Insurance firm Intact Financial has invested into autonomous vehicle developer Voyage to bring insurance to the industry.
While the value of the investment was not disclosed, Bloomberg reports it was $3m. The company did state that the new capital injection brings its total funding to $23m.
Through the new strategic partnership, the companies will work together to build autonomous vehicle-specific insurance solutions.
By utilising Voyage’s data on the vehicles and their exact locations, the company hopes to build lower premiums for loans. Its plan is to have real-time dynamic adjustments of insurance premiums depending on environmental factors. For example, it would lower when driving in an empty car park, but readjust when going down a busy street with pedestrians.
Intact Ventures senior vice president Karim Hirji said, “We are excited to be part of Voyage’s journey in developing autonomous vehicle fleets that will reshape the driving experience and the future of transportation.
“As a leading property and casualty insurer, we’ll support Voyage’s growth by leveraging our core competencies in data and product design, offering best-in-class insurance solutions that will protect consumers and make their lives easier and simpler.”
Canada-based Voyage is a self-driving car fleet, which brings its taxi-like services to local communities and improve their transport options.
Earlier in the year, Aviva Ventures invested into vehicle technology developer Savari to develop autonomous vehicle insurance products. The strategic partnership was part of a wider investment series, which netted Savari $12m from investors including SAIC Capital and Flex.
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