OpenEyes, an insurtech serving commercial automotive fleets, today emerged from stealth with $18 million in Series A funding led by global software investor Insight Partners and Pitango First, with participation by MoreVC, which led the seed round together with Pitango First.
OpenEyes will use the funding to fuel the development of its cutting-edge technology and to hire additional team members to support its increasing U.S. operations. To date, OpenEyes has raised a total of $23 million.
OpenEyes offers commercial automotive insurance to fleets of all kinds at more competitive rates, first and foremost by reducing the frequency and severity of traffic accidents. Using OpenEyes’s innovative technology, fleet managers and safety officers can identify the sources of risk in their fleet, empowering them to implement practices that reduce the frequency of accidents. In addition, OpenEyes enables precise underwriting and streamlines claims handling and prevention.
“Large numbers of accidents and high costs of claims in commercial fleets are leading to ever-increasing premiums on commercial auto insurance, making it difficult for fleets to afford coverage and maintain operational efficiency,” said Yoav Oron, co-founder and CEO of OpenEyes.
“In addition, insurance companies have been losing money for years paying out accident claims, and little or nothing is being done to address and reduce the core risks. Instead, carriers raise premiums each year to cover the ever-increasing costs of accidents. This broken market dynamic is particularly difficult in a recessionary environment and, moreover, it disregards the human cost and impact of these accidents. Truckers and bus drivers are the essential workers that power the American economy, and without proper insurance that leverages technology to reduce accident frequency and severity, their families can suffer dearly after an accident.”
OpenEyes is already being used by fleets driving millions of miles nationwide. The independently validated results demonstrate that OpenEyes has helped reduce the frequency of accidents by over 25.5%, and the severity of claims by over 30%.
“Since our launch two years ago, we have witnessed first-hand how OpenEyes’ solution lowers the insurable risk and the cost of claims, but more importantly, we have seen accidents reduced and lives saved,” continued Oron. “We look forward to using the proceeds of our recent round to bring this to more customers in the North American market.”
“We set out to turn the tables on insurance losses by equipping fleets, insurance partners, and ourselves with a pair of eyes. Our goal is to become the first insurance company that is actively reducing accidents and saving lives while saving money,” said co-founder and CTO Omry Sendik.
In addition to the specialized backgrounds of its co-founders (Oron, Sendik and Dan Charash, chairman) and R&D team in both engineering and actuarial science, OpenEyes is partnering with leading insurance veterans and driving safety professionals to ensure it provides the best possible product.
“OpenEyes leverages cutting edge full stack technological solution to fundamentally alter the risk model of commercial fleets insurance. The integration between in-vehicle technology and insurance creates a new experience for fleet owners,” said Eyal Niv, managing partner at Pitango First. “In the intersection between technology and insureyech-play, the company’s proprietary solution increases driver safety and collision avoidance while providing a faster and more accurate claim management process.”
Topics Auto InsurTech Commercial Lines Business Insurance Tech
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