{"id":160467,"date":"2023-03-16T20:22:19","date_gmt":"2023-03-17T01:22:19","guid":{"rendered":"https:\/\/lifeboat.com\/blog\/2023\/03\/fairmatic-raises-46m-to-bring-ai-to-commercial-auto-insurance"},"modified":"2023-03-16T20:22:19","modified_gmt":"2023-03-17T01:22:19","slug":"fairmatic-raises-46m-to-bring-ai-to-commercial-auto-insurance","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2023\/03\/fairmatic-raises-46m-to-bring-ai-to-commercial-auto-insurance","title":{"rendered":"Fairmatic raises $46M to bring AI to commercial auto insurance"},"content":{"rendered":"<p><a class=\"aligncenter blog-photo\" href=\"https:\/\/lifeboat.com\/blog.images\/fairmatic-raises-46m-to-bring-ai-to-commercial-auto-insurance2.jpg\"><\/a><\/p>\n<p>With inflation sparking an increase in the cost of repairs, labor and claims, fees for insurance are similarly spiking across the board. Car insurance premiums rose 13.7% nationally over the past year, <a href=\"https:\/\/www.usatoday.com\/story\/money\/personalfinance\/2023\/02\/26\/car-insurance-premiums-rise-inflation\/11355762002\/\" target=\"_blank\" rel=\"noopener\">according<\/a> to a study from <a href=\"http:\/\/Bankrate.com\">Bankrate.com<\/a>. Home insurance, meanwhile, climbed 12.1% year-on-year, Policygenius <a href=\"https:\/\/www.cnbc.com\/2022\/10\/06\/states-where-home-insurance-rates-are-rising-fastest.html\" target=\"_blank\" rel=\"noopener\">found<\/a>.<\/p>\n<p>But Jonathan Matus argues that it doesn\u2019t have to be that way. He\u2019s the founder of <a href=\"https:\/\/www.fairmatic.com\/\" target=\"_blank\" rel=\"noopener\">Fairmatic<\/a>, a company that\u2019s applying AI to \u2014 at least according to him \u2014 reduce risk in the car insurance industry.<\/p>\n<p>Matus previously founded Zendrive, a platform that provides insights to enterprises for car insurance underwriting and claims as well as roadside assistance. While Zendrive is focused on insurance for individuals and families, Fairmatic has a more commercial bent \u2014 a customer base made up primarily of businesses.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With inflation sparking an increase in the cost of repairs, labor and claims, fees for insurance are similarly spiking across the board. Car insurance premiums rose 13.7% nationally over the past year, according to a study from Bankrate.com. Home insurance, meanwhile, climbed 12.1% year-on-year, Policygenius found. But Jonathan Matus argues that it doesn\u2019t have to [\u2026]<\/p>\n","protected":false},"author":396,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43,6,1491],"tags":[],"class_list":["post-160467","post","type-post","status-publish","format-standard","hentry","category-business","category-robotics-ai","category-transportation"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/160467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/396"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=160467"}],"version-history":[{"count":0,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/160467\/revisions"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=160467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=160467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=160467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}