Fairmatic

Fairmatic's journey began with a fundamental question: why should safe drivers subsidize risky ones in commercial auto insurance? Founded in 2017 by Jonathan Matus, a technologist with a rich history at pivotal companies like Google, where he was part of the initial Android team, and Facebook, where he helped launch its mobile platform, Fairmatic emerged from a desire to leverage technology for real-world impact. Matus, having co-founded Zendrive in 2013 with a mission to enhance road safety through data analytics, saw an even greater potential to revolutionize the insurance landscape. An insightful discussion with Zendrive's board about scaling their in-house insurance program became the catalyst for spinning off Fairmatic, an insurtech company singularly focused on making roads safer by incentivizing fleet drivers. This venture was born out of a deep concern for the unintended consequences of ubiquitous smartphone technology on road safety, a problem Matus was determined to address.

From its inception, Fairmatic set out to redefine commercial auto insurance from the ground up. The company's core philosophy is that insurance can be a force for good, actively promoting safer driving habits rather than merely reacting to accidents. By harnessing the power of artificial intelligence and vast amounts of telematics data – its underwriting model has been trained and tested with over 200 billion miles of driving data – Fairmatic developed a predictive risk model. This model allows for a more personalized and fair approach to insurance, where fleets are rewarded for their safety records with tangible savings. While initially operating in stealth mode, Fairmatic rigorously tested its model with tens of thousands of paying drivers, achieving best-in-class underwriting results. The company officially came out of stealth in 2022, backed by significant funding from prominent investors, and has since been rapidly expanding its global team with hubs in the US, Israel, and India, all driven by the mission to make roads safer, one fleet at a time.