Just Insure, a pay-per-kilometer insurance technology company that uses telematics to reward safe drivers and reduce insurer bias, announced it has raised $ 8 million, bringing its total funding to $ 15 million .
The new funds will be used to scale the business and its product offering as it seeks to expand into other states. This funding round was led by CrossCut Ventures, ManchesterStory and Western Technology Investments.
The funding comes as Just Insure (Just) enters a phase of rapid growth, issuing more than 1,000 new policies in the second quarter of 2021, ten times more than the same period in 2020. The company also reported an increase 1,400% revenue during that same period.
The average cost of auto insurance in the United States is around $ 1,600 per year and nearly $ 2,000 for people in their twenties, Just said in a statement. While old insurance providers rely on demographic metrics like zip codes, credit score or marital status, Just said he uses telematics and only charges miles driven.
This allows the company to proactively offer lower rates for safer drivers and save customers around 40% compared to their old auto insurance company, Just continued.
Similar to a prepaid calling card, Just customers charge their account for as little as $ 30. As customers drive their balance decreases and every 30 days the company changes each customer’s price as more information is gathered about the customer’s driving habits.
“People are just driving less because of rising work-from-home rates, and that won’t change anytime soon,” commented Robert Smithson, Founder and CEO of Just Insure. “Our approach allows us to offer customers rates that truly reflect their driving, which in turn rewards drivers, removes pricing bias and ultimately makes the road safer for everyone. We look forward to continuing to develop our telematics capabilities and expand our team with these new funds.
“We were initially drawn to Just Insure because the team takes an approach to auto insurance that we’ve never seen before,” said Matt Kinley, co-founder and managing partner of ManchesterStory. “It’s fairer, more affordable and personalized across the board, and unique because the company offers customers rates that truly reflect their driving, which rewards safe drivers with lower insurance premiums.”
Just is currently available in Arizona, with plans to expand to other US markets such as Texas, Nevada, Pennsylvania, Ohio, and Georgia. Founded in 2019, Just Insure is a subsidiary of SF Insuretech Inc., with headquarters in Los Angeles and offices in London. The company has raised a total of $ 15.3 million from CrossCut Ventures, ManchesterStory and Western Technology Investments.
Source: Just make sure
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