Cambridge Mobile Telematics

Cambridge Mobile Telematics (CMT) launched its mobile-focused usage-based insurance (UBI) platform in 2012, enabling insurers to build their own UBI products. The company’s product suite includes a white-label mobile app (DriveWell) and an Internet of Things (IoT) tag that collects telematics data that insurers can use to assess risk, incentivize behavioral change through gamification, and reconstruct crashes for accurate claims processing. The app also notifies insurers instantly during an accident, allowing them to dispatch help and begin the claims process. It also enables insurers to detect fraudulent claims based on telematics data.

In June 2021, the company acquired TrueMotion, a developer of telematics solutions for auto insurance, for an undisclosed amount. Founded in 2012, TrueMotion helps insurers develop their own usage-based insurance products by allowing developers to build mobile apps on top of its platform which collects information from smartphone sensors in relation to an individual's driving behavior. The platform also includes telematic data features to file claims using the app and other value-added services such as good driving incentives and quick accident responses following a crash. TrueMotion’s telematics solution can also be used by fleet operators to monitor the driving patterns of its drivers. Through the acquisition, the two companies will combine their products to bolster CMT’s offerings and expand the company’s geographical reach.

In addition, CMT acquired Amodo, a turnkey usage-based auto insurance solutions provider based in Europe in March 2023 , for an undisclosed amount. Following the acquisition, Amodo will operate under the CMT brand and will gain access to its advanced telematics solutions. Through the acquisition, CMT aimed to accelerate its global reach and strengthen its position in Europe.

Key customers and partnerships

As of March 2023, CMT’s technology-powered 95 enterprise programs across 25 countries including nine in continental Europe. In addition, its solutions are used by 21 of the top 25 insurers in the US, including insurers such as StateFarm, Liberty Mutual, and Progressive. CMT’s solutions are also used by rideshare companies and large fleet operators.

Funding and financials

The company’s last funding round was in December 2018, where it raised USD 500 million from SoftBank’s Vision Fund, with plans to expand its platform.