As the utilization of autonomous vehicles increasing rapidly across the globe, a Westlake Village, California-based insurance technology company, Avinew raised USD5 million in seed funding. The company is reinventing auto insurance for the age of autonomous and semi-autonomous vehicles. This funding was led by Crosscut, along with American Family Ventures, Draper Frontier, and RPM Ventures.
Avinew identifies the safety benefits of new auto tech and designs its insurance programs around vehicles equipped with advanced active safety features. Through the company’s proposed insurance solutions, customers and fleets who own autonomous and semi-autonomous vehicles will have access to insurance that will reward them for utilizing their vehicle’s safety features, and offer them with more value and better customer experience. Avinew, this year, has completed its proof-of-concept pilots with two insurers ahead of a launch in the selected states of the U.S. It’s betting its model will bring in a sizeable chunk of the USD81 billion in new premiums self-driving vehicles that are anticipated to produce by the end of 2026. Dan Peate, Founder, and CEO of Avinew stated that the cars they drive are changing, and there is an enormous opportunity for auto insurance to change as technology helps his company’s cars and roads become safer. He further added that his company’s goal is to allow the safety, savings, and autonomy that comes with self-driving vehicles. They believe in offering consumers with insurance solutions that incentivize them to make use of features like Super Cruise, Autopilot, Co-Pilot 360, and ProPILOT Assist will make the roads safer for all of us.
Avinew’s insurance programs that are predicted to be available later this year in select states, will be autonomous-usage-based. It utilizes AI and telematics to spot and gauge when semi-autonomous or autonomous features are responsibly engaged to determine premium discount eligibility. The company’s autonomous-usage-based insurance programs will utilize driving data, Artificial Intelligence and Machine Learning to help car manufacturers, users, and insurance companies in the transition to an autonomous world.