Irish insuretech platform nSurely has closed a €535,000 early-stage funding round with former Irish Life managing director Gerry Hassett and ex-Linked Finance chief executive Niall Dorian among the backers.
The oversubscribed funding round attracted support from leading insurance and Internet of Things (IoT) industry players in Ireland, the United States and the Caribbean.
Founded in early 2021 by Aravind Ravi, Niall Crowley and Dan Foley as a spin-out from University College Cork's Ignite incubator programme, nSurely has developed a technology platform that uses artificial intelligence to help insurers evaluate risk in real time.
It is planning to launch pilot programmes in several European countries in 2020, beginning with the motor usage-based insurance segment, where vehicle data is gathered via telematics to help insurers measure driver risk and offer “pay how you drive” products.
“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 tailor-made motor insurance solutions,” said Mr Crowley, the company’s chief technology officer.
Mr Dorian is to join the company’s board following the funding round, with Mr Hassett coming on board as a strategic adviser.
“Now that we’ve proved out the concept, it’s amazing to have support from experienced insurance and fintech industry veterans. Our new team will help us scale up the application for this technology, said Mr Ravi, chief executive.
“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.”