Fairmatic has raised a $46M funding round to improve the car insurance underwriting process through AI.

 

Fairmatic has raised a $46M funding round to improve the car insurance underwriting process through AI.  Fairmatic claims its software can help insurance companies analyze risk factors better. Fairmatic claims that fleets save up to 20% using its AI-powered platform. According to company officials, Fairmatic's AI predictive risk model has been trained using over 200 billion miles of driving data. In order to protect the privacy of its users, Fairmatic uses anonymous data and doesn't retain driver information without permission. Battery Ventures led the round with participation from Bridge Bank. Since its inception in 2019, the company has raised $88M. The commercial auto insurance industry is estimated to reach $307.10B by 2030.