PALO ALTO, California, October 5, 2021 / PRNewswire / – VOOM, creator of innovative insurance products for underserved mobility segments, announced $ 15 million in funding today to extend its usage-based insurance model to other mobility verticals. The funding round was co-led by JAL Ventures and UP.Partners, with participation from F2 Capital, Arbor Ventures, Verizon Ventures and ICON Continuity Fund and brings the total funding of VOOM to $ 22 million. Already a leader in the drone category with tens of thousands of policies, VOOM launched the world’s first kilometer insurance product for motorcycles in August and is expanding to offer usage-based insurance solutions for light aircraft, recreational vehicles and concert conductors.
VOOM identifies areas of mobility that are underserved by most insurers and deploys insurance solutions that leverage new data sources and actual customer usage. This allows the company to offer far fairer rates than traditional insurance companies whose risk models are built on data such as property, credit score, and zip code.
“The first wave of insurtech startups improved the way insurance companies interact with their customers. VOOM, as the pioneer of insurtech 2.0, is fundamentally changing the risk model itself,” said Tomer kashi, co-founder and CEO of VOOM. “Our expertise is in the areas of mobility where the risk is high but the use is irregular or seasonal. We apply advanced analytics to deliver dynamic pricing usage-based insurance products our customers love. ”
“The mobility industry is changing extremely quickly, but not traditional insurers,” said Ben marcus, co-founder and managing partner at UP.Partners. “In order to serve the most innovative mobility segments, VOOM has implemented its own end-to-end insurance software stack which has now proven itself with great success. We are delighted to join VOOM on their journey as ‘they are expanding their business to additional vertical mobility. ”
“We have met many insurance companies over the past 12 months, but the VOOM team has stood out. They have a winning combination of flawless execution and a clear vision of how to disrupt the business. mobility insurance market, “said Yair Elbaz, general partner at JAL Ventures. “Insurance is a $ 6 trillion global industry with insurtech accounting for less than 1% of that. VOOM manufactures innovative insurance products and this will dramatically increase the share of insurtech in the insurance industry. ”
VOOM is an innovative insurance company, creating next generation insurance products for mobility. Its dynamically-priced, usage-based insurance products are designed for high-risk, episodic-use mobility verticals, including drones, electric scooters, motorcycles and light aircraft.
VOOM has offices at Tel Aviv, Israel and in Palo Alto, California, VOOM is a licensed insurance broker in all 50 US states and Canada. Visit the VOOM website at www.voominsurance.com