New Truck Fleet Insurance Company Uses Telematics Data – Fleet Management
A new company promises to use telematics data to “transform” the world of truck insurance.
Nirvana Insurance, a technology-driven platform that modernizes commercial fleet insurance using large amounts of data from sensors on trucks, is a startup led by former key employees of Samsara, Rubrik and Root Insurance.
Nirvana Insurance is giving up to 20% discounts to the safest fleets and transforming an insurance process that often takes months into minutes, according to a press release.
“The analog approach to delivering insurance to commercial fleets is fundamentally broken,” said Rushil Goel, CEO and co-founder of Nirvana, who previously served as vice president of product at Samsara. “The process is confusing, slow and comes with high productivity and financial cost.”
Goel said he saw small fleets struggling with insurance while on Samsara. “Truckers who did everything right and invested in safety still saw their rates go up every year to the point of forcing them out of business.”
The Nirvana platform connects billions of data points from telematics and AI-powered dashcams, as well as public sources such as state motor vehicle departments and the Department of Transport, to provide instant quotes. Location, speed, video, erratic driving, weather and traffic are all factors evaluated by Nirvana’s machine learning algorithms. Nirvana also gives regular recommendations to its customers, including specific coaching for drivers, as well as routes to avoid.
The policies are also usage-based: customers only pay for the duration of their ride, allowing a focus on cost reduction and tailoring coverage to exposure and usage of a fleet.
“Partnering with Nirvana was a no-brainer for us,” Nicole McMurtry, president of USI Insurance Services, said in a press release. “Their insurance platform has cut quote request processing times from 30-45 days to just 48 hours and has nearly eliminated all paperwork. On top of that, with ever-increasing commercial auto premiums, we believe this is exactly the product our customers need.Using telematics to accurately underwrite customers is the only way our industry will survive.
Goel said fleet insurance is just the start for Nirvana.
“One day soon, this use of smart data to mitigate risk will extend to factories and warehouses, for a safer and more efficient national supply chain.”
Nirvana has raised more than $25 million in investment funds and will use the money to scale its operations, grow its team, and invest in R&D efforts to develop its products and services.