The platform hopes to launch pilot projects in Ireland and the UK next year, with expansion plans on the horizon.
Irish company nSurely, which uses AI to help insurers evaluate risks in real time, has closed an early-stage funding round of €535,000.
The round attracted support from insurance and IoT industry veterans in Ireland, the US and the Caribbean. Former Linked Finance CEO Niall Dorrian, who is also an investor, is joining the nSurely board, while InsTech co-founder Gerry Hassett will join as a strategic adviser.
Based in Cork, nSurely gathers vehicle data via telematics, letting insurers calculate driver risk in real time and offering usage-based insurance.
Its platform allows insurance companies to measure driver risk and offer ‘pay how you drive’ insurance products.
The start-up was founded in 2021 by Aravind Ravi, Niall Crowley and Dan Foley, after Ravi and Crowley developed the idea while in University College Cork’s Ignite incubator programme.
The company is already operating in the Middle East. Following the funding round, the team is hoping to expand and plans to launch pilot projects in several European countries next year, including Ireland and the UK.
CEO Ravi said he’s proud to have support from experienced insurance and fintech industry veterans.
“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.”
The company’s CTO, Crowley, added that nSurely is “breaking new ground” in the application of AI in 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 tailor-made motor insurance solutions.”
Last month, nSurely became one of eight start-ups taking part in a new pre-accelerator launched by Dogpatch Labs and InsurTech.
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