OpenEyes Raises $18M for Commercial Auto Insurance Solution – PYMNTS.com

InsurTech OpenEyes has emerged from stealth with an $18 million Series A round.
This brings to $23 million the amount the firm has raised for its commercial auto insurance solution for fleets, OpenEyes said in a Tuesday (Feb. 14) press release.
The firm said in the release that it offers insurance at competitive rates by enabling precise underwriting, streamlining claims handling and helping fleets reduce the frequency and severity of traffic accidents.
Its technology helps fleet managers identify sources of risk so that they can implement solutions. The OpenEyes approach includes training, risk mitigation and technology that can be used in any commercial vehicle, its website said.
“Since our launch two years ago, we have witnessed first-hand how OpenEyes’ solution lowers the insurable risk and the cost of claims, but more importantly, we have seen accidents reduced and lives saved,” OpenEyes Co-Founder and CEO Yoav Oron said in the release. “We look forward to using the proceeds of our recent round to bring this to more customers in the North American market.”
OpenEyes will use the new capital to hire employees to support its operations in the United States and continue to develop its technology, according to the press release.
The firm’s solution is already being used by fleets that have driven millions of miles across the country and have seen a 25.5% reduction in the frequency of accidents and a 30% drop in the severity of claims, the release said.
The recent Series A round was led by global software investor Insight Partners and Pitango First.
“The integration between in-vehicle technology and insurance creates a new experience for fleet owners,” Pitango First Managing Partner Eyal Niv said in the release. “In the intersection between technology and InsurTech-play, the company’s proprietary solution increases driver safety and collision avoidance while providing a faster and more accurate claims management process.”
As PYMNTS reported in March 2022, technology can be used to see how safely drivers are behaving while on the road.
For example, drivers who opt to share telematics data from their mobile phone or a device in their vehicle can demonstrate their driving behavior to their insurance provider.
PYMNTS Data: Why Consumers Are Trying Digital Wallets
A PYMNTS study, “New Payments Options: Why Consumers Are Trying Digital Wallets” finds that 52% of US consumers tried out a new payment method in 2022, with many choosing to give digital wallets a try for the first time.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More