Insurtech Fairmatic has appointed Jim Hinchley as President of Insurance to drive growth and “bring innovative new insurance products” to market.
According to Fairmatic, Hinchley’s proven track record in the commercial auto insurance space makes him “uniquely positioned” to help the firm enter its next growth phase.
Fairmatic serves businesses across a range of industries, including artisan contractors, last-mile delivery, non-emergency medical transport companies, transportation networks and others.
“By providing businesses with an easy way to monitor driving safety, Fairmatic is giving businesses proactive control over how much they pay for insurance,” the insurtech stated.
Demand for Fairmatic’s data-driven insurance products is also reportedly increasing, with the company expanding to serve more segments and types of fleet operations. Since coming out of stealth in September 2022, Fairmatic noted that it has fostered a 25% safety improvement and cost savings among its insureds.
Commenting on the appointment, Jonathan Matus, CEO and Founder at Fairmatic, said, “Fairmatic is using advanced AI and machine learning technologies to flip the script on how commercial auto insurance risks are analyzed, priced, and delivered to fleets.
“Our vision is to make AI-powered insurance more ubiquitous. With Jim as President, Fairmatic will be well positioned to continue creating brand new commercial auto insurance products anchored on greater control over safety, costs, and operational efficiency.”
Hinchley himself added, “What if your commercial auto insurance cost is up to you? Fairmatic has unlocked a solution to deliver commercial auto in a way that’s never been done before.
“Businesses have historically struggled with overpriced auto insurance premiums that don’t reflect their unique risk profile. Today, for the first time, if you’re a fleet business, Fairmatic’s differentiated approach gives you control over premiums and arms with you insights to actively reduce it, month over month.
“I’m thrilled to lead Fairmatic’s insurance division as we continue developing trailblazing solutions to make commercial auto insurance more differentiated, precise, fair, and safety-driven.”
