Fairmatic

Fairmatic

AI-powered fleet auto insurance provider

Overview

Fairmatic provides auto insurance for fleet operators using data and AI. It combines a fleet management dashboard with safety tips, digital incident reporting, collision alerts, and data-driven claims to enable proactive risk management and faster claims. Its standout offering is performance-priced auto insurance, where fleets can lower their premium every month instead of paying a fixed rate. The product also includes a seamless claims process and a broker-friendly experience, with coverage backed by AM Best-rated insurers (A- or higher) for reliability. Compared to traditional insurers, Fairmatic emphasizes continuous cost reduction, data-driven safety improvements, and smoother risk management for fleets. The goal is to deliver cost-effective, flexible, and efficient auto insurance that keeps fleets on the road longer and helps brokers serve their clients better.

About Fairmatic

Simplify's Rating
Why Fairmatic is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Data & Analytics

Fintech

AI & Machine Learning

Financial Services

Company Size

11-50

Company Stage

Series B

Total Funding

$88M

Headquarters

San Francisco, California

Founded

2019

Simplify Jobs

Simplify's Take

What believers are saying

  • Raised $46M Series B from Battery Ventures, totaling $88M funding in 2023.
  • Onfleet integration enhances driver analytics, reducing insurance rates further.
  • Appointed Jim Hinchley as President of Insurance and Boaz Ram as VP Product.

What critics are saying

  • Tesla Insurance accesses vehicle telemetry, eroding Fairmatic's EV fleet edge now.
  • Zendrive launches with 500B+ miles data, poaching brokers in 6-12 months.
  • California DOI rules force AI overhaul, delaying repricing in 3-6 months.

What makes Fairmatic unique

  • Fairmatic delivers performance-priced insurance lowering premiums monthly based on telematics.
  • AI underwriting trained on 200 billion miles enables precise fleet risk assessment.
  • Mobile app provides real-time safety coaching and digital claims processing.

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Funding

Total Funding

$88M

Above

Industry Average

Funded Over

2 Rounds

Notable Investors:
Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.
Series B Funding Comparison
Above Average

Industry standards

$35M
$45M
Linktree
$46M
Fairmatic
$65M
Substack
$100M
ClickUp

Benefits

Unlimited Paid Time Off

Health Insurance

Dental Insurance

Vision Insurance

Life Insurance

Disability Insurance

Professional Development Budget

Wellness Program

Remote Work Options

Growth & Insights and Company News

Headcount

6 month growth

-83%

1 year growth

-6%

2 year growth

-6%
Onfleet
Aug 28th, 2024
label Onfleet News Reduce Your Insurance Rate with Our New Onfleet - Fairmatic Integration 2 min read

Onfleet Inc. has partnered up with the vehicle insurance company, Fairmatic, to improve your understanding of your drivers' performance with a free driver analytic dashboard that can reduce your insurance rates based on that information.

Coverager
Feb 9th, 2024
Fairmatic Appoints Jim Hinchley As President Of Insurance

Commercial auto insurance startup. Fairmatic <i class="fa fa-info-circle company-popover" data-content="h3Fairmatic/h3. div

Insurance Insider US
Feb 6th, 2024
Fairmatic brings on Hinchley as president of insurance

Fairmatic, a commercial auto InsurTech, has hired Jim Hinchley as president of insurance.

Calcalist
Nov 19th, 2023
Appointment Fairmatic appoints Boaz Ram as Vice President of Product

Fairmatic, an insurtech startup that offers data-driven fleet insurance, has announced that it has appointed Boaz Ram as Vice President of Product.

Fairmatic
Mar 17th, 2023
Fairmatic Raises $46M to Drive AI Innovation in Commercial Auto Insurance

AI-powered commercial auto insurance company Fairmatic today announced it has raised $46 million in new funding, six months after its oversubscribed Series A, bringing its total financing to $88 million.

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