Irish insurance tech firm nSurely has raised €535,000 in early stage funding.
nSurely's platform allows insurers to calculate customer risk in real time as it gathers vehicle data, via telematics, based on use, mileage and driving behaviour.
The Cork based firm is already operating in Bahrain, and will launch a pilot here and in the UK next year.
The company said its ultimate goal is to create a more transparent and accurate way of pricing insurance policies.
Aravind Ravi, CEO and co-founder of the company, said that now nSurely has proved out the concept, it is amazing to have support from experienced insurance and fintech industry veterans.
"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," the CEO said.
It's the future and will soon be ubiquitous in the insurance industry," he added.
Niall Crowley, CTO and co-founder, said the company is 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," Mr Crowley added.
The oversubscribed funding round attracted support from leading insurance and IoT industry veterans in Ireland, the US and the Caribbean.
Former Linked Finance CEO Niall Dorrian is also an investor and is joining the nSurely board.
Gerry Hassett, ex-Irish Life Managing Director and InsTech co-founder, also joins as a strategic advisor.
