InsurTech OpenEyes has emerged from the stealth with an $18 million Series A round.
That brings the amount the company has raised for its commercial fleet auto insurance solution to $23 million, OpenEyes said in a news release Tuesday (Feb. 14).
The company said in the press release that it offers insurance at competitive prices by enabling accurate underwriting, streamlining claims processing and helping fleets reduce the frequency and severity of traffic accidents.
Its technology helps fleet managers identify sources of risk so they can implement solutions. The OpenEyes approach includes training, risk mitigation and technology that can be deployed in any commercial vehicle, the company’s website says.
“Since our launch two years ago, we’ve seen first-hand how OpenEyes’ solution reduces insurable risk and claims costs, but more importantly, we’ve seen accidents reduced and lives saved,” says Yoav Oron, OpenEyes co-founder and CEO said in the release. “We look forward to using the proceeds from our latest round to bring this to more customers in the North American market.”
OpenEyes will use the new capital to hire employees to support its operations in the United States and to further develop its technology, the press release said.
The company’s solution is already being used by fleets that have driven millions of kilometers across the country and have seen a 25.5% reduction in accident rates and a 30% reduction in damage severity, according to the press release.
The recent Series A round was led by global software investor Insight Partners and Pitango First.
“The integration of vehicle technology and insurance creates a new experience for fleet owners,” said Pitango First Managing Partner Eyal Niv in the press release. “At the intersection of technology and the InsurTech game, the company’s proprietary solution increases driver safety and collision avoidance while providing a faster and more accurate claims management process.”
As PYMNTS reported in March 2022, technology can be used to see how drivers behave safely on the road.
For example, drivers who choose to share telematics data from their cell phone or a device in their vehicle can provide evidence of their driving behavior to their insurance provider.
Get our hottest stories delivered to your inbox.
Sign up for the PYMNTS.com newsletter for updates on top stories and viral hits.
PYMNTS Data: Why Consumers Are Trying Digital Wallets
A PYMNTS study, New Payments Options: Why Consumers Are Trying Digital Wallets, finds that 52% of US consumers have tried a new payment method in 2022, with many choosing to try digital wallets for the first time.