For most of us, insurance has a very passive presence in our lives. The few times we do actively think about it are not particularly fond memories. The frustrating renewal. Or the hassle of a (dreadful!) claim.
Not so long ago, getting any kind of insurance meant grueling phone calls and hours of paperwork. Fortunately, this has been changing. As software eats the world, companies like Root Insurance, Lemonade, and Hippo are bringing fully digital, near-instant insurance experiences to personal insurance. And they are growing fast!
The wrong kind of legacy
Commercial insurance, and in particular transportation insurance, however, is still stuck in the dark ages. Most of the legacy carriers in the space are still doing mind-numbingly inefficient paper applications and manual and error-prone underwriting. And consumers pay the price. Between 2010 and 2018, insurance premiums rose 42%, accounting for nearly 5–7% of a fleet’s expenses!
Reimagining fleet insurance
At Nirvana, we believe that insurance should help fleets continuously understand and improve their safety. We want to establish a win-win relationship with fleets, one where we help them improve their safety, make the roads safer for everyone, and help them reduce their costs.
And we believe now is the right time to reforge a fleet’s insurance relationship from today’s passive, reactive one to a more proactive one. The transportation industry is being silently transformed by technology. IoT companies like Samsara, which my co-founder Rushil helped build, are connecting fleets and making truckloads (pun unintended!) of data available, including GPS and video data from every commercial vehicle. My co-founder Alex helped build the models to identify safe car drivers using telematics data at Root Insurance. And customers across the spectrum are starting to expect and demand modern, hassle-free digital experiences.
Engineering innovation
We are taking on the challenge of rebuilding a large, complex, and regulated industry through technology and innovating on behalf of our customers. This is a daunting task, no doubt. And that’s why we are building an all-star engineering team that can disrupt a large antiquated market.
Over the coming weeks and months, we will share our learnings — both big and small — as we build a modern data-driven insurance stack from the ground up.
Curious to learn more? Contact us at info@nirvanatech.com and we’ll be happy to chat.
