INSHUR, a New York-based on-demand insurance provider, has announced the acquisition of American Business Insurance Services (ABI), a provider of commercial transportation insurance in the USA.
Besides acquisition, the company also raised $26M from existing investors, including JVP, Munich Re Ventures, Viola Fintech (also backed CANDIS), and MTech Capit.
Dan Bratshpis, CEO and Co-Founder at INSHUR, comments: “The on-demand driver economy is growing exponentially around the world, so the ability to provide access to competitive insurance policies that match drivers’ needs is becoming imperative to delivering the best user experience possible. Since 2016, INSHUR has been successfully insuring and protecting a professional class of drivers with our seamless integration of technology and underwriting expertise to match the experience of our partner platforms.
“Now, with the acquisition of ABI, we’ll be able to bring our world-class commercial insurance products to hard-working drivers and fleet managers across the US, supporting them with policies that suit drivers’ lifestyles and working hours. ABI has a hard-won and excellent reputation for delivering the best products for America’s commercial auto industry, and now the addition of INSHUR’s technology, partnerships, and underwriting expertise will help to create a true best-in-class offering. Together, INSHUR and ABI will enable a new generation of entrepreneurial drivers to make a good living for themselves and their families, while staying safe and protected.
Why this acquisition?
The acquisition will enable INSHUR to immediately expand and scale its operation across the United States, cementing its position as the leading global embedded insurance platform serving the on-demand driver economy across the US, UK, and the Netherlands.
The strategic acquisition of ABI will accelerate INSHUR’s growth in 2023 by over 200% through the continued execution of its embedded partnerships.
Founded in 1983, ABI insures over 50,000 vehicles across the United States and has a strong reputation for its 40 years in the commercial auto insurance industry and strong loss ratio performance.
This acquisition will not only enable INSHUR to expand across the United States but also bolster its product portfolio.
Focus on driver and third-party protection
INSHUR’s top priority is the driver and third-party protection, and the acquisition of ABI will enable the company to further promote safe driving practices through its underwriting capabilities.
On-demand driver insurance policies require specialist handling and access to data to support and protect drivers, their passengers, and/or goods.
With ABI, INSHUR will be able to continue delivering personalised products and services thanks to its unique processing of proprietary data and use of technology to underwrite commercial driver coverage, which means better loss ratios for capacity partners.
Moreover, the acquisition of ABI gives INSHUR more access to claims data, offering more effective product development for fleet managers and on-demand drivers.
INSHUR’s strong platform partnerships and its ability to embed its technology into a partner’s platform create a competitive edge to provide insurance policies personalised to the diverse needs of on-demand drivers while staying capital-light and nimble.
Provides insurance solutions
Founded in 2016 and led by Dan Bratshpis, INSHUR provides embedded insurance solutions and complementary technology integrations for platform providers such as Uber and Amazon.
INSHUR offers a personalised suite of products that protects the well-being of its customers and provides flexible coverage and protection which adapts to the job/role – helping drivers to stay on the road.
The company’s unique use of performance-based ratings instantly removes some of the biases associated with location, age, and gender to offer on-demand drivers the best coverage.
Erel Margalit, Chairman and Founder at JVP, adds: “In a platform economy of micro to small businesses, insurance simply hasn’t matched the needs of its insureds. It is why we are proud to be invested in INSHUR, which is enabling a whole generation within the digital labor workforce to confidently embark on work through its dynamic insurance platform across the US and Europe.
Whether you’re a courier delivering Amazon packages or working in rideshare using a platform like Uber, INSHUR is on course to become the category leader in commercial on-demand insurance. INSHUR’s ability to do dynamic real-time AI rating and pricing and understand each driver for their own merits can make a big difference in the ability to provide them with the right kind of insurance solutions.”
Oshri Kaplan, Managing Director at Munich Re Ventures, concludes: “With this latest round of funding, we’re thrilled to see INSHUR set its sights on expansion into the broader US market while still maintaining an emphasis on strong profitability and low loss ratios. By expanding their embedded insurance product with their partners, INSHUR is well-positioned to bring their innovative insurance solutions to even more customers across North America and European markets.”
