OpenEyes, an Israeli insurtech startup serving commercial automotive fleets, emerged from stealth with $18 million in Series A funding led by global software investor Insight Partners and Pitango First, with participation by MoreVC, which led the seed round together with Pitango First. OpenEyes has raised a total of $23 million in funding to date.
Co-founded in 2018 by Yoav Oron (CEO), Dr. Omry Sendik (CTO) and Dan Charash (Chairman), OpenEyes boasts that the firm offers commercial automotive insurance to fleets of all kinds at more competitive rates, “first and foremost by reducing the frequency and severity of traffic accidents.” Using OpenEyes’s technology, fleet managers and safety officers, says the company, can identify the sources of risk in their fleet, empowering them to implement practices that reduce the frequency of accidents. In addition, OpenEyes enables precise underwriting and streamlines claims handling and prevention. Having rebuilt commercial automotive insurance for fleets from the ground up, OpenEyes offers competitive rates to a commercial automotive insurance market that has been plagued for years by rising costs for carriers and fleets alike.
“Large numbers of accidents and high costs of claims in commercial fleets are leading to ever-increasing premiums on commercial auto insurance, making it difficult for fleet to afford coverage and maintain operational efficiency. In addition, insurance companies have been losing money for years paying out accident claims, and little or nothing is being done to address and reduce the core risks. Instead, carriers raise premiums each year to cover the ever-increasing costs of accidents,” said Yoav Oron, Co-Founder and CEO of OpenEyes.
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Oron went on to say that this “broken market dynamic” is particularly difficult in a recessionary environment and, moreover, it disregards the human cost and impact of these accidents. Truckers and bus drivers, he explained, are the “essential workers that power the American economy, and without proper insurance that leverages technology to reduce accident frequency and severity, their families can suffer dearly after an accident.”
“Since our launch two years ago, we have witnessed first-hand how OpenEyes’ solution lowers the insurable risk and the cost of claims, but more importantly, we have seen accidents reduced and lives saved,” continued Oron. ”
“We set out to turn the tables on insurance losses by equipping fleets, insurance partners and ourselves with a pair of eyes. Our goal is to become the first insurance company that is actively reducing accidents and saving lives while saving money,” said co-founder and CTO Sendik.