Commercial insurer Nirvana Insurance has announced it has doubled capacity with the support of a number of top-tier reinsurance partners, becoming one of the fastest-growing trucking insurers of all time.
Driven by artificial intelligence (AI), telematics, and computer vision, Nirvana was founded in 2021 looking to improve safety for everyone on the road.
It uses the large amounts of IoT data derived from sensors already aboard most heavy trucks to apply unique AI & ML Models to better predict risk and coach fleets into safer behaviours.
In addition to the remarkable growth, these new reinsurance partners, Nirvana stated, indicate that Nirvana’s Telematics and AI approach has led to better loss ratios – which Nirvana indicates exceeds best in class.
Rushil Goel, Nirvana CEO, said: “We’re excited that some of the largest names in the industry have seen what we’re accomplishing and are eager to be a part of modernising commercial insurance. It’s a testament to our innovation and our ability to provide ultra competitive rates while maintaining best in class loss ratios.
“As we secure top-tier reinsurers and expand our capabilities, we’re looking forward to further opportunities to transform the commercial insurance landscape.”
Nirvana aims to bring new data led insights to the dynamic landscape of commercial trucking underwriting and passing along both savings and AI powered safety insights to fleets throughout the US.
“Given the current market environment in Commercial Auto, programs are experiencing the strictest reinsurance underwriting requirements in recent history,” said Justin Ward, Head of Production for North America Programs with Gallagher Re, Nirvana’s reinsurance broker.
Ward added: “Reinsurers are seeking to partner with the most disciplined underwriting teams who display an extreme depth of knowledge in their space and proactively utilise industry-leading tools and metrics to assess risk. The Nirvana team has aligned with these underwriting requirements, and as a result, they have garnered distinguished traction in the marketplace.”
