Car insurance startup nSurely has secured €535,000 in a pre-seed financing raise as it aims to expand its usage-based insurance model.
Founded in 2020, nSurely is focused on helping insurers determine car insurance premiums based on key vehicle data metrics such as mileage and driving behaviour. The company claims it is still in ‘emerging mode’.
On the back of the funding round, nSurely is looking to grow its team and will launch pilot projects in a range of European nations – including Ireland and the UK – next year.
nSurely CEO Aravind Ravi said, “Usage-based insurance will help insurers better manage risk while giving consumers the ability to pay lower premiums that more accurately reflect their specific driving habits.”
The usage-based insurance market is currently going from strength to strength. Recent research by Research and Markets found that the market is expected to reach $126bn by 2027, rising from $24bn in 2019.
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