Harnessing AI, nSurely’s goal is to expand and launch pilot projects in several EU countries next year.
Irish insuretech platform nSurey has closed an early-stage funding round of €535,000.
nSurely’s platform harnesses artificial intelligence (AI) to help insurers evaluate risk in real-time, beginning with the motor usage-based insurance sector.
“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”
The oversubscribed funding round attracted support from leading insurance and IoT industry veterans in Ireland, the United States, 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.
nSurely 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.
The business was founded in early 2021 by CEO Aravind Ravi, and CTO Niall Crowley. The two developed the idea while in an Irish incubator program, combining Aravind’s dynamic concept and proprietary AI model with Niall’s experience developing and deploying fintech enterprise platforms.
“Now that we’ve proved out the concept, it’s amazing to have support from experienced insurance and fintech industry veterans,” said Ravi.
“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.”
Crowley added: “We are breaking new ground in the application of artificial intelligence to deliver innovative solutions for the insurance industry. By gathering data in real-time and leveraging the big data analytics of the platform, we can give insurers actionable data to mitigate and price their risk while offering transparent and tailormade motor insurance solutions.”