally.
- INSHUR's strategy for autonomous vehicle insurance solutions involves leveraging technology, particularly advanced AI, to develop products tailored for the autonomous vehicles and on-demand mobility sectors.
- With the partnership with SADA and the investment in advanced AI technologies, INSHUR aspires to continue its growth and lead the commercial auto insurance space, especially within the booming on-demand economy.
