Nirvana Insurance, an AI and Technology-powered insurance provider specialising in US commercial auto insurance, has entered into a new strategic partnership with specialty re/insurer SiriusPoint to expand its offering with a new non-fleet program.
Patrick Charles, Head of North America Insurance at SiriusPoint, commented: “We have been providing capacity to Nirvana since January 2022, so we were already familiar with its capabilities.
“During our working relationship, Nirvana has proven to be a high-quality underwriter of risk and demonstrated how the thoughtful use of telematics can better align driver behaviour with underwriting risk. We believe Nirvana’s business model is promising and its offering ties into our purpose of providing security and resilience to those we work with.”
Launched in 2022, San Francisco-based Nirvana leverages telematics data to pass savings of up to 20% to fleets based on safety.
Backed by SiriusPoint paper, Nirvana aims to expand its offering with a new non-fleet program, designed for fleets with fewer than 10 power units.
By collecting billions of data points from sensors and internet-of-things (IoT) devices within trucks, Nirvana tailors its rates to individual fleets.
Additionally, fleets also have access to Nirvana’s Safety Platform which aggregates safety data, along with artificial intelligence (AI)-powered safety insights to help them improve safety year-round.
Rushil Goel, Co-Founder and Chief Executive Officer of Nirvana, said: “Our fleet program launched in January 2022 and has unbelievable traction. Nirvana is changing the paradigm by proving how a better customer experience – lower rates, faster turnarounds for quotes, and access to a full safety platform – all of this results in a fundamentally stronger business, reflected in our market-leading loss ratio.
“The launch of our new non-fleet program is the next step in our evolution. We have a shared vision with SiriusPoint to be ‘best-in-class’ underwriters, and this partnership will enable us to lead the way in utilising telematics to underwrite customers’ risk more accurately. The increased use of data and telematics are critical to the risk management of the auto sector and the evolution of its insurance coverage.”
