Fairmatic Accelerates Growth with Appointment of Jim Hinchley as President of Insurance

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Feb 06, 2024, 09:00 ET

Insurtech 2.0 leader Fairmatic appoints commercial auto insurance trailblazer to serve as President of Insurance as it continues to expand its unique AI-powered commercial auto offering designed to reward safer driving with premium savings.

NEW YORK, Feb. 6, 2024 /PRNewswire/ -- Fairmatic, an insurtech 2.0 startup redefining commercial auto insurance by rewarding safety with savings, today announced Jim Hinchley's appointment as President of Insurance. Jim, who has led and built teams managing several billion dollars in premiums, is joining Fairmatic's global executive team to help accelerate growth and bring innovative new insurance products to market. Since coming out of stealth in September 2022, Fairmatic has fostered a 25% safety improvement and cost savings among its insureds.

Fairmatic serves businesses across a myriad of industries powering the economy, 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.

Demand for Fairmatic's data-driven insurance products is increasing and the company is expanding to serve more segments and types of fleet operations. Jim Hinchley's proven track record in forging new paths in the commercial auto insurance space makes him uniquely positioned to help Fairmatic enter its next growth phase.

"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," says Jonathan Matus, CEO and Founder at Fairmatic. "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."

"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," said Jim Hinchley, President of Insurance at Fairmatic. "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."

About Fairmatic

Fairmatic introduced a new commercial insurance category by delivering the first data-driven fleet insurance that rewards safety with savings. Fairmatic's new approach leverages AI-powered technology in combination with deep telematics data to drive meaningful cost savings for fleets by valuing responsible driving leading to safer roads. The Fairmatic underwriting model has been trained and tested with over 200 billion miles of driving data to help fleets proactively manage safety issues with actionable insights.

Founded by Jonathan Matus, a serial technologist who helped launch Android and Facebook mobile, Fairmatic is fundamentally reimagining commercial auto insurance from the ground up to make roads safer one fleet at a time. Fairmatic has raised a total of $88M from Battery Ventures, Foundation Capital, Aquiline Technology Growth and insurtech, fintech and technology investors, including Jerry Yang, Oren Zeev, and Bill Tai. The company has been recognized as one of the most promising global fintech companies in CB Insights' sought-after 2023 Fintech100 list.

Fairmatic is expanding its global team. Learn more about Fairmatic at fairmatic.com or join the team of unconventional, adaptable, and curious technologists by reaching out to [email protected].

Contact:
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SOURCE Fairmatic