Chilean insurrectionist Jooycar has laid out his 2020 plans. Between them, this company wants to expand its personalized car insurance offerings to the United States by next year’s second half. It also intends to raise a new round of investment.
Previously, the Insurtech raised US$ 200,000 in 2017 with Magma Partners. Followed in October 2018 by an investment round of US$ 3 million led by HCS Capital Partners.
Apart from Chile, the programs of the company are currently available in Mexico and Peru. In 2014, the promoters María Paz Gilletcha and Emilio Figueroa put together their heads and founded Jooycar.
This Insurtech has developed a business-to-business (B2B2C) network that connects businesses and consumers with personalized car insurance. Jooycar uses the Internet of Things (IoT) and Big Data through a computer hooked into the vehicles and software to assess the insurance policy that will be rolled out.
The platform studies the kilometers traveled in a vehicle, the driving style of a person, among other factors, through this tech. The startup provides customized insurance terms to companies and consumers after processing this information.
Thanks to Jooycar, insurers and car leasers benefit from more decision-making details than from typical insurance Meanwhile Jooycar can be appealing to consumers who have never had car insurance before due to the simplicity it provides. This especially helps those who are conscientious drivers, but for budgetary reasons have been suspicious of a scheme.
In fact, two advantages are provided by the unit attached to the car. Next, if the vehicle needs repairs, it keeps customers updated. And second, it offers advice on how to improve cycling.
The amount of data that the user brings into the program is what makes Jooycar so eye-catching: location, driving routes, etc. Consequently, it would be important for consumers to be well aware of how both the company and their insurance providers treat their details.
More so in a nation like the United States, where insurance companies have a bad rep as to how they consume info. Often in a manner that is not so legal.