(Image source: Just Insure promotional video.)
Just Insure (Los Angeles), a pay-per-mile insurance technology company that uses telematics to reward safe drivers and reduce insurer bias, has raised $8 million, bringing its total funding amount to $15 million. Just says the new funds will be used to scale the company and its product offering as it looks to expand into additional states. This funding round was led by CrossCut Ventures, ManchesterStory (Des Moines) and Western Technology Investments (Portola Valley, Calif.).
“We are the only auto insurer that’s using telematics to rewrite the rules of what’s possible in auto insurance,” asserts Robert Smithson, founder and CEO, Just Insure. “People are simply driving less as a result of increased work-from-home rates, and this isn’t changing anytime soon. Our approach enables us to offer customers rates that are truly reflective of their driving, which in turn rewards drivers, removes rate bias, and ultimately makes the road a safer place for everyone. We’re eager to continue developing our telematics capabilities and growing our team with these new funds.”
Just puts the funding in the context of a rapid growth phase, noting that it has issued over 1,000 new policies in the second quarter of 2021, up ten-fold from the same period in 2020. The company reports a 1,400 percent increase in revenue in this same period.
Fair, Affordable, and Customized
Just describes how its policy works with a process similar to that of a prepaid phone card: policyholders load up their account for as little as $30. As they drive, their balance declines, and every 30 days, the company changes each policyholder’s price as more information is gathered about their driving habits.
“We were initially attracted to Just Insure as the team is taking an approach to auto insurance that we’ve never seen before,” comments Matt Kinley, co-founder and managing partner, ManchesterStory. “It is more fair, affordable, and customized across the board, and unique because the company offers customers rates that are actually reflective of their driving, which rewards safe drivers with lower insurance premiums.”
Currently available in Arizona, Just has announced plans to expand to additional U.S .markets such as Texas, Nevada, Pennsylvania, Ohio, Georgia and other states.