Insurtech InsureVision, a company specializing in AI-driven driving risk assessment, has secured $2.7 mn in seed funding.
Rethink Ventures led the round, with participation from Twin Path Ventures and State Farm Ventures, the venture arm of State Farm, the world’s largest vehicle insurer.
InsureVision enhances vehicle risk assessment through its proprietary “enviromatics” technology. This platform applies advanced vision transformer technology to analyze video footage from standard forward-facing vehicle cameras.
InsureVision transforms vehicle risk assessment through AI-powered enviromatics technology. By analyzing real-time camera footage with contextual understanding, InsureVision helps insurance companies, fleet operators, and automotive manufacturers ensure safer roads while reducing costs.
Unlike traditional telematics or basic AI dashcams, which depend mainly on mechanical data or object detection, InsureVision evaluates the full driving environment. It considers the behavior and intent of other road users to improve risk assessments.
With automotive manufacturers and insurers looking to more sophisticated solutions for driver safety and risk pricing, Automotive Risk Understanding and ADAS software markets, together valued at $21 bn, are due to grow to over $40bn by 2030.
Currently, traditional telematics and first-generation AI dashcams fail to capture the full context of driving situations, leading to inaccurate risk assessments and suboptimal insurance pricing.
InsureVision’s breakthrough vision transformer technology analyzes footage from standard forward-facing cameras to deliver comprehensive contextual risk assessment.
Unlike conventional solutions that rely solely on mechanical data or basic object recognition, InsureVision’s platform understands the complete driving environment and intention of other road users – a capability the company terms “enviromatics.”
The company will use the funding to accelerate product development and expand internationally. It is running trials with major US insurers and plans further pilots in Japan.
Proof of value data from these trials is expected by mid-2025.
Serial entrepreneur Mark Miller founded InsureVision. His previous company, Dictate IT, was the leading provider of medical speech recognition technology to the NHS before its acquisition by Clanwilliam Group in a multi-million-pound deal in 2018.
We’ve created a unique vision transformer. A generative AI technology that, quite literally, learns from what it sees in front of it. This is a more human approach to risk-assessment, it brings the context of the driving situation into the equation, not just the mechanical data on things like speed, braking and acceleration.
InsureVision’s CEO, Mark Miller
“Why is this important? Imagine a pile up on a highway and a driver hitting the brakes to avoid it. Existing technologies such as telematics would not recognise the risk and possibly even deem your actions bad driving. While first generation AI Dashcams may classify the objects but not understand their intention. Our solution sees and understands the whole environment. We call this contextual understanding “enviromatics”, Mark Miller.
Focused now on contextual driving risk assessment, InsureVision’s platform applications span multiple industries:
- Insurance: Enables more accurate underwriting, reduced claims, and competitive customer pricing through comprehensive risk assessment
- Fleet Operators: Provides real-time risk monitoring and driver safety insights for vehicle leasing companies
- Automotive: Offers a software-based solution for upcoming Automatic Emergency Braking legislation, particularly relevant for software-defined vehicles (SDVs)
The platform helps insurers improve underwriting accuracy, leading to better pricing and fewer claims. Fleet operators gain real-time risk monitoring and driver safety insights, while automotive manufacturers can integrate the technology into software-defined vehicles to meet upcoming Automatic Emergency Braking regulations.
Matthias Schanze, general partner at Rethink Ventures, said, “We have followed Mark and his team for some time”.
They consistently demonstrate strong entrepreneurial skills, deep tech expertise, and a unique approach. Their AI-powered risk assessment technology raises industry standards for road safety
Matthias Schanze
Nick Slater, partner at Twin Path Ventures, added, “InsurTech is a high-value sector where even small improvements have a large impact. InsureVision’s approach has the potential to reshape the industry for insurers, fleet operators, and drivers.”
