VOOM Insurance is a digital insurance provider that focuses on offering digital usage-based solutions for mobility segments such drones, light planes, motorcycles, e-scooters, and modern fleets (yet to be launched as of January 2023). The company claims to have introduced the world’s first pay-per-mile motorcycle insurance product, VOOM & RIDE. The company also provides VOOM & Drive, a usage-based insurance policy for rideshare and delivery drivers. This connects gig drivers' accounts from various platforms like Uber and Lyft, gathering detailed data about the vehicle, driver, and driving-related information using AI technology. The company claims this personalized approach enables policyholders potential savings of up to 60% compared to usual policies. VOOM & Drive was available in Tennessee and Arizona as of December 2023.
Voom Insurance’s cover is available in 10 states (Arizona, Oklahoma, Iowa, Illinois, Wisconsin, Indiana, Ohio, Missouri, Texas, and Tennessee) as of January 2023; however, it is licensed to operate in all 50 states in the US as well as in Canada. In addition to the US, the company has an office in Israel.
Furthermore, VOOM Insurance has developed its own end-to-end platform (VOOM CORE) that supports writing its usage-based policies, and also to develop related insurance products for other insurers and reinsurers. Through its VOOM CORE offering, the company offers risk analytics that leverage telematics and other data, along with white-label tools to manage the value chain and distribute policies.
Funding and financial
VOOM raised USD 15 million in funding in a round in October 2021, co-led by JAL Ventures and UP.Partners. The company plans to expand its usage-based offering suite to cover light aircraft, leisure vehicles, and gig economy workers.
No investor data is available
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