San Francisco-based mobility insurance platform Digisure launched its embedded protection platform following a $13.1m funding round led by Morado Ventures.
The round saw participation from Xplorer Capital, Valor Equity Partners, Clocktower Technology Ventures, True North Cos, and ex-Upwork CEO Fabio Rosati.
Founded in 2018, the company claims it applies machine learning and AI to manage large amounts of data elements in real-time, resulting in more nuanced risk assessment and better pricing. It offers tailored coverage options through one seamless protection platform where customers can easily file and manage a claim — in seconds.
DigiSure is co-founded by three-time founder and ex-Yahoo! executive, Mike Shim and the former VP of Innovation at Liberty Mutual and experienced insurance executive Paul Smith. The DigiSure team is composed of experienced entrepreneurs and operators from companies including Yahoo!, Uber, Mastercard and JPMorgan. Their combined backgrounds in marketplaces, insurance, and risk and financial services, is bringing technology-powered solutions to reimagine the future of insurance for marketplaces, starting with scaling mobility businesses’ Trust & Safety operations.
Shim said, “The growing popularity of non-owned vehicles is leaving renters, merchants and vehicle owners alike more vulnerable to fraud, which is why we’ve built a frictionless solution that upholds the highest trust and safety standards for all parties involved. We’re leading with data and customer-centric technology to enhance the safety and accessibility of peer-to-peer vehicle markets like RVs, motorcycles, and EV subscription services, which have seen skyrocketing demand as a result of the pandemic.”
The company’s proprietary risk assessment and underwriting engine includes AI-powered identity verification utilizing biometrics technology, fraud detection, credit checks, driving history, and telematics data integration.
The company serves mobility and shared economy customers, including EagleRider, Envoy, and Fetch with plans to expand into additional industry segments and markets in the future.
As EagleRider and EagleShare CEO Karsten Summers put it, “The most important thing is making sure our community is safe, so when EagleRider searched for an insurance partner to launch EagleShare, our groundbreaking new sister company, the first global peer-to-peer motorcycle rental business, we quickly concluded that DigiSure was the perfect technology-forward provider prioritizing safety above all else.”
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