Israeli insurtech startup Bambi Dynamic is launching its platform, which generates personalised, usage-based insurance options for the mobility sector, with a total of $6 million in funding. The recent Series A round was led by MS&AD Ventures, the venture capital arm of one of Japan’s largest insurance and financial services providers, with support from existing investor The Phoenix Insurance Company, one of the largest insurance companies in Israel.
The insurtech platform calculates premiums based on individual user data, including driver safety scores, on-demand activation and deactivation, and time or distance driven, while accounting for ‘occasional drivers’ and multi-use vehicles. It’s built for the IT systems of insurance companies as well as the apps of original equipment manufacturers (OEMs) and Mobility-as-a-Service (MaaS) providers such as ridesharing, ride hailing, carsharing, e-scooters and delivery.
Some components are consumer facing, too. The Tel Aviv startup has partnered with The Phoenix to launch a pay-as-you-go, private vehicle insurance product. Called ‘The Phoenix Drive’, it includes a web/mobile onboarding sales and underwriting portal for direct customers and insurance agents, back-office interfaces for the insurer and a mobile app for consumers.
“Bambi’s technology enables us to offer our customers game-changing personal and commercial auto insurance products, and provides us with a competitive advantage for meeting the complex technological and logistical needs insurers must adopt to address the ever-evolving mobility ecosystem,” said Ron Shvili of The Phoenix.
Jon Soberg of MS&AD Ventures commented: “We believe the Bambi Insurance Platform’s focus on the modern mobility environment is laying the groundwork to build a multitude of digitised, personalised and scalable products for P&C insurance.”
Photo: Li-On Raviv (CTO), Moshe Pinto (founder and CEO), Zion Madmon (founder and chairman)